Nasdaq-listed Bitcoin mining firm Core Scientific Inc. posted a net profit of 
$580 million with its first quarter results, but missed analyst revenue 
estimates after a drop in its mining profits.
Core Scientific&#8217;s Q1 2025 results, shared on May 7, saw it more than double 
its $210 million net income from the year-ago quarter, while its total revenue 
reached $79.5 million, missing Zacks analysts&#8217; estimates by 8.11%, and falling 
from its $179.3 million in revenues for Q1 2024.
The firm&#8217;s primary source of revenue came from $67.2 million in self-mining 
revenue, $3.8 million in hosted mining revenue, and $8.6 million in 
colocation, formerly listed as high-performance computing (HPC) hosting.
_Source:__Core Scientific_
Core Scientific said its drop in Bitcoin (BTC) mined and revenue was due to 
the halving on April 20, 2024, when mining rewards were cut from 6.25 BTC to 
3.125 BTC, and its operational shift to HPC hosting, primarily used for 
artificial intelligence.
However, the losses were partially offset by a 74% increase in the average 
price of Bitcoin and a 33% decrease in power costs due to lower rates and 
usage.
As part of its HPC hosting shift, Core Scientific inked a deal in February 
with AI startup CoreWeave for a $1.2 billion data center expansion. As a 
result, Core Scientific anticipates entering 2026 with annualized colocation 
revenue of $360 million.
## Inflection point for miners in AI shift
Core Scientific CEO Adam Sullivan said in a statement that its first quarter 
was an &#8220;inflection point,&#8221; as the firm positioned itself at the &#8220;center of one 
of the most important shifts in modern computing,&#8221; as the demand for high- 
performance data infrastructure has accelerated.
_**Related:**__**Robinhood beats Q1 estimates despite revenue, crypto trading 
dip**_
Shares in Core Scientific (CORZ) closed May 7 trading down 1%, falling to 
$8.90, according to Google Finance. However, they jumped over 3% to trade at 
$9.24 after the bell.
_Core Scientific &#8216;s stock has jumped slightly after the bell, after dropping 
during the regular session. Source: __Google Finance _ 
In an August report, asset manager VanEck estimated that if publicly traded 
Bitcoin mining companies shifted 20% of their energy capacity to AI and HPC by 
2027, they could increase additional yearly profits by $13.9 billion over 13 
years.
Riot Platforms appointed three new directors to its board in February, one of 
whom has experience converting Bitcoin mining assets toward HPC.
Hive Digital, Hut 8 and Iris Energy converted part of their operations to HPC 
and AI last year, and TeraWulf sold its stake in a Bitcoin mining facility for 
$92 million in October, with the proceeds marked for hosting AI and building 
HPC data centers.
_**Magazine:**__**Adam Back says Bitcoin price cycle is &#8217;10x bigger&#8217;, has 
&#8217;empathy&#8217; for ETF buyers**_

Bitcoin miner Core Scientific posts $580M Q1 profit but misses revenue estimates

Bitcoin price started a fresh increase above the $96,500 zone. BTC is rising 
and might aim for a move toward the $100,000 resistance. Bitcoin started a 
decent increase above the $96,500 resistance zone. The price is trading above 
$96,500 and the 100 hourly Simple moving average. There was a break above a 
connecting bearish trend line with resistance at $97,200 on the hourly chart 
of the BTC/USD pair (data feed from Kraken). The pair could start another 
increase if it clears the $98,800 zone. Bitcoin Price Regains Traction Bitcoin 
price started a fresh increase from the $93,500 support zone. BTC formed a 
base and was able to clear the $95,000 resistance zone. The bulls even pushed 
the price above $96,500. There was a break above a connecting bearish trend 
line with resistance at $97,200 on the hourly chart of the BTC/USD pair. The 
pair spiked above $98,000 and tested $98,300. A high is formed at $98,292 and 
the price is now consolidating gains above the 23.6% Fib retracement level of 
the upward move from the $95,824 swing low to the $98,292 high. Bitcoin is now 
trading above $97,500 and the 100 hourly Simple moving average. On the upside, 
immediate resistance is near the $98,250 level. The first key resistance is 
near the $98,500 level. The next key resistance could be $98,800. A close 
above the $98,800 resistance might send the price further higher. In the 
stated case, the price could rise and test the $99,500 resistance level. Any 
more gains might send the price toward the $100,000 level. Another Decline In 
BTC? If Bitcoin fails to rise above the $98,250 resistance zone, it could 
start another downside correction. Immediate support on the downside is near 
the $97,700 level. The first major support is near the $97,000 level and the 
50% Fib retracement level of the upward move from the $95,824 swing low to the 
$98,292 high. The next support is now near the $96,400 zone. Any more losses 
might send the price toward the $95,500 support in the near term. The main 
support sits at $94,200. Technical indicators: Hourly MACD – The MACD is now 
gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The 
RSI for BTC/USD is now above the 50 level. Major Support Levels – $97,000, 
followed by $96,400. Major Resistance Levels – $98,250 and $98,800.

Bitcoin Price Eyes $100K as Bulls Regain Momentum, Buy Dips?

Arizona Governor Katie Hobbs has signed a bill into law allowing the US state 
to keep unclaimed crypto and establish a &#8220;Bitcoin Reserve Fund&#8221; that won&#8217;t use 
any taxpayer money or state funds.
Hobbs signed House Bill 2749 into law on May 7, which allows Arizona to claim 
ownership of abandoned digital assets if the owner fails to respond to 
communications within three years.
The state&#8217;s custodians can stake the crypto to earn rewards or receive 
airdrops, which can then be deposited into what Arizona has called a Bitcoin 
and Digital Asset Reserve Fund.
&#8220;This law ensures Arizona doesn&#8217;t leave value sitting on the table and puts us 
in a position to lead the country in how we secure, manage, and ultimately 
benefit from abandoned digital currency,&#8221; the bill&#8217;s sponsor, Jeff Weninger, 
said in a May 7 statement.
_Arizona House Representative Jeff Weninger &#8216;s statement on the signing of HB 
2749 into law. Source: __Jeff Weninger_ 
&#8220;We&#8217;ve built a structure that protects property rights, respects ownership, 
and gives the state tools to account for a new category of value in the 
economy,&#8221; Weninger added.
On May 3, Hobbs vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, 
which would have allowed the state to invest seized funds into Bitcoin, citing 
concerns over using public funds for &#8220;untested assets.&#8221;
## Hobbs&#8217; move gives hope for future crypto bills
Bitcoin Laws founder Julian Fahrer said on X that Hobbs&#8217; signing of HB 2749 
offers more hope that she may also sign Senate Bill 1373, which is currently 
on her desk.
_**Related:**__**Bitcoin bros at &#8216;the club&#8217; may stop US gov&#8217;t from buying BTC 
&#8212; Arthur Hayes**_
SB 1373 would authorize Arizona&#8217;s treasurer, currently Kimberly Yee, to 
allocate up to 10% of Arizona&#8217;s Budget Stabilization Fund into Bitcoin.
The bill&#8217;s passage in Arizona follows New Hampshire Governor Kelly Ayotte on 
May 6 signing House Bill 302 into law, allowing her state&#8217;s treasury to use 
funds to invest in cryptocurrencies with a market capitalization of more than 
$500 billion.
Bitcoin is currently the only cryptocurrency that meets that threshold**.**
_**Magazine:**__**Crypto wanted to overthrow banks, and now it &#8216;s becoming 
them in stablecoin fight**_

Arizona governor signs law for state to keep unclaimed crypto

On-chain data shows the top buyers of XRP are still in an 11% net profit 
today. Here&#8217;s how other top coins like Bitcoin and Solana compare. XRP Top 
Buyers Are The Only Ones In The Green Right Now In a new post on X, the on- 
chain analytics firm Glassnode has talked about how the situation of the top 
buyers has been looking for different top digital assets. Related Reading: 
Bitcoin Network Activity In Bear Market Zone—Warning Or Opportunity? The 
indicator of interest here is the &#8220;Realized Price,&#8221; which keeps track of the 
cost basis or acquisition level of the average investor on a given 
cryptocurrency network.When the value of the metric is above the spot price of 
the asset, the holders as a whole can be assumed to be in a state of net 
unrealized loss. On the other hand, it being under the token&#8217;s price implies 
the dominance of profit on the network. In the context of the current 
discussion, the Realized Price of the entire userbase isn&#8217;t of relevance, but 
rather that of only a specific portion of it: the investors who got in during 
the earlier euphoria phase of December 2024 to January 2025. From today, this 
period lines up with the 3 months to 6 months old range, so Glassnode has 
referenced the average cost basis of these mid-term holders. First, here is a 
chart showing the Realized Price of this cohort for XRP: As is visible in the 
above graph, the Realized Price of the 3 months to 6 months old XRP investors 
is currently trading a notable distance under the cryptocurrency&#8217;s spot price. 
Naturally, at least some of the top buyers of the asset would have capitulated 
by this time, but it would appear that those that still continue to hold are 
sitting relatively comfortably at a profit margin of 11%. Related Reading: 
Bitcoin In The Middle Of A Decision Point, Analyst Says—Here’s Why While this 
may be so for the mid-term holders of XRP, the trend is different for those 
present on the other major networks. As the below chart shows, Solana&#8217;s 3 
months to 6 months old hands currently have their cost basis above the spot 
price. More specifically, SOL&#8217;s mid-term investors are holding a net 
unrealized loss of around 28%. The situation is even worse when it comes to 
Ethereum, with the cohort sitting about 36% underwater on the blockchain. Even 
Bitcoin has this group carrying a loss, although the margin is just 1% in the 
case of the number one cryptocurrency. As for what this trend of the top 
buyers being underwater could mean, the analytics firm has noted, &#8220;price 
stabilizing below the 3m–6m holders’ cost basis is a clear sign of market 
weakness.&#8221; XRP Price At the time of writing, XRP is floating around $2.13, 
down almost 4% in the last seven days. Featured image from Dall-E, 
Glassnode.com, chart from TradingView.com

Only XRP Still In Profit Among Euphoric Buyers—BTC and SOL Deep In Losses

The White House&#8217;s stance may delay the sovereign wealth fund&#8217;s development, 
impacting economic strategies and national security plans.
The post White House rejects parts of Trump advisers’ sovereign wealth fund 
proposal appeared first on Crypto Briefing.

Cryptocurrency price in TWD