🛡The mining battle is intensifying! ⚒️
While Bitcoin's hashrate breaks historical records (1 sextillion hashes per second, no less! 😱), Bitdeer is not falling behind and is hitting the gas on its mining expansion.
The company has just secured a $60 million loan from Matrixport (yes, that crypto-finance company founded by none other than Jihan Wu, president of Bitdeer 🧠), with the aim of expanding the production of its own ASICs and strengthening its mining capacity.
👀 And be aware, this line of credit can scale up to $200 million... all backed by their Sealminer hardware! 💪📦
The rate: 9% floating plus the market. Not cheap, but the game is big. ♟️🎲
🤔 What else has Bitdeer been up to lately?
Here’s the list of high-voltage moves:
⚡ In January: unsecured loan of $17M.
⚡ During 2024: they raised $572.5M in convertible notes.
⚡ They issued over 6M shares = almost $119M in the market.
⚡ In February: they purchased an energy project of 101 MW in Alberta for $21.7M (and with the potential to reach 1 GW! Total giant).
⚡ March: they added liquid-cooled mining containers for 40 MW.
⚡ They launched a stock buyback program for $20M, valid until 2026. They have already repurchased over $12M in shares.
👓What’s their focus now? Own mining as a priority, according to Jeff LaBerge, head of capital markets at the firm. They are betting on total control of the operation, including self-generated energy in the U.S.
But... why the rush?🏃♂️🏃♀️
⛏️👷♂️Mining is not what it used to be...
Although the hashrate is through the roof (which sounds good), the reality is that miners' revenues are in the gutter:
🔻 The average transaction fee is around $1 USD, compared to $16 last year.
🔻 Miners like Hive, Bitfarms or Ionic Digital sold more than 100% of their monthly production in March to survive.
🔻 In total, public miners sold more than 40% of their BTC production in March, the highest level since 2024.
The competition is brutal! Only the best equipped (and most energy-efficient) will survive. And Bitdeer knows this. That's why they are going all-in with their ASICs strategy, energy, and total control.
📌 Sources:
CoinDesk, Cointelegraph, BitInfoCharts, YCharts, official documents from Bitdeer
🫵And what do you think?
🤔Is Bitdeer paving the future of mining or trying to survive in an increasingly wild race?🚘🛣🛡⛏️
👉🏻Leave it in the comments, 👍follow me for more daily crypto news and share this post if you found it interesting. See you on the blockchain!
