Bitcoin mining agency Bitdeer secured $60 million in loans to ramp up its Bitcoin ASIC manufacturing efforts as world mining competitors intensifies amid record-breaking community hashrates.
In line with its annual report, Bitdeer entered a mortgage settlement in April with affiliate agency Matrixport, a crypto monetary companies firm based by Bitdeer’s chairman, Jihan Wu.
The ability presents as much as $200 million, backed by Bitdeer’s Sealminer {hardware}, with a floating rate of interest of 9% plus market benchmarks. As of April 21, Bitdeer had drawn $43 million from the credit score line.
The most recent funding provides to a $17 million unsecured mortgage obtained in January, alongside earlier capital raises totaling $572.5 million through convertible notes in 2024. Bitdeer additionally issued over six million shares, elevating almost $119 million in fairness markets this 12 months.
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Bitdeer acquires 101 MW Alberta energy undertaking
In February 2025, Bitdeer acquired a totally licensed 101 megawatt (MW) gas-fired energy undertaking close to Fox Creek, Alberta, for $21.7 million in money, per the annual submitting.
The positioning, with potential to scale as much as 1 gigawatt, consists of all needed permits for building and a 99 MW grid connection. The facility plant is ready to be developed with an EPC accomplice and is anticipated to be operational by the fourth quarter of 2026.
In March, the corporate additionally bought 40 MW price of liquid-cooled mining containers from Saiheat.
Extra not too long ago, it was reported that Bitdeer is increasing its self-mining operations and investing in United States-based manufacturing. The shift got here in response to cooling demand for its mining {hardware} from different miners.
“Our plan going ahead is to prioritize our personal self-mining,” Jeff LaBerge, Bitdeer’s head of capital markets and strategic initiatives, reportedly mentioned.
Moreover, on Feb. 28, 2025, Bitdeer launched a $20 million share repurchase program, efficient by way of February 2026. To this point, it has repurchased 1,056,500 Class A shares valued at about $12 million beneath this program.
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Bitcoin hashrate surges whereas miner revenues shrink
Bitdeer’s growth comes as Bitcoin’s community computing energy hit a document 1 sextillion hashes per second in early April, in accordance with BitInfoCharts.
A better hashrate signifies that extra miners (or extra highly effective machines) are competing to resolve Bitcoin blocks. As competitors rises, every particular person miner’s probability of incomes block rewards decreases, implying declining profitability.
Additional hurting miner income are low transaction charges. As of now, the typical Bitcoin transaction payment hovers round $1, down from over $16 per switch in April final 12 months, in accordance with YCharts.
The low transaction charges and rising hashrate pressured public miners to promote over 40% of their BTC manufacturing in March — the best since late 2024.
Companies like Hive, Bitfarms and Ionic Digital reportedly offered greater than 100% of their month-to-month output.
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