Bitdeer Hits the Jackpot with $60M Loan While Bitcoin Miners Face the Inevitable Crunch

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Ah, Bitdeer! The company that never met a loan it didn’t like. This time, they’ve secured a charming $60 million in loans, just enough to ensure they can keep churning out Bitcoin ASICs as the global mining competition heats up like a mid-summer soirée. With hashrates breaking records faster than your hopes of an easy profit, Bitdeer is pulling all the stops.

According to the firm’s annual report, Bitdeer waltzed into a loan agreement this April with none other than its affiliate firm Matrixport – a crypto financial service company founded by the enigmatic Jihan Wu, whose wealth seems as endless as his ambition.

The facility? Oh, just a modest sum of up to $200 million, all backed by their glorious Sealminer hardware. And of course, what would a loan be without a floating interest rate of 9%, plus those delightful market benchmarks? How very avant-garde. As of April 21, Bitdeer had drawn $43 million from this charming credit line, no doubt leaving their competitors green with envy.

In a move as graceful as a waltz, Bitdeer continues its funding spree, having previously secured a $17 million unsecured loan in January. Let’s not forget the $572.5 million raised via convertible notes in 2024—surely the envy of every would-be miner. And this year? Over six million shares issued, raking in nearly $119 million in equity markets. Not bad for a company that only seems to mine loans as much as it mines Bitcoin.

Bitdeer’s Alberta Power Project: A Power Play?

But wait, there’s more! In February 2025, Bitdeer acquired a fully licensed 101 megawatt gas-fired power project in Alberta for a mere $21.7 million. Just a trifle! With the potential to scale to 1 gigawatt, this site includes all necessary permits for construction. It’s set to be operational by the fourth quarter of 2026—so let’s all mark our calendars, shall we?

Not to be outdone, the company also purchased 40 MW of liquid-cooled mining containers from Saiheat in March, proving once again that their appetite for power is insatiable. Clearly, they’re in the business of securing both the future of mining and, presumably, the future of power bills.

more competition equals less chance to actually make a profit. It’s almost poetic.

And if that wasn’t enough, transaction fees are at an all-time low. $1 per Bitcoin transfer, down from over $16 last year. Yes, you heard it right. And with these plummeting fees, public miners were forced to sell over 40% of their BTC production in March. This is the highest sell-off rate since 2024—an exquisite display of the grim realities of crypto mining.

Firms like Hive, Bitfarms, and Ionic Digital were among those who sold more than 100% of their monthly output. Because, why not sell your soul for the sake of survival, right?

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2025-04-22 17:20