Bitdeer to Raise $100 Million To Expand Bitcoin Mining Facility

LSE signboard and Bitcoin

According to informed sources, Bitdeer Technologies, a prominent crypto-miner, is in the process of seeking more than $100 million from private credit firms to facilitate its expansion strategies. The move comes in anticipation of the impending Bitcoin halving, a pivotal event for miners, just three weeks away.

Bitdeer to Ramp Up Bitcoin Mining Capacity

Bitdeer’s Pursuit of Enhanced Bitcoin Mining Capacity Recent reports indicate that Bitdeer is actively engaging with its financial advisors to secure funds aimed at amplifying its Bitcoin mining endeavours. An insider familiar with the situation suggested that the Bitcoin mining entity may undertake various other initiatives concurrently with this fundraising effort.

Nonetheless, undisclosed sources cautioned that the specifics of these financial agreements might undergo alterations during the ongoing negotiations.

With Bitcoin’s staggering 64% surge thus far in 2024, numerous crypto enterprises are aggressively seeking fresh capital injections to propel their expansion ambitions. This surge in Bitcoin’s value occurs amidst robust demand for Bitcoin exchange-traded funds (ETFs), attracting participation from conventional asset managers aiming to appeal to a broader investor base.

Prominent entities such as MicroStrategy and Coinbase have already commenced issuing convertible notes, while Bitcoin miners are exploring avenues within the equity market.

Significant Leadership Changes at Bitdeer Bitdeer, a crypto miner, is undergoing significant leadership transitions. Earlier this month, the company appointed Jihan Wu as its new Chief Executive Officer (CEO).

Introduction of Sealminer A1 Rigs

Bitdeer (Nasdaq: BTDR) garnered attention in early March with the unveiling of its proprietary Bitcoin mining processor, the SEAL01, featuring advanced 4-nanometer (nm) manufacturing technology. In a recent announcement, the publicly traded mining firm outlined plans to enhance its hash rate by 3.4 EH/s this year, utilizing its newly developed Sealminer A1 units. The company stated:

“The deployment of our recently announced SEALMINER A1 miners is planned at our mining facilities in Rockdale, Texas, and Norway in the third and fourth quarters of 2024 to achieve this initial 3.4 EH/s expansion. Bitdeer will incrementally add around 4.8 EH/s of [hashrate] while retiring 1.4 EH/s of older mining rigs. This expansion is anticipated to elevate the total proprietary [hashrate] from 8.4 EH/s to approximately 11.8 EH/s.”

Bitdeer anticipates a surge of 30 to 40 EH/s in its mining operations by 2025. Additionally, the Bitcoin miner aims to replace its older mining rigs, contributing to a 23 EH/s increase in hashrate across its existing Bitcoin mining facilities and data centres.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.