Bitdeer to Raise $100 Million to Expand Bitcoin Mining Facility
Popular crypto miner Bitdeer Technologies plans to raise over $100 million from private lending firms as part of its expansion plans, according to sources familiar with the matter. This development comes three weeks before the Bitcoin halving, which will be a game-changing event for miners.
Bitdeer Will Increase Bitcoin Mining Capacity
According to recent reports, Bitdeer is currently meeting with its financial advisor to secure financing to expand its Bitcoin mining operation. The source familiar with the matter said the Bitcoin miner will likely pursue other ventures amid this funding raise.
However, the details of these financial arrangements are likely to change during ongoing talks, the unnamed sources added.
Amid Bitcoin’s 64% rally so far in 2024, many crypto firms are actively seeking new capital to support their growth plans. The current rise in Bitcoin price comes against the backdrop of strong demand for Bitcoin exchange-traded funds (ETFs). Many traditional asset managers have jumped on the bandwagon in anticipation of attracting interest from the broader investor base.
Top players like MicroStrategy and Coinbase have already started issuing convertible notes. On the other hand, Bitcoin miners are exploring other options in the stock market.
Crypto miner Bitdeer is going through some significant changes at the management level. Earlier this month, it appointed Bitcoin miner Jihan Wu as the company’s new chief executive officer.
Distribution of Sealminer A1 Machines
Bitdeer (Nasdaq: BTDR) made a splash in early March when it introduced the SEAL01, an in-house Bitcoin mining processor with a state-of-the-art 4 nanometer (nm) manufacturing process. The publicly traded mining company on Tuesday announced plans to increase the hash rate by 3.4 EH/s this year by leveraging its newly developed Sealminer A1 units. He noted:
Bitdeer expects an increase in mining activities of 30 to 40 EH/s by 2025. Additionally, the Bitcoin miner will replace older 7 EH/s mining hardware with more advanced models. With this, Bitdeer will be able to add 23 EH/s hashrate to its existing Bitcoin mining facility and data centers.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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