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There were significant developments in the crypto mining sector throughout May. From the US to Russia, strategic moves and new hardware launches of major players were among the notable headlines in the sector.
Riot Platforms Launches First Major BTC Sale of the Year
US-based crypto mining company Riot Platforms announced that it sold 475 Bitcoin in April, marking the company’s first major BTC sale since January 2024.
Riot tended to hold onto the BTC it had previously produced with a HODL strategy. It is thought that the sale may have been made for operational expenses or to raise funds for new investments.
The American Bitcoin company, backed by US President Donald Trump, has accelerated its plans to go public. The company will carry out the IPO process by merging with Gryphon Digital Mining. The merger in question shows that the trend of IPOs via SPAC (special purpose acquisition company) continues in the sector.
The Russian government has proposed imposing a value added tax (VAT) on domestic companies that lease mining equipment or provide hashrate (mining power) services to foreign customers. The move aims to regulate international mining operations and increase tax revenues.
Mining hardware giant Bitmain has launched a new ASIC mining device offering 9.5 J/TH efficiency. This device, which stands out with its low energy consumption, is especially attractive to large-scale mining farms looking to reduce energy costs. Details regarding the sale of the device will be shared in the coming weeks.
These developments in the mining industry show that both political support and technological innovations continue to shape the sector. Energy efficiency-focused devices and public offering strategies indicate that the sector is evolving towards a more corporate and transparent structure.
*This is not investment advice.