Bitcoin mining agency Bitdeer has secured a $60 million mortgage to ramp up its Bitcoin ASIC manufacturing efforts as world mining competitors intensifies amid record-breaking community hashrates.
According to its annual report, Bitdeer entered a mortgage settlement in April with affiliate agency Matrixport, a crypto monetary providers firm based by Bitdeer chairman Jihan Wu.
The facility presents up to $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 newest funding provides to a $17 million unsecured mortgage secured in January, alongside earlier capital raises totaling $572.5 million through convertible notes in 2024. Bitdeer additionally issued over six million shares, elevating practically $119 million in fairness markets this yr.
Related: Top Bitcoin miners produced nearly $800M of BTC in Q1 2025
Bitdeer acquires 101 MW Alberta energy venture
In February 2025, Bitdeer acquired a completely licensed 101 megawatt (MW) gas-fired energy venture close to Fox Creek, Alberta, for $21.7 million in money, per the annual submitting.
The web site, with potential to scale up to 1 gigawatt, contains all crucial permits for building and a 99 MW grid connection. The energy plant is ready to be developed with an EPC companion and is anticipated to be operational by the fourth quarter of 2026.
In March, the corporate additionally purchased 40 MW value of liquid-cooled mining containers from Saiheat.
More lately, it was reported that Bitdeer is expanding its self-mining operations and investing in United States-based production. 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.
Additionally, on Feb. 28, 2025, Bitdeer launched a $20 million share repurchase program, efficient via February 2026. To date, it has repurchased 1,056,500 Class A shares valued at roughly $12 million beneath this program.
Related: American Bitcoin’s ambition is to dominate mining — Hut 8 CEO
Bitcoin hashrate surges whereas miner revenues shrink
Bitdeer’s enlargement comes as Bitcoin’s community computing energy hit a record 1 sextillion hashes per second in early April, according to BitInfoCharts.
The next 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.
Further 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 yr, according to YCharts.
The low transaction charges and rising hashrate compelled public miners to promote over 40% of their BTC production in March — the best since late 2024.
Firms like Hive, Bitfarms and Ionic Digital reportedly bought greater than 100% of their month-to-month output.
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