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Bitcoin mining firm Bitdeer secured $60 million in loans to ramp up its Bitcoin ASIC manufacturing efforts as global mining competition intensifies amid record-breaking network hashrates.<\/p>\n
According<\/a> to its annual report, Bitdeer entered a loan agreement in April with affiliate firm Matrixport, a crypto financial services company founded by Bitdeer\u2019s chairman, Jihan Wu.<\/p>\n The facility offers up to $200 million, backed by Bitdeer\u2019s Sealminer hardware, with a floating interest rate of 9% plus market benchmarks. As of April 21, Bitdeer had drawn $43 million from the credit line.<\/p>\n The latest funding adds to a $17 million unsecured loan obtained in January, alongside previous capital raises totaling $572.5 million via convertible notes in 2024. Bitdeer also issued over six million shares, raising nearly $119 million in equity markets this year.<\/p>\n Related: <\/strong><\/em>Top Bitcoin miners produced nearly $800M of BTC in Q1 2025<\/strong><\/em><\/a><\/p>\n In February 2025, Bitdeer acquired a fully licensed 101 megawatt (MW) gas-fired power project near Fox Creek, Alberta, for $21.7 million in cash, per the annual filing.<\/p>\n The site, with potential to scale up to 1 gigawatt, includes all necessary permits for construction and a 99 MW grid connection. The power plant is set to be developed with an EPC partner and is expected to be operational by the fourth quarter of 2026.<\/p>\n In March, the company also purchased<\/a> 40 MW worth of liquid-cooled mining containers from Saiheat.<\/p>\n More recently, it was reported that Bitdeer is expanding its self-mining operations<\/a> and investing in United States-based production. The shift came in response to cooling demand for its mining hardware from other miners.<\/p>\n \u201cOur plan going forward is to prioritize our own self-mining,\u201d Jeff LaBerge, Bitdeer\u2019s head of capital markets and strategic initiatives, reportedly said.\u00a0<\/p>\n Additionally, on Feb. 28, 2025, Bitdeer launched a $20 million share repurchase program, effective through February 2026. To date, it has repurchased 1,056,500 Class A shares valued at about $12 million under this program.<\/p>\n Related: <\/strong><\/em>American Bitcoin\u2019s ambition is to dominate mining \u2014 Hut 8 CEO<\/strong><\/em><\/a><\/p>\n Bitdeer\u2019s expansion comes as Bitcoin\u2019s network computing power hit a record 1 sextillion hashes per second in early April, according<\/a> to BitInfoCharts.<\/p>\n A higher hashrate<\/a> indicates that more miners (or more powerful machines) are competing to solve Bitcoin blocks. As competition rises, each individual miner\u2019s chance of earning block rewards decreases, implying declining profitability.<\/p>\n Further hurting miner revenue are low transaction fees. As of now, the average Bitcoin transaction fee hovers around $1, down from over $16 per transfer in April last year, according<\/a> to YCharts.<\/p>\n The low transaction fees and rising hashrate forced public miners to sell over 40% of their BTC production<\/a> in March \u2014 the highest since late 2024.<\/p>\n Firms like Hive, Bitfarms and Ionic Digital reportedly sold more than 100% of their monthly output.<\/p>\nBitdeer acquires 101 MW Alberta power project<\/h2>\n
Bitcoin hashrate surges while miner revenues shrink<\/h2>\n