Tron price rallied to its highest level since December last year as the number of transactions and network fees rose. Tron (TRX) token jumped to a high of $0.28 on May 14, up by 36% from its lowest level in…

Tron price on the verge of a 65% jump as transaction count jumps

Bitfarms clocked a first-quarter net loss of $36 million, widening from a $6 
million loss in the same period a year earlier, as the Bitcoin miner pivots 
from mining to high-performance computing for artificial intelligence 
applications.
The miner posted $67 million in sales for the quarter ended March 31, up 33% 
from the year prior. However, gross profit margin for Bitfarm&#8217;s mining 
operations declined to 43% from 63% year-over-year, the company said in its 
first quarter earnings release.
The lower margins reflect pressure from Bitcoin&#8217;s (BTC) April 2024 &#8220;halving&#8221; 
as well as volatility in Bitcoin&#8217;s price. Halvings occur every four years and 
cut the number of BTC mined per block in half, reducing Bitcoin miners&#8217; 
profitability.
In the first quarter of 2025, Bitcoin&#8217;s spot price swung from more than 
$100,000 in January to less than $80,000 in March, according to data from 
Google Finance. The cryptocurrency trades at more than $103,000 per coin as of 
March 14.
_Bitfarms &#8216; quarterly operating performance. Source: __Bitfarms_
 _**Related:**__**Bitcoin mining stocks down after Microsoft scraps data 
center plans**_
## Pivot to AI
Bitfarms has responded to the changing market conditions by investing in high- 
performance computing (HPC). It has also expanded its US presence as a hedge 
against looming trade wars.
&#8220;During the quarter, we executed across several key areas in our strategic 
pivot to the U.S. and HPC,&#8221; Bitfarms CEO Ben Gagnon said in a statement.
&#8220;The mining business now provides a stable, low-capex and free cash flow 
foundation for the Company that positions us very well to grow and develop our 
U.S. assets into HPC/AI data centers while still capitalizing on any potential 
Bitcoin upside in 2025 and 2026,&#8221; he added.
Miners are &#8220;diversifying into AI data-center hosting as a way to expand 
revenue and repurpose existing infrastructure for high-performance computing,&#8221; 
Coin Metrics said in a March report.
The computer hardware and electrical power supplies required for Bitcoin 
mining are also useful for applications requiring high-performance computing, 
including AI use cases.
In March, AI computing provider CoreWeave raised $1.5 billion in an initial 
public offering that valued the company at roughly $20 billion, reflecting 
strong demand among investors for companies servicing AI applications.
CoreWeave&#8217;s earnings for the past quarter are scheduled for May 14.
In April, Bitfarms secured a $300 million line of credit from investment bank 
Macquarie to finance the expansion of an HPC facility in Pennsylvania.
In January, the company sold a Bitcoin mining facility in Paraguay to Hive 
Digital, another miner, for $85 million.
_**Magazine: **__**Crypto wanted to overthrow banks, now it &#8216;s becoming them 
in stablecoin fight**_

Bitfarms clocks $36M net loss amid shift from Bitcoin mining to AI

GnosisDAO acquired financial platform HQ.xyz for $15 million, rebranding it as 
Gnosis HQ to expand enterprise-focused Web3 financial tools, the company 
announced this week. GnosisDAO Acquires HQ.xyz for $15M The acquisition 
positions Gnosis HQ as a dedicated platform for crypto-native and traditional 
businesses seeking self-custodial payment solutions. It will offer a Visa 
corporate card accepted […]

GnosisDAO Targets Corporate Finance With Acquisition of HQ.xyz, Rebranded as Gnosis HQ

Adrienne Harris, the head of the New York State Department of Financial 
Services (NYDFS), said New York has an &#8220;outsized role to play&#8221; in the crypto 
ecosystem, particularly in shaping regulatory frameworks for digital assets.
During a panel on May 14 at Consensus 2025 in Toronto, she said the NY estate 
is frequently asked to provide guidance on regulators. &#8220;With respect to 
federal regulation and legislation [&#8230;] members of Congress are often coming 
to us [NYDFS] asking about our process, about our regulations, about guidance, 
how they should be thinking about legislation,&#8221; Harris said.
_Interview with Adrienne Harris (pictured left). Source: Cointelegraph_
According to Harris, the NYDFS was &#8220;unnecessarily tough&#8221; and lacked resources 
in the past. Now, under her purview, she said the NYDFS is &#8220;tough but fair,&#8221; 
noting that the digital currency oversight team has since doubled in size.
Harris took over as superintendent of the NYDFS in September 2021 after 
spending time working in the educational, nonprofit, and private sectors. In 
New York State, crypto businesses must either obtain a BitLicense or a 
limited-purpose trust charter.
&#8220;We&#8217;ve added nine pieces of regulatory guidance, so it&#8217;s still very tough to 
get a BitLicense or a limited-purpose trust charter,&#8221; Harris said. &#8220;But I 
think [&#8230;] the proof is in the pudding when you see that FTX, Voyager, 
Celsius, didn&#8217;t pass our test and therefore couldn&#8217;t do business.&#8221;
All three of those crypto companies went bankrupt in 2022. The result was a 
widespread contagion in the industry and years-long legal proceedings. FTX&#8217;s 
founder, Sam Bankman-Fried, and Celsius Network&#8217;s Alex Mashinsky were 
sentenced to 25 and 12 years in prison, respectively. Voyager&#8217;s founder, 
Steven Ehrlich, is facing legal charges for allegedly misleading customers.
_**Related:**__**NYC Mayor doubles down on crypto push ahead of city summit**_
## Harris &#8216;hopeful&#8217; for stablecoin legislation
Stablecoin legislation has been a topic at the forefront of many crypto 
industry advocates in 2025. Recently considered a bipartisan endeavor, it 
devolved into a dispute on May 8 when Democrats withdrew support for the 
GENIUS Act over concerns about President Trump&#8217;s crypto ventures.
Still, Harris remains &#8220;hopeful&#8221; Congress will eventually pass stablecoin 
legislation.
&gt; We&#8217;ve been working with Congress on all the variations of their crypto and 
&gt; stablecoin legislation now over the last three years almost.
According to Harris, all recent legislation tied to stablecoin regulation has 
been reviewed by New York officials.
&#8220;There isn&#8217;t a version of any of those bills, be it House or Senate, R&#8217;s or 
D&#8217;s, that don&#8217;t come to meet to the team to say, give us your feedback, give 
us your technical assistance, your insights here,&#8221; she said, adding that most 
of these suggestions have been incorporated into legislations.
The NYDFS, according to Harrus, still wants to be &#8220;a state path for crypto 
companies.&#8221;
_**Magazine:**__**Bitcoin payments are being undermined by centralized 
stablecoins**_

New York has 'outsized role to play' in crypto ecosystem — State regulator head

The meeting highlights the urgent need for enhanced security measures in the 
crypto industry to prevent further criminal targeting.
The post France&#8217;s minister to meet crypto firms after violent kidnapping 
attempt in Paris appeared first on Crypto Briefing.

France’s minister to meet crypto firms after violent kidnapping attempt in Paris

Crypto founders are heading to Washington, DC, to meet with lawmakers ahead of 
another expected vote on a stablecoin bill that initially failed in the 
Senate, according to Coinbase CEO Brian Armstrong.
In a May 14 X post from the US Capitol rotunda, Armstrong said as many as &#8220;60 
[crypto] founders&#8221; had gathered in DC to support the Guiding and Establishing 
National Innovation for US Stablecoins, or GENIUS Act, being considered in the 
Senate and a draft of the market structure bill moving through the House of 
Representatives.
The Coinbase CEO said the Senate could consider another vote on the GENIUS Act 
&#8220;hopefully tomorrow&#8221; after it failed to get enough support from Democrats on 
May 8.
&#8220;Like any good negotiation, there&#8217;s a lot of details to work out at the last 
minute, but we&#8217;ve been stressing the urgency of this,&#8221; said Armstrong.
Many Democratic lawmakers have said they will not support any crypto-related 
legislation without a specific carve-out for President Donald Trump profiting 
from his digital asset ventures, like his TRUMP memecoin and his family-backed 
company World Liberty Financial.
Cointelegraph reached out to Coinbase for comment but had not received a 
response at the time of publication.
_**Related:**__**What are the next steps for the US stablecoin bill?**_
This is a developing story, and further information will be added as it 
becomes available.