Cryptocurrency mining company Bitdeer recently raised $60 million in funding to expand its production of ASIC devices designed for Bitcoin mining and strengthen its DIY mining operations.

This comes amid increasing competition in the space. The investment comes in a context where the Bitcoin network hashrate has reached unprecedented levels, putting pressure on miners' profitability.

The funding was made possible through a loan agreement with Matrixport , a subsidiary founded by Jihan Wu , who is currently the chairman of Bitdeer.

The credit line, which could reach $200 million , is secured by Sealminer equipment and includes a floating interest rate of 9% , in addition to market benchmarks.

As of April 21, Bitdeer has already withdrawn $43 million from this credit line.

Summary

• Bitdeer: Raising Capital to Boost Bitcoin Mining ASIC Production
• Share buyback program
• Bitdeer Prepares for the Future of Mining

Bitdeer: Raising Capital to Boost Bitcoin Mining ASIC Production

The new funding complements a number of funding transactions that Bitdeer has already completed in 2024.

In January, the company received an unsecured loan of $17 million . During the year, it managed to raise $572.5 million through convertible notes .

Moreover, the company has issued over six million shares , raising nearly $119 million during bull and bear markets.

These financial moves highlight a clear intention to strengthen its position in the mining industry, even as profitability is being seriously tested by external factors such as increasing hashrate and decreasing transaction fees .

In February 2025, Bitdeer acquired a 101 megawatt (MW) power project in Fox Creek , Alberta , paying $21.7 million in cash.

The site, which has all the necessary construction permits, is connected to the grid at 99 MW and has expansion potential up to 1 GW .

The power plant will be developed in collaboration with an engineering, procurement and construction partner and is expected to be operational by the fourth quarter of 2026 .

In March, Bitdeer also purchased 40MW of liquid-cooled mining containers from Saiheat , further strengthening its infrastructure.

In response to declining demand for hardware from other industry players, Bitdeer has shifted its focus to self-mining and domestic manufacturing in the United States.

According to Jeff Laberge , head of capital markets and strategic initiatives at the company, the main priority going forward will be to focus on expanding the mining operations under Bitdeer's control.

This strategic choice is aimed at reducing dependence on hardware sales and increasing direct control over the Bitcoin mining process in the face of increasing competition among miners.

«`html

Share buyback program

«`

Further evidence of financial strength and confidence in the future is the $20 million share repurchase program , which commenced on February 28, 2025 and will run until February 2026.

To date, Bitdeer has repurchased 1,056,500 Class A shares for a total of approximately $12 million .

Bitdeer's expansion comes as the Bitcoin network hashrate hit a record high of 1 sextillion hashes per second in April, according to BitInfoCharts .

These figures indicate an increase in the overall computing power of the network due to the emergence of new miners or the introduction of more powerful machines.

However, a higher hashrate also leads to increased competition for solving blocks, which reduces the chances of success for each individual miner and therefore overall profitability .

In addition to increasing competition, miners also have to deal with another problem: low transaction fees .

Currently, the average Bitcoin transaction fee is around $1 , down significantly from $16 last April, according to YCharts .

This combination of high hashrate and low fees has caused many public miners to sell more