Crypto news: Bitmine Immersion Technologies’ latest 10-Q filing shows that within the three months ended May 31, Bitmine’s Ethereum staking and verification revenue totaled $45.7 million, accounting for 98% of total revenue. By contrast, its self-mined Bitcoin revenue was $624,000, and its consulting services revenue was $168,000. Bitmine said on Monday that it has staked 85% of its ETH holdings, about 4.9 million ETH. Chairman Tom Lee said that the amount of ETH staked by Bitmine is greater than that of any other entity globally. If its ETH is fully staked through Mavan and its staking partners, it expects annualized ETH staking rewards of up to $284 million.

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StopLossEngineer
· 3h ago
Tom Lee played this hand hard: a staked amount of 4.9 million ETH outright takes the No. 1 spot in a clear gap. The annualized $284 million is definitely attractive, but the concentration is also a double-edged sword.
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HumpVolatility
· 3h ago
98% of the revenue comes from staking—so it’s basically “all in ETH,” like the crypto version of putting one egg into one basket.
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GateUser-307216ad
· 3h ago
With an 85% collateralized staking position ratio, have you considered liquidity risks? What if the ETH price crashes, or if the Shanghai upgrade goes awry?
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HighFreqAnt
· 3h ago
$620k in BTC self-mining revenue compared with $45.7 million in staking rewards— the era of miners switching to staking providers has arrived
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