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American Bitcoin Reports Loss

American Bitcoin posted a quarterly loss as declining cryptocurrency prices weighed on performance across the digital asset sector.

The company, which focuses on large-scale bitcoin mining and reserves management, reported negative results following a period of market volatility that affected token valuations.

During the quarter, bitcoin experienced a significant price drop, influencing the financial position of firms that maintain holdings as part of their operational strategy.

While revenue increased compared to the previous year, overall profitability was impacted by the broader market downturn.

The company continues to expand its bitcoin reserves, underscoring its long-term approach to asset accumulation despite near-term price fluctuations.

The results highlight the sensitivity of mining operations to shifts in cryptocurrency markets.

CATL Resumes Operations at Jiangxi Lithium Mine, UBS Reports

Chinese battery giant CATL (300750.SZ) is resuming production at its lithium lepidolite mine in Jiangxi province, according to a note from UBS published on Thursday. This comes four months after earlier reports of the mine’s closure sparked a surge in lithium mining stock prices.

UBS’s report indicates that mining operations have “currently resumed,” based on information from Shanghai Metals Market (SMM), though further details were not disclosed. UBS declined to comment further, and CATL did not immediately respond to Reuters’ request for more information.

Two anonymous battery metals traders confirmed that mining activities had indeed restarted at the Jiangxi mine. CATL’s mine in the southern province of Jiangxi has been an important contributor to China’s growing lithium supply, which is essential for the global battery market. When the mine was reportedly closed in September, lithium stocks saw a significant rally.

In response to queries, CATL had previously stated that it adjusted its lithium production in the Yichun area of Jiangxi province. Lepidolite mining is known to be more expensive than extracting lithium from brine, but UBS analysts believe the resumption is driven by low inventories and CATL’s ability to reduce costs by mixing production from this site with higher-grade ores.

On Friday, the most-traded November lithium carbonate futures contract on the Guangzhou Futures Exchange closed at 77,800 yuan ($10,675.81) per metric ton, showing a modest 0.3% increase from the previous day. However, prices are still down by 4.75% from a recent high reached on January 20. CATL’s share price closed at 261.28 yuan per share on Friday, marking a 3.2% increase from Thursday.

Pixxel to Launch India’s First Private Satellite Network, Targets $19 Billion Market

Pixxel, an Indian startup backed by Google, is set to make history with the launch of India’s first private satellite network. The company will send three of its six hyperspectral imaging satellites into space aboard a SpaceX rocket from California on Tuesday. This milestone represents a major step for both Pixxel and India’s emerging private space sector.

The satellites will be positioned in a sun-synchronous orbit at around 550 kilometers above Earth, with the remaining three satellites planned for deployment in the second quarter of the year. The launch is scheduled for 10:45 a.m. Pacific Time (1845 GMT) on Tuesday, just past midnight in India, pending final approvals. The launch will take place at Vandenberg Space Force Base.

Pixxel’s founder and CEO, Awais Ahmed, revealed that the company plans to expand its fleet with 18 additional satellites, aiming to capture a share of the satellite imaging market, which is expected to reach $19 billion by 2029. This venture marks a significant achievement for the five-year-old startup, which seeks to utilize hyperspectral imaging—a technology that captures detailed data across numerous light bands. The goal is to serve industries such as agriculture, mining, environmental monitoring, and defense.

Pixxel’s hyperspectral imaging satellites offer enhanced capabilities to industries, allowing better insights for improving crop yields, monitoring resources, detecting oil spills, and tracking borders with greater precision than current technologies. According to Ahmed, the satellite imagery market currently stands at $4.3 billion, with data analysis adding another $14 billion. By 2029, the market is projected to reach $19 billion, and Pixxel believes hyperspectral imaging could secure $500 million to $1 billion of that, plus additional revenue from analysis.

The company has already signed up 65 clients, including major corporations like Rio Tinto, BP, and India’s Ministry of Agriculture, with some clients paying for data from its demo satellites. Pixxel is also in talks for defense contracts, primarily with agencies in the U.S. and India, although government procurement typically follows after satellite systems have been fully launched and operational.

Pixxel anticipates making contact with its satellites approximately two-and-a-half hours after launch, with full commercial imaging capabilities expected by mid-March. However, the company faces stiff competition from global players in the satellite industry. The United States, led by private companies like SpaceX and backed by government contracts, is the dominant force in both commercial and government satellite launches. China, with its state-supported initiatives, has rapidly expanded its presence in low Earth orbit satellites.

India holds only a 2% share of the global commercial space market, despite its significant space capabilities. The government is relying on private players like Pixxel to increase this share, with the goal of growing the country’s space sector from $8 billion to $44 billion by 2030.

To stand out, Pixxel plans to leverage its Firefly constellation, which offers a 5-meter resolution and a 40-km swathe width—superior to competitors such as Finland’s Kuva Space and San Francisco-based Orbital Sidekick, whose satellites typically have lower resolution and narrower coverage. If successful, Pixxel’s imaging capacity in the hyperspectral band could surpass that of the Indian Space Research Organisation (ISRO), a moment that would represent a significant achievement for the Indian space industry, according to Narayan Prasad, COO at Satsearch.