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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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Brad Garlinghouse In Washington 🚀

It’s time for a fair and open level playing field.

Under Gary Gensler it was quite the opposite.

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🚨 JUST IN: Patriot Tom Fitton, who has been fighting DOJ and FBI to release documents for years, has practically thrown in the towel.

👉 "The justice department and the FBI are irredeemably compromised and corrupted.
The leadership needs to understand that and act accordingly." ~Tom Fitton

00:01:30
👉 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

🎁 As of July 8th there have been 84 VERI SmartMetal NFT Activations (1.3%). With shipments ramping up, we witness the corresponding jump in activations.

Need help getting started? Check out our knowledge base to get the info you need: https://veridao.freshdesk.com/support/solutions/articles/51000487052-what-are-the-nft-activation-steps

👉Interested in which NFTs have been activated? Check them out here:
https://basescan.org/token/0x4516a5d613c30a36d157d3b579813734cbb929a4

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🚨BREAKING: The US House Committee on Financial Services says that next week the House will deliver on President Trump's call to make the US the "crypto capital of the world!

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Brinc Launches Web3 Accelerator with Octopus, XDC & IDA

Brinc Launches Web3 Accelerator with Octopus, XDC & IDA to Transform Hong Kong’s Loyalty and Payment Systems.

Read more: https://www.brinc.io/blog/brinc-launches-octopus-backed-web3-accelerator-program-to-revolutionize-hong-kongs-retail-loyalty-and-payment-ecosystem-with-xdc-and-ida-as-key-web3-infrastructure-partners/

🔗 Startups can apply from July 10

📅 Launching Sept 8

Learn more about the Web3 Accelerator program and apply now: https://www.brinc.io/stablecoin-accelerator/

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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