Buy Crypto- Markets
Futures- Spot
- Copy Trade
- Earn
- More
AI Industry Trends and Project Updates, Potential and Transformation in the Midst of a Crisis
Original Title: The AI Dispatch #12 - Aixbt Terminal Update, Market Crash, $FET, Phala and TEE
Original Author: @castle_labs
Original Translation: zhouzhou, BlockBeats
Editor's Note: The article discusses the recent market crash and economic uncertainty's impact on the crypto and AI industries. The AI industry's total market cap has dropped below $5 billion, with an overall 10% decline. Despite the market downturn, there are still noteworthy projects, such as Bittensor. The article mentions that the AI industry faces too many redundant projects, urgently needing adjustment and increased practicality. In terms of updates, @elizaOS is driving user guidance through improved documentation and video guides, and the performance of @aixbt_agent's terminal has seen a significant improvement. @PhalaNetwork is collaborating with @ionet to enhance the shared processing protocol, @eigenlayer is hosting hackathons and other events in South Korea to promote industry development.
The following is the original content (slightly reorganized for readability):
Following the tariff announcement, the market experienced a comprehensive crash, with no one spared.
In one of the worst periods in modern economic history, the global trade order is being reshaped, so a significant crypto market downturn is not surprising.
The total market cap of the AI sector has now fallen below $5 billion, with a 10% drop in the past 24 hours. Considering $BTC once hit a high of $74,000, a daily decline of 7% is actually relatively resilient. In contrast, $ETH dropped over 16%, hitting a low of $1,410, a price unseen since 2018.
Nothing is worse than uncertainty, and this may only be the beginning of a long period of instability, especially as the U.S. may be heading for a recession.
But let's focus on the tech, right?
We know that nothing matters when the portfolio is in the red, but now is the time to focus on which projects are performing better, continuing to deliver, and are worth paying attention to when (if) the possible market bottom arrives.
I would even say that the turmoil in the AI industry is much needed, as it is becoming increasingly filled with new projects, many of which overlap in scope and purpose.
For many, keeping track of all the developments has turned into a nightmare, with no clear indication of which projects are worth investing in. Where is the "practicality" we were promised?
Developments are brewing, much like those that occurred this week.
How are these projects "leveraging" this period?
Let's try to cheer up and take a look at some of the most interesting advancements and updates in the AI field.
@elizaOS focuses on creating comprehensive developer guides by simplifying and organizing all documentation, accompanied by detailed explanations through YouTube videos for user guidance.
When zkTLS meets TEE, zkVM, brought to you by @SuccinctLabs @PhalaNetwork @primus_labs:
@eli5_defi on @openservai:
Here's Jeff's overview of the key trends in the AI field:
Among these projects, I've recently come across a lot of content about Bittensor! It seems to be one of the most promising projects (at least in terms of the sentiment regarding its long-term potential).
Another recurring and intriguing topic is about @aixbt_agent, is it losing market share? According to last week's update, the throughput has now increased by 8 times:
@PhalaNetwork x @ionet
@eigenlayer spoke at the AI Open Summit and will be hosting a hackathon in South Korea:
AI X Vibe coding on EigenLayer:
AMA about $FET and @asi_alliance:
Next up is a research piece, an interesting paper on AI reinforcement learning:
@virtuals_io daily updates:
Joe... Virgen? Haha
@AethirCloud weekly recap:
@CryptoEternalAI hints at personal AGI (?)
How about Web2, and how is mainstream AI progressing?
@OpenAI
OpenAI's new funding round:
@Meta's new AI model:
You may also like
Dragonfly Partners: Most agents will not engage in autonomous trading, how can crypto payments prevail?
US AI Startup Goes All In on Chinese Mega-Model | Rewire News Morning Brief
Trump Lies Again: A "Five-Day Pause" Psyop, How Wall Street, Bitcoin, and Polymarket Insiders Synced Uposciogen
When a Token Becomes Labor, People Become the Interface
Ceasefire News Leaked Ahead of Time? Large Polymarket Bets on Outcome Before Trump's Tweet
BlackRock CEO's Annual Shareholder Letter: How is Wall Street Using AI to Keep Profiting from National Pension Funds?
Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
The US AI Startup Is Loving China's Open Source Model
Three Weeks of the US-Iran War: Who's Making Money, Who's Paying the Bill?
Interpreting Polymarket's Major Update Last Night: Fee Expansion, Self-Regulation, and New Incentives
From Human Application to Intelligent Collaboration: How GOAT Network Builds the Next Generation Digital Economy
CZ Washington Dialogue: Crypto Entrepreneurs are Accelerating Their Return to the United States
Morning Report | Strategy increased its holdings by 1,031 bitcoins last week; Katana Blockchain acquires IDEX; NYSE completes rule change to eliminate trading limits on crypto ETF options
WEEX P2P now supports JOD, USD & EUR—Merchant Recruitment Now Open
To make crypto deposits easier, WEEX has officially launched its P2P trading platform and continues to expand fiat support. We're excited to announce that the Jordanian Dinar (JOD), United States Dollar (USD ) and Euro (EUR) are now available on WEEX P2P!
Electric Capital: Tracking 501 types of yield-generating RWA assets, we discovered these patterns
Those who are cut off by AI will not disappear; they will become the creators of the next round of the economy
Stablecoins reshaping cross-border payments in Asia? Strategic panorama and investment opportunity analysis
App