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Bitcoin Mining Stocks Face Market Reckoning Amid Widespread Selloff

Traders and fund managers are selecting which bitcoin mining stocks they think will survive the bear market

Markets and fund managers are selecting which bitcoin mining stocks they believe will survive the bear market, with healthy balance sheets and low production costs proving the difference.

Bitcoin miners are still under pressure from expensive electricity alongside low cryptocurrency prices — and, in some cases, high-interest loans taken out at peak bull market last year.

Core Scientific (CORZ), which has historically commanded more hash rate than any other North American mining outfit, earlier this month disclosed it had sold $167 million in bitcoin in June, nearly three-quarters of its total stash.

Around the same time, rival mining unit Bitfarms (BITF) sold half of its BTC for $62 million to reduce debt. Riot Blockchain (RIOT), another major player, has also been steadily liquidating its mined bitcoin all year.

All these factors have weighed heavily on the share prices of bitcoin mining companies as markets fear further capitulation.

Excluding non-pure play mining companies, the 18 crypto native stocks that make up alternative asset management firm Valkyrie’s mining ETF, WGMI (crypto slang for “we’re gonna make it”), are down 51% on average over the past three months.

Shares in the ETF itself have tanked 42.5% — about the same as bitcoin.

Markets favor Stronghold, a vertically integrated bitcoin miner
Bit Digital, which has fully transitioned its mining operations from China to the US over the past 18 months, is leading the pack, having slid only 24% since April 25.

Jaran Mellerud, Arcane Research analyst, told Blockworks in an email that Bit Digital has been busy moving its miners between continents. This meant the firm couldn’t expand its operations as aggressively as most other public miners.

“In hindsight, massively expanding operations with new machine deliveries was not a good decision as the bitcoin price has plummeted,” Mellerud said.

“Bit Digital was ‘lucky’ that the bitcoin price plummeted in this period, while they were not able to expand as quickly.”

After Bit Digital, Stronghold and Marathon have proven the most resilient, shedding 29% and 36%, respectively, from their share prices.

While Stronghold has one of the weaker balance sheets among its cohort, according to Mellerud, the company is vertically integrated, meaning it controls two of its own power plants.

Stronghold also powers its mining operations by burning waste coal, so its energy is practically free. The firm even receives government subsidies for cleaning up the refuse, awarding them the lowest bitcoin production costs in the industry, Mellerud wrote last month.

Marathon, on the other hand, suffers from relatively high bitcoin production costs, but commands an “abnormally high quick ratio” (the value of its most liquid assets divided by its liabilities) compared to its major competitors.

Traders reject insider stock sales and poor balance sheets
Australian miner Mawson Infrastructure Group, a smaller stock valued at $68 million, has sunk nearly 77%.

Mawson posted a net loss of $11.3 million in the first quarter of this year, according to SEC filings, up from $38.6 million lost in 2021’s equivalent quarter. WGMI didn’t feature Mawson when it launched but it now makes up 2.71% of the fund’s portfolio.

Core Scientific, the industry’s largest public miner by hash rate, has done marginally better, down 72%. Arcane Research’s Mellerud found Core Scientific has a high debt-to-equity ratio — with the debt collateralized precariously by its ASIC machines.

As its mining rigs depreciate in value, the company must continuously post higher amounts of collateral to maintain its loans, further stressing its balance sheet — which is weaker than its competitors despite stronger cash flows.

But Core Scientific’s share price has faced downward pressure from its executives as well. SEC filings show company insiders have liquidated nearly $22 million in stock since the end of May, led by Darin Feinstein, co-founder and chief vision officer.

Feinstein netted $18.3 million by selling 6 million shares at an average price of $3.05 — 70% below its value when it went public via a SPAC deal in January. The company’s share price has fallen 40% since Feinstein’s sales, trading at $1.83 as of last Friday’s close.

Other insider sales were classified to the SEC as “Tax Withholding” transactions, relating to a type of executive compensation package known as “Restricted Stock Units,” or RSUs. Feinstein’s were not.

Core Scientific awarded more than 22.5 million RSUs over the past two months to its executives (81% to CEO Michael Levitt), currently worth $41.3 million, at which time they incurred tax obligations, leading to stock sales.

Core Scientific later disclosed in a press release that Feinstein had informed the company that his sales “were sold to provide capital to satisfy certain taxes related to the conversion of RSUs and other liabilities.”

Executives at Argo and Riot Blockchain have also been granted RSUs over the past three months, for which they also sold stock in “Tax Withholding” transactions, although Feinstein’s stand out due to their size.

Valkyrie goes back to basics
When the firm’s WGMI fund launched in February, Core Scientific was its sixth-biggest holding, weighted at 4.3% — ahead of Riot Blockchain and Marathon.

Core Scientific now makes up just 0.96% of WGMI’s $3.7 million portfolio, a whopping 78 percentage point weight reduction. The stock was cut more than any other holding, followed by renewable mining play TeraWulf, which saw its weight trimmed by nearly 70 percentage points; from 3.84% to 1.17%.

“As the year has gone on, especially over the last couple of months, it’s kind of a back to basics approach over here,” Bill Cannon, Valkyrie’s head of portfolio management told Blockworks. “We’re looking at adjusted balance sheets — just revenue, just net income.”

WGMI boosted its Stronghold, Marathon and Riot Blockchain stock over the past three weeks by 1.65%, 1.61% and 0.96% respectively. Those stocks make up between 4.24% and 5.87% of the fund’s total portfolio.

Argo Blockchain — which Arcane’s Mellerud believes is the only bitcoin miner with cash flows to fully pay off its remaining ASIC deliveries this year — is WGMI’s largest holding with 13.32% weight, up from 9.81% in February.

CleanSpark (CLSK), which has practically no debt on its balance sheet, comes second with 11.37%, although WGMI has recently scaled back its weighting.

https://blockworks.co/bitcoin-mining-stocks-face-market-reckoning-amid-widespread-selloffs/

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Denelle Dixon (Stellar CEO) On Bloomburg 🚀

'Everyone, including Mastercard and Visa, is looking at how this technology can make finance easier for their consumers and their business. I don't think there is going to be a loser, but I do think there will be shake-ups. And ultimately, the consumer is going to win.' - SDF CEO @DenelleDixon on @BloombergTV

00:05:29
We are minutes away from passing the GENIUS Act.
00:01:19
Brad Garlinghouse On Banking & The Future Of Money!
00:00:38
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
Nothing to see here.. 👀

Israel's Mossad spy agency was hacked just days before Netanyahu launched strikes on Iranian targets. The files uncovered? Nothing short of apocalyptic.

Among them: 👉 blueprints for cyber warfare, targeted assassinations, blackmail material, and even the unthinkable - the Samson Option - Israel's doomsday doctrine to blow up the entire world with a nuclear holocaust if their own survival is ever threatened.

Op: https://x.com/BarronTNews_/status/1935871791169159188?s=19

🚨 XRP Ledger Welcomes XAO DAO for On-Chain Governance 🚨

The XRP Ledger has integrated XAO DAO, introducing a new era of on-chain governance for the network. This move aims to enhance community-driven decision-making and transparency by allowing stakeholders to participate directly in protocol upgrades and ecosystem proposals through decentralized, blockchain-based voting mechanisms.

Key Highlights:

  • On-Chain Governance:
    XAO DAO brings a decentralized governance framework to the XRP Ledger, enabling holders and ecosystem participants to vote on proposals, upgrades, and other critical decisions in a transparent and secure manner.

  • Community Empowerment:
    The integration is designed to give the XRP community a more active role in shaping the network’s future, fostering greater collaboration and innovation among developers, validators, and users.

  • Ecosystem Growth:
    This development is expected to drive further adoption of the XRP Ledger, attract new projects, and strengthen the network’s position as a leading blockchain for ...

Persisters, Liquid Staking $XPRT is now live on Persistence DEX.

With stkXPRT built into the DEX, you can:

  • Liquid stake XPRT directly on 👉 app.persistence.one/stake

  • Superfluid LP into the stkXPRT/XPRT pool

Best part? It takes less than a minute

Here’s how you can do it 📒👇

https://x.com/PersistenceOne/status/1934954313480065426

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🎬Proof the Deep State Planned This War for Years🎬
Nation First outlines how the Israeli attack on Iran was planned by the Deep State and the Military Industrial Complex over 15 years ago.

Prepare to have your mind blown

~Namasté 🙏 Crypto Michael ⚡ The Dinarian

Dear friend,

What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

It was a war plan written years ago — by men in suits, sitting in think tanks in Washington and New York. And yesterday, that plan was finally put into action.

Here’s the truth they don’t want you to know: this war was cooked up long before Trump ever became President — and it was designed to happen exactly this way.

Let’s start with what just happened.

Israel launched a massive, unexpected strike on Iran. They hit nuclear facilities. They killed military generals. They struck deep inside Iranian territory — and now the whole region is on edge, ready to explode into full-blown war.

The media is acting shocked. But I’m not. You shouldn’t be either.

Why?

Because we have the documents. They told us this was coming. Years ago.

Exhibit A: The Brookings Institution.

The Brooking Institution is a fancy name for what’s basically a war-planning factory dressed up as a research centre. Back in 2009, Brookings published a report called Which Path to Persia?

It laid out exactly how to get the U.S. into a war with Iran — without looking like the bad guy.

Here’s the sickest part:

“The United States would encourage — and perhaps even assist — the Israelis in conducting the strikes… in the expectation that both international criticism and Iranian retaliation would be deflected away from the United States and onto Israel.”

Let that sink in.

They literally suggested using Israel to start the war, so America could stand back and say, “Wasn’t us!”

They even titled a chapter of this report: “Leave It to Bibi” — naming Netanyahu as the guy to light the match.

Exhibit B: The Council on Foreign Relations (CFR).

The Council on Foreign Relations is an another Deep State operation. Also in 2009, CFR published a “contingency memothat laid out the whole military plan for an Israeli strike on Iran — step by step.

  • What routes the jets would fly (over Jordan and Iraq).

  • What bombs they’d use (the biggest bunker-busters in the U.S. arsenal).

  • Which Iranian sites to hit (Natanz, Arak, Esfahan).

  • And how Iran might respond (missiles, drones, threats to U.S. bases).

It’s like they had a time machine. Because those exact strikes just happened following the routes, likely using the bombs and hitting the sites that the CFR outlined.

Exhibit C: The Plot to Attack Iran by Dan Kovalik.

This one really blows the lid off.

US human rights lawyer and journalist Dan Kovalik, in his book The Plot to Attack Iran: How the CIA and the Deep State Have Conspired to Vilify Iran, shows how the CIA and Israel’s Mossad have been working together for decades — not just watching Iran, but actively sabotaging it. Killing scientists. Running cyberattacks. Feeding lies to the media to make Iran look like it’s always “six months away” from building a nuke.

He even reveals how they discussed false flag attacks — faking an Iranian strike to justify going to war. That’s not a conspiracy theory. That’s documented strategy.

And here’s where President Trump comes in.

Unlike the warmongers who wrote these plans, Trump wasn’t looking to bomb Iran. He wanted to talk. Negotiate. Make a deal — like he did with North Korea.

In fact, peace talks with Iran were just days away.

But someone didn’t want peace. Someone wanted war.

So Israel went in — just like the Brookings script said — and lit the fuse.

Trump didn’t authorise it. He didn’t want it. But they gazumped him. They went around him. And now, the peace he was trying to build has been blown to bits.

This was never about Iran being a threat. It was about keeping the war machine fed.

Think tanks, defence contractors, foreign lobbies — they don’t profit from peace. They thrive on tension. On fear. On war.

And now, thanks to them, the world’s one step closer to the edge.

If you’ve never trusted the mainstream media, you’re right not to.

If you’ve ever suspected there’s a shadowy agenda behind every war, you’re not paranoid.

You’re paying attention.

Because the documents are real. The war was planned. And the bombs are falling — right on schedule.

Pray for Iran’s civilians.

Pray for the Israelis caught in the crossfire.

Pray for a President who still wants peace.

And pray that we wake up before it’s too late.

Because the war has started.

But the truth has just begun to spread.

Until next time, God bless you, your family and nation.

Take care,

George Christensen

Source:

George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

George believes Nation First will be an essential part of the ongoing fight for freedom:

The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.

— George Christensen.

Find more about George at his www.georgechristensen.com.au website.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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Die Glocke: The Nazi Bell That Bent Time, Vanished, and Was Never Seen Again

In the darkest corners of the Third Reich, behind the veil of conventional warfare, Nazi scientists were racing toward something that defied explanation. They weren’t just building rockets or jet planes, they were chasing a technology that pushed the boundaries of physics itself. One of the most mysterious and controversial projects to emerge from this era was called Die Glocke, German for "The Bell." But this wasn’t a bomb. It wasn’t even a weapon in the traditional sense. It was something else entirely.

What Was Die Glocke?

Die Glocke was reportedly a bell-shaped device, approximately 9 feet in diameter and 12 to 15 feet tall, encased in a thick ceramic-like shell. Internally, it housed two counter-rotating cylinders filled with a strange, metallic, violet-colored liquid referred to as Xerum 525, a highly radioactive and unknown compound. According to Polish researcher Igor Witkowski, who first brought the story to global attention in his book "The Truth About the Wunderwaffe," Die Glocke emitted intense electromagnetic radiation and killed many of the scientists who worked on it.

But the real claim that set the world alight? That it had the potential to manipulate gravity, disrupt time, and possibly even pierce dimensional barriers. Some descriptions sound like science fiction. Others sound eerily like technologies rumored in today’s black projects or even UAP propulsion systems.

Where Was It Built?

Most reports place the Bell project deep beneath the Wenceslas Mine in Ludwikowice, Poland. There, nestled in a reinforced underground facility known as Der Riese (The Giant), the Nazis hid many of their advanced weapons programs. Adjacent to the suspected test site is a strange concrete structure referred to today as The Henge, a ring of reinforced pillars that some researchers believe was part of an anti-gravity testing rig or cooling tower for Die Glocke. To this day, its true purpose remains unexplained.

Hans Kammler: The Man Who Vanished SS General Hans Kammler oversaw Nazi Germany’s most advanced technological programs, including the V-2 rocket and rumored exotic weapons like Die Glocke. He was a man with top-tier clearance and deep ties to the Reich’s secret projects. When the war ended, Kammler disappeared. No confirmed death, no trial, or capture. He was never heard from again. Some believe he brokered his safety with U.S. forces during Operation Paperclip, offering knowledge of Die Glocke in exchange for asylum. Others suggest he escaped to South America with the Bell. Whatever the truth, the timing of his disappearance and the vanishing of Die Glocke are hard to ignore.

Did It Actually Work?

That’s the million-dollar question. Accounts claim that when operational, Die Glocke emitted powerful gravitational and temporal anomalies. Test subjects reportedly experienced cellular breakdown, time displacement, and hallucinations. Some witnesses alleged that the device caused freezing of time, or at least a distortion in how time passed in its proximity. Others suggested the Bell may have even "jumped dimensions" or teleported entirely. Skeptics say it was nothing more than a high-energy centrifuge with tragic side effects. Still, CIA documents later referenced Die Glocke, and even modern physicists admit that some of the descriptions line up with theoretical frameworks for gravity manipulation and field-based propulsion.

Connection to Modern Black Projects

If Die Glocke truly existed and worked, it would make sense that it never saw public light. Instead, it would’ve been buried, repurposed, and integrated into deep black programs. Anti-gravity research, electromagnetic propulsion, even certain descriptions of UAPs, all have eerie parallels to the Bell’s characteristics. Was Die Glocke an early testbed for what would later become known as field propulsion or even quantum mirroring? Or was it a dangerous dead-end in the pursuit of Nazi technological superiority?

Last Thoughts To Summarize

Die Glocke remains one of the most tantalizing mysteries of WWII, part weapon, part experiment, part occult machine. A device said to manipulate gravity and time. A Nazi general who vanished without a trace. A concrete ring still standing in the Polish forest. Whether it was a real breakthrough in exotic physics or an elaborate myth built on whispers, Die Glocke has become a symbol, of lost knowledge, buried technology, and the thin line between science and the supernatural. If it was real, it’s likely not lost, just... relocated!

Source

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