Bitcoin mining firm Bitdeer is set to enhance its ASIC manufacturing efforts after securing $60 million in funding, amid rising competition in the global mining market.
Funding for Production Expansion
Bitdeer entered a loan agreement in April with Matrixport, a crypto financial services partner. The credit line can reach up to $200 million and has a floating interest rate of 9% plus market benchmarks. As of April 21, Bitdeer had already drawn $43 million from this credit line.
Acquisition of Power Generation Project
In February 2025, Bitdeer acquired a 101 MW gas-fired power plant in Alberta for $21.7 million. This project has the potential to scale up to 1 GW.
Bitcoin Market and Hashrate
The Bitcoin network's hashrate hit record levels, reaching 1 sextillion hashes per second in early April. With rising hashrate, miner revenues have decreased due to low transaction fees, which currently hover around $1.
Bitdeer's expansion aims to strengthen its position amid increasing competition in the Bitcoin mining market, where rising hashrate and decreasing profitability present new challenges.
