Bitdeer secures $60M to boost Bitcoin ASIC production amid record hashrate

4 months ago

Bitcoin mining steadfast Bitdeer has secured a $60 cardinal indebtedness to ramp up its Bitcoin ASIC manufacturing efforts arsenic planetary mining contention intensifies amid record-breaking web hashrates.

According to its yearly report, Bitdeer entered a indebtedness statement successful April with affiliate steadfast Matrixport, a crypto fiscal services institution founded by Bitdeer president Jihan Wu.

The installation offers up to $200 million, backed by Bitdeer’s Sealminer hardware, with a floating involvement complaint of 9% positive marketplace benchmarks. As of April 21, Bitdeer had drawn $43 cardinal from the recognition line.

The latest backing adds to a $17 cardinal unsecured indebtedness secured successful January, alongside erstwhile superior raises totaling $572.5 cardinal via convertible notes successful 2024. Bitdeer besides issued implicit six cardinal shares, raising astir $119 cardinal successful equity markets this year.

Bitdeer acquires 101 MW Alberta powerfulness project

In February 2025, Bitdeer acquired a afloat licensed 101 megawatt (MW) gas-fired powerfulness task adjacent Fox Creek, Alberta, for $21.7 cardinal successful cash, per the yearly filing.

The site, with imaginable to standard up to 1 gigawatt, includes each indispensable permits for operation and a 99 MW grid connection. The powerfulness works is acceptable to beryllium developed with an EPC spouse and is expected to beryllium operational by the 4th fourth of 2026.

In March, the institution besides purchased 40 MW worthy of liquid-cooled mining containers from Saiheat.

More recently, it was reported that Bitdeer is expanding its self-mining operations and investing successful United States-based production. The displacement came successful effect to cooling request for its mining hardware from different miners.

“Our program going guardant is to prioritize our ain self-mining,” Jeff LaBerge, Bitdeer’s caput of superior markets and strategical initiatives, reportedly said.

Additionally, connected Feb. 28, 2025, Bitdeer launched a $20 cardinal stock repurchase program, effectual done February 2026. To date, it has repurchased 1,056,500 Class A shares valued astatine astir $12 cardinal nether this program.

Bitcoin hashrate surges portion miner revenues shrink

Bitdeer’s enlargement comes arsenic Bitcoin’s web computing powerfulness deed a grounds 1 sextillion hashes per 2nd successful aboriginal April, according to BitInfoCharts.

A higher hashrate indicates that much miners (or much almighty machines) are competing to lick Bitcoin blocks. As contention rises, each idiosyncratic miner’s accidental of earning artifact rewards decreases, implying declining profitability.

Further hurting miner gross are debased transaction fees. As of now, the mean Bitcoin transaction interest hovers astir $1, down from implicit $16 per transportation successful April past year, according to YCharts.

The debased transaction fees and rising hashrate forced nationalist miners to merchantability over 40% of their BTC production successful March — the highest since precocious 2024.

Firms similar Hive, Bitfarms and Ionic Digital reportedly sold much than 100% of their monthly output.

Magazine: Altcoin play to deed successful Q2? Mantra’s program to triumph trust: Hodler’s Digest, April 13 – 19

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