Bitcoin mining revenue: Obtaining block rewards and transaction fees through hash power contribution. In the first quarter of 2025, 30.5 bitcoins were mined, valued at approximately 2.68 million dollars based on the current market price, accounting for over 95% of total income. Asset appreciation and cost optimization: The market price fluctuations of Bitcoin directly affect asset value. The $7.3 million unrealized gains obtained through the Core settlement agreement in 2024 partially offset operational losses. At the same time, the electricity price at the Iowa mining site is below 4 cents per kilowatt-hour, significantly reducing marginal costs.

Inflation-hedging asset allocation: In the context of increased volatility in traditional financial markets, Bitcoin reserves provide companies with a tool to hedge against fiat currency depreciation. In 2024, the price of Bitcoin rose 60%, resulting in a growth in reserve value that exceeded the increase in operating costs. Technology-driven industry transformation: As one of the few miners to achieve carbon neutrality, its operational model sets a benchmark for the industry. For example, the Iowa mining site uses 100% renewable energy, attracting the attention of institutional investors.

Bitcoin ( BTC ): The company is an important participant in the Bitcoin network, contributing approximately 0.08% of the global hash rate. Its mining activities directly affect the block generation efficiency and network security of Bitcoin. Secondary market accumulation behaviors (such as purchasing mining machines through equity financing in Q2 2024) indirectly influence market supply and demand. After the announcement of the lawsuit settlement in March 2025, the price of Bitcoin rose 1.2% on that day.