Welcome to This Week in Crypto! As the crypto world continues to evolve, this week brought big moves in regulation, market growth, and crypto adoption. Whether you’re here for the headlines or just catching up, we’ve got the latest for you in a quick, easy-to-digest roundup.
Here’s a quick look at what’s happening:
- Top Bitcoin miners raked in nearly $800 million in Q1, with Hut 8 leading in growth.
- Prediction market Kalshi now accepts Bitcoin deposits to bring in more crypto-native users.
- Illinois passes a crypto bill aimed at stopping scams and protecting investors from rug pulls.
Let’s break down each of these stories!
Top Bitcoin Miners Generate $800M in Q1 2025 as Prices Surge
The world’s top publicly traded Bitcoin mining companies produced nearly $800 million worth of Bitcoin in the first quarter of 2025. This surge in production reflects growing strength in the mining sector as Bitcoin prices hovered around record highs near $81,600. Several firms reported strong growth in March, with one miner increasing production by over 90% in just one month.
- Marathon Digital (Mara) led all miners with 2,285 BTC mined, worth about $186 million in Q1.
- Hut 8 Mining had the highest month-over-month growth, increasing production by 91% in March.
- CleanSpark, Iren, and Riot Blockchain followed closely behind with strong quarter-over-quarter production gains.
Hut 8 also made headlines with a new venture, partnering with Donald Trump Jr. and Eric Trump to launch “American Bitcoin,” which aims to become the world’s largest mining operation. With record prices and ambitious expansions, Bitcoin mining continues to scale new heights in 2025.
Prediction Market Kalshi Now Accepts Bitcoin Deposits
Kalshi, a U.S.-regulated prediction market platform, now accepts Bitcoin deposits in an effort to attract more crypto-native users. Known for letting users place bets on real-world events—from elections to crypto prices—Kalshi has already seen significant traction with crypto traders. This move expands on its earlier support for USD Coin (USDC) and signals growing interest in merging crypto with event-based trading.
- Kalshi is regulated by the CFTC and currently offers around 50 crypto-related event contracts, including bets on Bitcoin’s future price and crypto policy headlines.
- The platform now accepts Bitcoin deposits via the Bitcoin network, using ZeroHash to convert them into USD.
- Kalshi became a major name in political prediction markets after winning a legal battle with the CFTC over election-based contracts.
Supporters argue that prediction markets like Kalshi offer a more accurate picture of public sentiment than traditional polling. With Bitcoin now accepted, Kalshi is making it even easier for Web3 users to get involved.
New Illinois Law Targets Crypto Fraud After Memecoin Meltdowns
The Illinois Senate has passed a new bill aimed at fighting crypto scams and protecting investors from fraud. Known as the Digital Assets and Consumer Protection Act, the bill gives the state new tools to regulate digital asset businesses and hold bad actors accountable. This move follows a wave of high-profile crypto scams—especially involving memecoins—that have left everyday investors with major losses.
- Senate Bill 1797 requires any crypto business serving Illinois residents to register with the state and disclose all fees upfront.
- The law empowers the Illinois Department of Financial and Professional Regulation to oversee crypto activity.
- The bill comes after major scams like the Libra token collapse, where insiders allegedly pulled over $107 million, crashing the token’s value by 94%.
Lawmakers say stronger oversight is needed to stop deceptive practices like rug pulls, where developers drain funds and disappear. Illinois is joining a growing list of states taking action to bring clearer rules and protections to the fast-moving world of crypto.
