Recommended reading this week: A 20,000-word research report on the Bitcoin mining industry; the institutional reserve race is propelling Ethereum to become a trillion-dollar network; lending platform Salient completes $60 million Series A funding round, led by a16z.

Cover: Photo by Debby Hudson on Unsplash

This 20,000-word research report, written by ChromiteMerge, a researcher at Web3Caff Research, focuses on the multiple breakthrough paths for mining companies under the impact of halving, and provides four core analyses:
① Faced with hash prices halved and unit costs soaring, how can mining companies cope with extreme survival challenges through high-efficiency mining machines, strategic reinvestment, and large-scale deployment?
② How does the technological arms race drive the trend of implicit difficulty adjustment and computing power centralization across the entire network through ASIC self-development and process upgrades?
③ Mining companies such as Riot, Bitdeer, and Core are transitioning to AI/HPC, while CleanSpark sticks to the "pure mining" route. Has a differentiated industry strategic path been formed?
④ Are innovative energy strategies such as power arbitrage, direct supply of nuclear power, and flare gas utilization reshaping the “high energy consumption” narrative and building a long-term moat?

We have also added key content such as key structure diagram, HashPrice change curve, network computing power trend chart, global computing power distribution heat map and mining pool computing power distribution map.

Many people who have transitioned from traditional industries to Web3 do so because of the high salaries, or simply because they've made money trading cryptocurrencies and are going all-in. Many don't consider themselves "employees" and don't distinguish between what's within their job description and what's beyond the pale. This article explores this topic for you. Read it now.

Ethereum's stake exit queue is a built-in mechanism designed to manage the orderly withdrawal of staked funds from the network by validators. To maintain network stability and prevent large-scale validator exits from jeopardizing consensus, Ethereum limits the number of validators that can exit during each epoch. This limit, known as the churn limit, varies with the total number of active validators, as explained in this article.

On July 18th, President Trump signed the GENIUS Act into law, sparking widespread global interest in stablecoins. After a decade of advocacy from blockchain industry pioneers and a fluctuating mainstream public opinion, the discussion has finally gained momentum. Stablecoins have become a hot topic, and this article explores their implications.

Pantera is building a "multi-coin micro-strategy investment matrix." As one of the earliest investors in the crypto world, Pantera Capital has bet on the dawn of Bitcoin, the peak of DeFi, and the pitfalls of FTX. What kind of VC is this veteran of crypto narratives? And what new landscape is it currently charting? This article explores its potential. Read on for a quick overview.

Ether is also gradually becoming a reserve asset. Several major corporations have added Bitcoin to their reserves over the past few years. But more recently, a wave of public companies, DAOs, and crypto-native foundations have begun accumulating Ether as a long-term holding. Today, over 1.7 million Ether is locked in reserves, a doubling of total reserves year-over-year. This article explains why.

The impact of stablecoins continues to expand. From the frequent occurrence of related topics on Douyin's trending search list, to the collective shift in content creation by traditional financial bloggers, to the unsolicited inquiries from relatives and neighbors, stablecoins seem to have become a buzzword permeating everyday society. This article will systematically review the latest developments in stablecoin regulation in various countries and analyze the underlying logic of this financial revolution.

On July 23rd, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, published an article titled "Stablecoins: A Long-Term Stability." From a regulatory perspective, the article explores the current state of the stablecoin market, analyzes the potential risks of over-conceptualization and bubbles, and emphasizes the need for strict anti-money laundering regulation. Bibi News will delve deeper into this article, so take a quick read.

With the official implementation of the Stablecoin Ordinance on August 1st, Hong Kong's stablecoin market is poised for a new era. As the market matures, stablecoins are expected to play an increasingly important role in cross-border payments and the digital asset market. However, strict regulation in the short term will ensure that market participants possess sufficient technical and risk management capabilities, as discussed in this article.

As an Asian financial center and cryptocurrency hub, Hong Kong is facing challenges with crypto fraud. While overall fraud losses decreased 25% to approximately HK$2.8 billion in the first half of 2025 compared to the same period last year, cryptocurrency-related cases still accounted for a significant portion. According to police data, the number of fraud cases involving cryptocurrencies increased in the first five months of 2025, as discussed in this article.

10 news stories worth watching this week

• White House Cryptocurrency Report : Will actively embrace DeFi and promote the implementation of SEC and CFTC supervision

• EigenDA V2 has launched on the mainnet

• South Korea's central bank establishes virtual asset unit

• PayPal now allows US merchants to accept over 100 cryptocurrencies

• Credit protocol Grove expands to Avalanche network

• Ika launches on mainnet

• Pendle Launches HyperEVM

• Lending platform Salient completes $60 million Series A financing , led by a16z

• Payment service provider Due completes $7.3 million seed round of financing , led by Speedinvest

• Virtuals-based AI agent Billy Bets completes $1 million in financing , with participation from Coinbase Ventures

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