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Bitdeer Plans $100M Raise for Bitcoin Mining Expansion

Bitdeer Plans $100M Raise for Bitcoin Mining Expansion

With the money received, Bitdeer intends to expand its Bitcoin mining operation. 

The SEAL01, Bitdeer’s own Bitcoin mining machine, was just unveiled. 

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Bitdeer anticipates a 30 to 40 EH/s increase in mining activity by 2025. 

According to people familiar with the situation, popular cryptocurrency miner Bitdeer Technologies is seeking to fund more than $100 million from private lending businesses as part of its development plans. This breakthrough occurred three weeks before the anticipated halving of Bitcoin, which would revolutionize the mining industry. 

Bitdeer to Increase Mining Capacity for Bitcoin 

According to the most recent rumours, Bitdeer is presently negotiating with its financial advisor to obtain capital to grow its Bitcoin mining operation. According to the person who knows the situation, the Bitcoin miner plans to launch several additional projects in conjunction with this fundraising campaign. 

The unnamed sources did note that the specifics of these financial arrangements will likely change as these discussions continue. 

Amidst the 64% increase in Bitcoin in 2024, several cryptocurrency companies are aggressively looking for new funding to support their expansion strategies. The robust demand for Bitcoin exchange-traded funds (ETFs) is the backdrop for the recent price surge in bitcoin. Several conventional asset managers have jumped on board, hoping to draw in more capital from a wider range of investors. 

Leading firms like Coinbase and MicroStrategy have already begun to issue their convertible notes. However, Bitcoin miners have started looking into other options within the stock market. 

Bitdeer, a cryptocurrency miner, is going through some significant management changes. Jihan Wu was appointed the company’s new CEO earlier this month by the Bitcoin miner. 

Putting Sealminer A1 Rigs to Use 

Early in March, Bitdeer (Nasdaq: BTDR) made headlines when it unveiled the SEAL01, an in-house Bitcoin mining processor that uses a cutting-edge 4-nanometer (nm) manufacturing process. Using its recently built Sealminer A1 devices, the publicly traded mining business announced Tuesday that it intends to increase its hash rate by 3.4 EH/s this year. It mentioned: 

“To achieve this first 3.4 EH/s expansion, the business plans to install its recently announced SEALMINER A1 miners at its mining data centres in Rockdale, Texas, in the United States and Norway in Q3 and Q4 2024. Bitdeer plans to retire 1.4 EH/s of older mining rigs and add about 4.8 EH/s of [hashrate]. The total proprietary [hashrate] is predicted to increase from 8.4 EH/s to about 11.8 EH/s due to this development. 

Bitdeer anticipates a 30 to 40 EH/s increase in mining activity by 2025. In addition, the Bitcoin miner will swap out its seven EH/s outdated mining equipment for more modern ones. By doing this, Bitdeer can increase the hashrate of its current data centres and Bitcoin mining facilities by 23 EH/s.

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