Whinstone CEO Chad Harris takes CNBC on a tour of the largest bitcoin mine in North America.
Crypto companies are suddenly at the center of deal-making. The catalyst is artificial intelligence.
Bitcoin mining companies have expansive data centers, with access to fiber lines and large amounts of power across the U.S. They’re exactly the types of facilities needed for compute-intensive AI operations, which means their sites and technology are in high demand.
Meanwhile, miners need to diversify. Following the bitcoin halving in April, an event that happens about once every four years, the business of generating new tokens has become much less profitable. JPMorgan Chase analysts wrote in a report earlier this month that “some operators are feeling the financial pinch from the recent block reward halving, which cut industry revenues in half, and are actively exploring exit strategies.”
With the burgeoning AI industry in need of capacity and bitcoin miners in search of new ways to generate returns on their hefty capital investments, mergers, financings and partnerships are rapidly coming together.
On Tuesday, U.S. bitcoin miner Core Scientific announced an expanded deal with CoreWeave, an Nvidia-backed startup that’s one of the main providers of the chipmaker’s technology for running AI models. Core Scientific will deliver 70 megawatts of computing infrastructure to support CoreWeave’s operations.
Core Scientific said the deal will generate an additional $1.2 billion in revenue over 12 years, on top of an existing arrangement that is expected to bring in $3.5 billion. In total, the company plans to provide about 270 megawatts of infrastructure to CoreWeave by the second half of 2025, with the possibility of adding an additional 230 megawatts at other Core Scientific sites.
Earlier this month, CoreWeave offered to buy Core Scientific for $1.02 billion, not long after their initial agreement. Core Scientific rejected the bid. The company, which returned to the public market in January after going through bankruptcy, is currently worth about $1.8 billion.
“The world is changing, and many data centers built in the last 20 years are not suitable to support future computing requirements,” Core Scientific CEO Adam Sullivan said in Tuesday’s press release.
Hut 8, based in Miami, is one of many crypto mining companies pivoting to AI. The company said in its first-quarter earnings report last month that it had purchased its first batch of 1,000 Nvidia graphics processing units (GPUs) and secured a customer agreement with a venture-backed AI cloud platform. Hut 8 generates 6% of sales from AI, according to CoinShares.
“The broader market is beginning to appreciate the scarcity of high-quality power assets, and Hut 8 has built a deep pipeline of highly attractive expansion assets,” Robert Yin, a partner at Coatue, said in the financing announcement.
Hut 8 CEO Asher Genoot recently told CNBC his company “finalized commercial agreements for our new AI vertical under a GPU-as-a-service model, including a customer agreement which provides for fixed infrastructure payments plus revenue sharing.”
Bit Digital dumps tokens to buy GPUs
Bit Digital, a bitcoin miner that now derives an estimated 27% of its revenue from AI, said on Monday that it had entered into an agreement with a customer to supply 2,048 Nvidia GPUs over three years, doubling the number of processors it has providing the unspecified client.
To fulfill the contract, Bit Digital ordered 256 servers from Dell Technologies, and will soon deploy them at a data center in Iceland. The company said the contract is expected to generate $92 million in annual revenue. It’s paying for the GPUs, in part, by dumping some crypto.
“The Company intends to finance the deal with a mixture of cash and digital assets on the balance sheet,” Bit Digital said.
Bit Digital also entered a so-called sale-leaseback agreement for half of the new GPUs, “which will reduce the company’s capital outlay commensurately.” With the leaseback, another company owns those GPUs, and Bit Digital leases them back, generating revenue by providing the technology to customers.
People wait in line for t-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an IPO earlier in the day on July 29, 2021 in New York City.
Spencer Platt | Getty Images
While most of the recent crypto deals involve miners, there has been at least one big notable exception.
Earlier this month, trading platform Robinhoodagreed to a deal to buy Bitstamp, a Luxembourg-based crypto exchange, for around $200 million in cash.
Bitstamp holds 50 active licenses and registrations across the globe, and is popular in Europe and Asia. The purchase helps Robinhood, a retail-focused trading app, bolster its crypto operation to better take on Binance and Coinbase.
The deal, due to close next year, comes as Robinhood faces regulatory challenges in the U.S. over its crypto dealings. In May, the company said it received a Wells notice for its crypto operations. The Securities and Exchange Commission has also sued Coinbase and Binance.
Robinhood had $4.7 billion in cash and equivalents at the end of the first quarter. Its stock is up 75% this year.
In a record-setting deal worth billions, Chinese heavy equipment manufacturer XCMG has agreed to deliver more than 200 of its 240-tonne electric haul trucks to Australian mining giants Fortescue in one of the biggest moves yet to decarbonize mining.
From pioneering its “world’s first” best-practice model for smart mining at China Huaneng’s Yimin Mine and winning the 2025 Decarbonizing Mining Award to ranking among the world’s top four open-pit heavy equipment makers, XCMG is rapidly building a reputation for building high-quality electric equipment options that can do all the work without any of the emissions.
Earlier this week, XCMG joined Fortescue, one of the world’s largest iron ore producers, at a grand signing ceremony in Beijing for a strategic cooperation agreement on green mining equipment solutions. Under the terms of the new deal, XCMG will deliver up to 200 of its massive, 240T battery-electric haul trucks to Fortescue, beating a similar deal posted last yearand marking China’s largest-ever export order for green mining machinery.
It’s also one of the largest-ever EV sales, period.
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Big deal
Signing the Fortescue deal; via XCMG.
Fortescue believes the deal isn’t just significant for its size and scope, but for building new global bridges in the quest for full decarbonization.
“The world once benefited from open trade and cooperation – now it is divided,” explains Fortescue Executive Chairman and Founder, Dr. Andrew Forrest. “Fortescue is showing that industry can help glue back that multilateral spirit. Not through rhetoric, but through practical alliances that prove heavy industry can follow a new path – one where profits rise as emissions fall.”
“China is scaling and manufacturing green technologies at unprecedented speed,” adds Forrest. “and “Our partnerships give Fortescue access to that capability.”
As for the trucks themselves, the new XCMG 240T electric haul trucks are absolute giants, built to handle payloads over 500,000 lbs., with a gross vehicle weight rating somewhat north of 380 (!) tonnes (that’s almost 420 Imperial tons, to you and me).
There’s enough power on tap from the big haul trucks’ 1,900 kW (2,550 hp) electric drive system to climb 17% grades and hit speeds up to 56 km/h (35 mph). That’s enough to make XCMG’s 240T one of the most powerful and capable EVs on the planet, slashing emissions without sacrificing hauling performance.
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There are plenty of electric fat tire bikes on the market these days, but few feel as purpose-built and refined as the Puckipuppy Labrador Pro. While the name might sound like a friendly pooch, don’t let it fool you… this is a serious all-terrain machine with enough power to rip through sand, snow, or steep trails. Plus, if it can do all that, it can surely handle your commute, too!
Built for the wild (and the wild commute)
Right out of the gate, the Puckipuppy Labrador Pro feels like it’s aimed at a very specific type of rider – someone who wants the capability of an electric mountain bike, the stability of a fat tire cruiser, and the commuting chops of a Class 3 bike built for the streets.
That hybrid identity is reflected in the bike’s rugged 6061 aluminum frame, which includes internal cable routing for a clean look and a removable 48V 20Ah lithium-ion battery nestled into the downtube. The battery is locking and removable, offering a massive 960Wh of capacity. It claims up to 80 miles of range per charge under optimal conditions.
That’s quite respectable for a nearly 1 kWh battery powering a peak 1,350W hub motor!
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Custom-motor muscle with real torque
Puckipuppy’s Labrador Pro isn’t running just any hub motor. This one’s a custom PUCKIPUPPY-branded unit, and it cranks out a claimed 1,350W of peak power. In addition to an extra helping of wattage, this thing delivers serious torque, and it delivers it instantly.
Thanks to the smart torque sensor, the motor responds immediately to how hard you’re pedaling. You don’t get that jarring “kick” from cadence-sensor bikes. Instead, the assist feels intuitive and fluid, even when climbing steep dirt paths or rolling over beach dunes.
It’s the kind of responsive pedaling experience that makes you forget you’re even riding an electric bike, at least until you realize you’re doing a solid 25 mph while barely breaking a sweat.
Suspension and traction dialed in
One of the standout features of the Labrador Pro is its full-suspension setup, which instantly sets it apart from most fat tire e-bikes in this price range. Up front, you’ve got a sturdy hydraulic suspension fork with 130mm of travel, while the rear features its own shock that smooths out bumps, roots, and rough terrain. Whether rolling over rocky trails or dropping curbs in the city, the dual suspension keeps the ride comfortable and under control.
That plush suspension pairs perfectly with the bike’s 26” x 4” all-terrain fat tires, which offer a massive contact patch and plenty of cushion. The bike can float over sand, gravel, and even loose pine-needle trails with zero drama. These tires aren’t limited to only off-road performance either. On pavement, they give the Labrador Pro a smooth, stable feel, especially when aired up to road pressure.
And when it comes time to slow things down, the 180mm hydraulic disc brakes give you reliable, confidence-inspiring stopping power, even on fast descents or in wet conditions.
Drivetrain and speed
Backing up the torque-heavy motor is a Shimano 8-speed drivetrain, which shifts smoothly and gives you enough range to ride comfortably even without assist. That’s especially nice when your battery gets low, or when you want to dial down the motor to extend your range on a long ride.
The Labrador Pro is also a Class 3 e-bike, meaning it provides pedal assist up to 28 mph. There’s also a left-side thumb throttle that can get you moving without pedaling at all, and it’s zippy – topping out around 20 mph on throttle alone. Combined, these modes make the Labrador Pro equally useful as a car-replacing commuter or a weekend trail shredder.
Looks and utility of the Puckipuppy Labrador Pro
The Puckipuppy Labrador Pro comes in four different colors, though the orange option here is definitely the brightest and the most fun, at least in our opinion. No matter your color, the integrated headlight and rear brake light are a nice touch for safety to help you be seen, especially for early morning or dusk rides.
It also includes front and rear fenders, which help when you’re splashing through mud or wet pavement, and a heavy-duty rear cargo rack. Plus, the bike supports up to 400 lb of payload. That makes this bike more than just a toy – it’s also a workhorse capable of hauling groceries, gear, or just about anything you can throw at it.
The full-color LCD display mounted on the handlebars gives you real-time readouts of speed, battery level, distance, and assist level. The control pad on the left is intuitive, and gives you all the info you need at a glance.
Final thoughts on the Puckipuppy Labrador Pro
The Puckipuppy Labrador Pro is a seriously capable all-terrain e-bike with great specs at a competitive price of just $1,599. For riders who want a go-anywhere, do-anything machine with torque-sensing pedal assist, fat tires, and real power under the hood, this is a compelling option.
It’s not the cheapest fat tire e-bike out there, but you don’t want the cheapest bike when you’re barrelling down a rocky trail. And when you consider the powerful motor, torque sensor, 960Wh battery, hydraulic brakes, and full commuter-ready features like fenders and a rack, it starts to look like a solid value.
Whether you’re carving through mountain trails, powering across sandy beaches, or just blasting past traffic on your way to work, the Labrador Pro brings its A game every time.
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Super73, the lifestyle e-bike brand known for its moto-inspired designs, just dropped a teaser that has fans buzzing… and scratching their heads. In a cryptic Instagram post, the company shared a silhouetted image of a new two-wheeled electric vehicle alongside the promise of unveiling “an entirely new generation of electric mobility” next month.
The official debut is set for October 11th at the Moto Beach Classic, and while details are scarce, the image and language give us a few key clues.
First, there are the visuals. The teaser image shows a chunky, fat-tire two-wheeler that looks like a departure from Super73’s current lineup. The frame appears heavily stylized with what may be body panels that cover part of the traditional bike silhouette in the rear, or perhaps just extra gussets on the frame. There’s no visible suspension, neither in the fork nor the rear triangle (in fact, there’s no rear triangle at all, opting for a classic mini-bike styled frame instead), suggesting this could be a rigid ride. That could point to a lightweight design or a retro mini-bike platform that ditches extra components in favor of simplicity and affordability.
Pedals are still visible, keeping this squarely in e-bike territory (at least legally), but everything else about the bike leans much more toward electric moto than bicycle. With large off-road tires, a long flat seat, and a minimalist-looking cockpit, it gives off stripped-down dirt bike or electric pit bike vibes.
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There’s also a fairly large battery slung under the top tube. If the bike rides on 20″ tires like the rest of Super73’s lineup, then that could be a much bigger battery than we’re used to seeing. I overlaid a Super73-Z Miami on the image below, and you can see that the mystery bike’s battery dwarfs the one on the red Super73-Z. But those could also be smaller-diameter tires, meaning the battery may be a standard Super73 pack.
A red Super73-Z Miami overlaid on the teaser bike
Then there’s the caption. Super73 says they’re unveiling the “next big thing (figuratively speaking),” which might lend credence to the theory that this will actually be smaller than their usual offerings. Could it be a compact adventure mini-bike? A budget-friendly urban ripper? A youth-focused model? We’ve seen the brand expand into kids’ bikes before, so it wouldn’t be a shocker.
The real wildcard is how much power this thing will pack. Super73 has always leaned into the blurred line between e-bike and moped, and if this new model keeps pedals just for show while cranking serious wattage under the hood, we might be looking at something more akin to a Sur Ron competitor.
With recent shakeups in Super73’s leadership team and the seemingly frozen state of the long-awaited Super73’s C1X electric motorcycle, which only made it partway through development, perhaps this could be the new model replacing the company’s former motorcycle aspirations.
Whatever it is, it’s not just another iteration of the RX. This looks like a whole new category, possibly even a new platform for the brand. And in an industry where yearly innovation often just means a new paint job, it’s refreshing to see a company hint at something different.
Stay tuned – we’ll be watching closely when the curtain lifts next month.
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