Singapore-based Bitdeer announced its acquisition of a 101-megawatt site and gas-powered project in Alberta, Canada. These moves aim to form a fully vertically integrated Bitcoin mining operation.
Bitdeer's Expansion in Canada
As a cloud mining enterprise, Bitdeer is expanding its presence in Canada, gaining control over land, power generation, and data center infrastructure. The primary goal is to control all components of Bitcoin mining internally, avoiding reliance on third-party services.
Company's Financial Challenges
Despite its expansion, Bitdeer's stock struggled in January and February 2025 amidst increasing investor expectations. The company's share value dropped by 27.5% over the past month despite the broader market rallying. The average trading volume continues to decline, and short interest in the company's stock has increased.
Competition and AI Impact on Mining
Support for AI models achieving results close to OpenAI drew attention to this sector and affected Bitdeer's mining strategy. Developments in artificial intelligence and the trend toward reducing equipment costs continue to impact cryptocurrency mining.
Bitdeer continues its expansion strategy despite financial challenges and the impact of recent industry changes. The move toward vertical integration aims to help the company manage market volatility and increased focus from the AI industry.
