During a media event at a high-end hotel in Hong Kong, Crypto entrepreneur Sun indulged in a banana from Maurizio Cattelan’s “Comedian”, a piece of conceptual art he recently acquired at a Sotheby’s auction in New York. After consuming the banana, Sun remarked on its quality and discussed the parallels he sees between conceptual art and the world of cryptocurrency, suggesting that both realms largely exist in the intellectual and digital domain rather than the physical one.
The artwork, which debuted at the 2019 Art Basel show in Miami Beach, has sparked debate over its classification as art. Sun’s act of eating the banana at a press conference was intended to add to the artwork’s history. He also mentioned his recent advisory role with World Liberty Financial, a crypto initiative supported by US President-elect Donald Trump, after making a $30 million investment. Despite this political connection, Sun emphasized his apolitical stance and his aim to bridge traditional finance with decentralized finance. His involvement in the crypto sector has not been without controversy, facing charges from the US Securities and Exchange Commission, which he has denied.
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The artwork “Comedian” comes with a certificate of authenticity and instructions for replacing the banana. Sun speculated that the value of the artwork might increase similarly to Bitcoin, driven by speculative interest.
Bitdeer is building a $36M Nevada plant to produce 10,000 Sealminer units monthly by 2026.
Sealminer efficiency targets weak mining margins as hashprice stays near historic lows.
Bitdeer is expanding U.S. manufacturing and AI infrastructure to strengthen long-term growth.
Bitdeer Targets 10,000 Monthly Sealminer Units With New $36 Million Nevada Factory
Bitdeer is moving ahead with a major U.S. manufacturing push, breaking ground on a $36 million advanced electronics facility in Sparks, Nevada, even as bitcoin mining economics remain near historic lows.
The 187,000-square-foot plant will be the company’s first domestic manufacturing and assembly site in the U.S. It is expected to be completed by the end of 2026 and is designed to produce 10,000 Sealminer units per month.
Bitdeer said the project will create about 70 local jobs across engineering, skilled technician and support roles. The facility will expand the company’s U.S. footprint beyond mining and data centers, adding a domestic production base for its proprietary mining machines.
“Producing our advanced Sealminer units right here in Nevada reflects our long-term commitment to building capacity and nurturing the talent necessary to support our growing digital infrastructure operations in America,” remarked Paul Hanson, Chairman of Bitdeer Industrial.
Vertical Integration During a Mining Slump
The timing is notable. Bitcoin miners are still dealing with weak hashprice, a key measure of mining revenue per unit of computing power.
Spot hashprice was recently around $29.81 per PH/s/day, after touching a daily low of $27.89 on Feb. 24. March also marked a record-low monthly average of $31.27, according to industry data.
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The pressure reflects several factors: the April 2024 halving, rising network hashrate, and low transaction-fee revenue. Together, they have reduced revenue for miners using the same amount of computing power.
At these levels, profitability is increasingly concentrated among operators with cheap power and newer, more efficient machines.
Bitdeer is trying to address that pressure through vertical integration. The company has been developing its own Sealminer hardware and deploying the machines across its self-mining fleet.
Catherine Guo, CEO of Bitdeer Industrial, commented that the Sparks plant reflects the company’s contribution to Nevada’s diversifying economy.
“Our commitment underscores the state’s strategic advantages, including a highly accessible and skilled workforce, robust logistics networks, and a consistently business-friendly environment,” Guo said.
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U.S. Expansion Meets AI Demand
The Nevada facility will complement Bitdeer’s existing U.S. data centers and its innovation hub in San Jose, California.
The project also comes as Bitdeer expands across mining and AI infrastructure. In its May operating update, the company reported 70.2 EH/s of self-mining hashrate, 921 bitcoin mined during the month, and about $69 million of annualized recurring revenue from its AI Cloud business.
Bitdeer also said it was in advanced talks with a potential colocation tenant at its Tydal, Norway site. That follows a broader industry trend in which miners are exploring AI and high-performance computing uses for power-rich data center assets.
The facility is expected to begin contributing to Bitdeer’s manufacturing capacity as the mining hardware market becomes more selective. Weak hashprice can slow equipment demand, but it can also push well-capitalized miners to replace older machines with more efficient models.
Jet2 recorded a $536 million balance sheet windfall on July 8 after locking in low-cost fuel derivatives.
The Middle East conflict triggered a 67% decline in annual cash inflows as travelers delayed holiday bookings.
CEO Steve Heapy announced a $335 million buyback program and expanding operations at London Gatwick Airport.
Sector Resilience Amid Fuel Volatility
British airline and package holiday provider Jet2 defied intense geopolitical instability and travel sector panic triggered by the Middle East war by reporting a more than $500 million balance sheet boost, fueled by the rising price of jet fuel.
As the conflict in the Middle East escalated, spiking fuel rates caused the value of the company’s fuel derivatives to soar. According to Jet2’s full financial results released July 8, an extra $536 million in income was primarily driven by these favorable fair value movements.
The financial buffer comes after widespread fears earlier this year that rising energy costs could push airlines into bankruptcy and force massive summer holiday cancellations. In the United States, higher fuel prices contributed to the collapse of low-budget airline Spirit in May. The United Kingdom had been labeled as the nation “most exposed” to the jet fuel crisis, forcing government ministers to scramble to protect airline fuel access and temporarily suspend airport capacity rules.
While Jet2 was able to mitigate the price shock, the broader conflict still took a toll on booking behaviors. The airline conceded that ongoing travel uncertainty from the war caused holidaymakers to delay their trips and book much closer to their departure dates than usual. As a result, Jet2’s cash inflow plummeted by 67% to approximately $103 million for the fiscal year ending March 31.
Financially, Jet2 reported mixed full-year results. Group revenue climbed 4% to $10.05 billion, but pre-tax profit slipped 7% to $738.6 million, hit hard by lower income earned on its cash deposits.
Despite the profit dip, operational metrics showed strong consumer demand. Jet2 increased its total seat capacity by 8% to 24 million and flew 20.8 million passengers — a 5% increase year-over-year. The company also announced a new $335 million share buyback program, pointing to robust liquidity and confidence in its midterm outlook.
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On the stock market, shares of the AIM-listed company jumped 9% to $19.92 at Wednesday’s opening bell, leaving the stock up 5% for the year.
Chief Executive Issues Tax Warning
The financial report coincided with an aggressive political warning from Jet2 Chief Executive Steve Heapy. Speaking to shareholders, Heapy cautioned political figures — specifically naming prominent politician Andy Burnham — against treating the aviation and holiday industry as a “cash cow.”
Burnham is widely anticipated to enter Downing Street later this month following recent political shifts.
“Don’t treat the aviation or holiday industry as a cash cow, because taxes increase the price of flying,” Heapy said, pointing out that Jet2 had to absorb $67 million in additional regulatory and tax costs over the last year. “I think, you know, enough is enough.”
Operationally, Jet2 is pushing a major expansion strategy designed to challenge the UK’s dominant legacy carriers. In March, the airline launched a six-aircraft hub at London Gatwick Airport, signaling an aggressive move out of its traditional northern England strongholds. The company notes it now operates within a 90-minute drive of more than 90% of the UK population.
Cryptocurrency exchange Binance remains in “close talks” with regulators in the European Union over its application to operate in the bloc and is seeking to secure more licences in Asia, said its co-chief executive Richard Teng on Thursday.
