Bitcoin mining firm Bitdeer has secured a $60 million loan to expand its ASIC manufacturing efforts as global mining competition heightens with record network hashrates. The loan agreement, established in April with affiliate Matrixport, includes a credit facility of up to $200 million, backed by Bitdeer’s Sealminer hardware. As of April 21, Bitdeer had drawn $43 million from this line of credit. This latest funding follows a $17 million unsecured loan from January and previous capital raises totaling around $572.5 million in 2024. Bitdeer recently acquired a licensed 101 MW gas-fired power project in Alberta for $21.7 million, with plans to scale up to 1 gigawatt by late 2026. Amid low transaction fees significantly reducing miner revenues, Bitdeer is shifting focus towards self-mining, with plans to invest more in U.S.-based production. The Bitcoin network's hashrate recently hit a record 1 sextillion hashes per second, increasing competition and reducing profitability for individual miners as each miner’s chances of earning rewards diminish. Low transaction fees, currently around $1, have further pressured miners.

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