Bitdeer has acquired a 101-megawatt mining site and gas-fired power project in Alberta, Canada, as part of its strategy to become a fully vertically integrated Bitcoin miner. This acquisition allows Bitdeer to control essential components of its operations, including land, power generation, and its Sealminer A3 mining rigs. Haris Basit, Bitdeer's Chief Strategy Officer, stressed that this move enhances their control over costs, energy efficiency, and scalability. Despite the significant expansion, Bitdeer's stock has fallen by 27.5% over the past month, with rising investor bearishness reflected in increased short interest. The company reported a decline in gross profit from $21.1 million in Q3 2023 to $2.8 million in the same period in 2024, amid rising competition in Bitcoin mining and a decline in mining rewards following the Bitcoin halving in 2024. The market sentiment is also influenced by developments in the AI sector, in which Bitdeer is diversifying its interests, especially after advancements with DeepSeek, a Chinese AI model.

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