Bitdeer is shifting its focus to self-mining Bitcoin and investing in manufacturing mining rigs in the United States due to challenges in global supply chains and decreasing demand for its mining hardware. Jeff LaBerge, Bitdeer’s head of capital markets, stated the company's plan is to prioritize its own self-mining amid an environment of fluctuating crypto markets and tariff proposals from the U.S. government. In the wake of the April 2024 Bitcoin halving and declining mining rewards—cut from 6.25 BTC to 3.125 BTC per block—Bitdeer's revenues were significantly impacted, resulting in a stock drop of 28% in February. The company aims to expand its U.S. production by later this year, aligning with domestic manufacturing initiatives pushed by the Biden administration. The overall mining landscape is facing economic pressure, with mining revenues and profits plummeting in recent months, reinforcing the need for strategic shifts by companies like Bitdeer to remain viable in a challenging market.

Source 🔗