Source: Cointelegraph Original: "{title}"
As the global Bitcoin network hash rate reaches an all-time high and mining competition intensifies, Bitcoin mining company Bitdeer has secured a $60 million loan to expand the production of Bitcoin ASIC chips.
According to its annual report, Bitdeer reached a loan agreement with its affiliate Matrixport in April. Matrixport is a cryptocurrency financial services company founded by Bitdeer Chairman Wu Jihan.
The loan amount can go up to $200 million, secured by Bitdeer's Sealminer hardware, with a floating interest rate of 9% plus the market benchmark rate. As of April 21, Bitdeer has drawn $43 million from this credit line.
This latest financing is a supplement to the $17 million unsecured loan obtained in January this year. Additionally, the company raised a total of $572.5 million through convertible bonds in 2024. Bitdeer also issued over 6 million shares this year, raising nearly $119 million in the stock market.
According to the annual report, in February 2025, Bitdeer acquired a fully licensed 101 megawatt (MW) gas power generation project near Fox Creek in Alberta for $21.7 million in cash.
The project site has the potential to expand to a 1 gigawatt scale, has obtained all necessary construction permits, and has a grid access capacity of 99 MW. The power plant will be developed in collaboration with EPC partners and is expected to be operational by the fourth quarter of 2026.
In March, the company also purchased liquid-cooled mining containers worth 40 MW from Saiheat.
Recent reports indicate that Bitdeer is expanding its self-mining operations and investing in domestic production in the United States. This shift is a response to the cooling demand for mining hardware from other miners.
Jeff LaBerge, Head of Capital Markets and Strategic Planning at Bitdeer, reportedly stated, "Our future plans prioritize the development of self-mining operations."
Additionally, on February 28, 2025, Bitdeer launched a $20 million stock repurchase program, effective until February 2026. To date, the program has repurchased approximately $12 million worth of 1,056,500 Class A shares.
According to BitInfoCharts, as Bitdeer expands, the Bitcoin (BTC) network hash rate set a record of 1 zeta hash per second in early April.
A higher hash rate indicates that more miners (or more powerful machines) are competing to solve Bitcoin blocks. As competition intensifies, the chances of each miner receiving block rewards decrease, which means profitability declines.
Further impacting miner revenue are low transaction fees. According to YCharts data, the average Bitcoin transaction fee currently hovers around $1, a significant drop from over $16 in April last year.
Low transaction fees and the continuously rising hash rate have forced publicly listed mining companies to sell over 40% of their BTC output in March—this is the highest level since the end of 2024.
Reports indicate that companies like Hive, Bitfarms, and Ionic Digital sold more than 100% of their monthly output.
Related: Bitcoin whales absorbed 300% of the newly mined Bitcoin supply—Is the next target $100,000?
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