Bitdeer Raises $60 Million for ASIC Production as Bitcoin Mining Competition Intensifies
Bitdeer, a prominent Bitcoin mining firm, has secured $60 million in loans to expand its ASIC manufacturing capabilities amid growing global mining competition and record-high Bitcoin network hashrates. The funding comes as miner profits face increasing pressure in the current market environment.
According to the company's annual report, Bitdeer entered into a loan agreement in April with Matrixport, a crypto financial services company founded by Bitdeer's chairman Jihan Wu. The facility provides access to up to $200 million, backed by Bitdeer's Sealminer hardware, with a floating interest rate of 9% plus market benchmarks.
As of April 21, the company had drawn $43 million from this credit line. The recent funding adds to a $17 million unsecured loan obtained in January, along with previous capital raises totaling $572.5 million via convertible notes in 2024. Bitdeer also issued over six million shares this year, raising nearly $119 million in equity markets.
Bitdeer's capital raising follows similar moves in the competitive ASIC manufacturing space. California-based Auradine recently raised $153 million in Series C funding to expand its Teraflux bitcoin miners production and launch AuraLinks AI division. As the only U.S.-based manufacturer of American-engineered bitcoin miners, Auradine's growth represents increased competition against Chinese hardware makers.
In February 2025, Bitdeer acquired a fully licensed 101 megawatt (MW) gas-fired power project near Fox Creek, Alberta, for $21.7 million in cash. The site has potential to scale up to 1 gigawatt and includes all necessary permits for construction with a 99 MW grid connection.
The power plant will be developed with an EPC partner and is expected to become operational by the fourth quarter of 2026. In March, the company also purchased 40 MW worth of liquid-cooled mining containers from Saiheat.
Bitdeer is shifting focus to expand its self-mining operations and invest in United States-based production. Jeff LaBerge, Bitdeer's head of capital markets and strategic initiatives, stated: "Our plan going forward is to prioritize our own self-mining." This change comes in response to decreasing demand for its mining hardware from other miners.
On February 28, 2025, Bitdeer launched a $20 million share repurchase program, effective through February 2026. To date, the company has repurchased 1,056,500 Class A shares valued at approximately $12 million under this program.
