Bitdeer Invests $60 Million to Improve Bitcoin Mining ASIC Production Amid Record Hashrate

Cryptocurrency mining company Bitdeer recently raised $60 million in funding to increase its production of Bitcoin mining ASICs and strengthen its DIY mining operations.

This comes amid growing competition in the industry. The investment comes at a time when the Bitcoin network hashrate has reached record levels, putting pressure on miners' profitability.

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

The credit line, which can be up to $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 used $43 million from this credit line.

Summary

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

Bitdeer: Investments to Boost Bitcoin Mining ASIC Production

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

In January, the company received a $17 million unsecured loan . It also raised $572.5 million through convertible notes during the year.

The company has also issued more than six million shares , raising nearly $119 million in both bull and bear markets.

These financial moves show a clear intention to strengthen its position in the mining space, even when profitability is being seriously tested by external factors such as rising hashrate and falling transaction fees .

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

The site has all the necessary permits for construction, grid connection with a capacity of 99 MW and 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 decided to focus on self-mining and domestic manufacturing in the US.

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

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

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Share buyback program

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An additional indicator of financial strength and confidence in the future is the $20 million share repurchase program . It was launched on February 28, 2025 and is valid 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 at a time when the Bitcoin network hashrate reached a record high of 1 sextillion hashes per second in April, according to BitInfoCharts .

This data indicates an increase in the overall computing power of the network due to the entry of new miners or the introduction of more powerful machines.

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

In addition, miners face another problem: low transaction fees .

The average Bitcoin transaction fee is currently around $1 , down significantly from $16 last April, according to YCharts data.

This combination of high hashrate and low fees has caused many public miners to sell more than 40% of their BTC mining output in March, the highest level since late 2024.

Some companies, such as Hive , Bitfarms,

Source: cryptonews.net