Bitdeer secures $60M to boost Bitcoin ASIC production amid record hashrate
Bitdeer has secured a $60 million loan to enhance its Bitcoin ASIC manufacturing amid increasing global mining competition and record network hashrates. The loan agreement, made with affiliate Matrixport, allows for up to $200 million, backed by Bitdeer’s Sealminer hardware, with a 9% floating interest rate. As of April 21, Bitdeer had drawn $43 million from this credit line. The company previously secured a $17 million unsecured loan in January and raised $572.5 million through convertible notes in 2024. Bitdeer acquired a 101 MW gas-fired power project in Alberta for $21.7 million, with plans to scale up to 1 gigawatt by Q4 2026. The firm is shifting focus to self-mining operations due to decreased demand for its mining hardware. A $20 million share repurchase program has been initiated, with $12 million spent so far. Bitcoin's network hashrate reached 1 sextillion hashes per second, leading to reduced miner profitability and low transaction fees averaging around $1, prompting public miners to sell over 40% of their BTC production in March.
