Bitdeer Secures $60M to Supercharge Bitcoin Mining as Hashrate Hits Historic Highs
Strategic Investments and Loan Deals Fuel Expansion Amidst Shrinking Miner Revenues
April 22, 2025 — In a bold push to cement its position in the global Bitcoin mining race, crypto mining firm Bitdeer has secured a fresh $60 million in funding to accelerate its ASIC production and self-mining operations, just as the Bitcoin network hashrate reaches record-breaking levels.
This move comes at a critical moment for the industry, as miners are grappling with soaring competition and shrinking profits due to low transaction fees and increased network difficulty.
Bitdeer’s Funding Breakdown: Powering the Next Phase of Bitcoin Mining
According to its recently released annual report, Bitdeer entered a strategic loan agreement in April with Matrixport — a crypto financial firm founded by Bitdeer chairman Jihan Wu. The facility offers up to $200 million, backed by Bitdeer’s Sealminer ASIC hardware, and features a floating interest rate of 9% plus market benchmarks.
As of April 21, Bitdeer had already drawn $43 million from the line.
This latest round complements a $17 million unsecured loan in January and previous $572.5 million raised via convertible notes throughout 2024. Additionally, Bitdeer’s equity fundraising saw the issuance of over six million shares, bringing in nearly $119 million.
“Bitdeer is not just surviving the mining squeeze — it’s scaling aggressively through calculated capital deployment.”
Powering Up in Alberta: A 101 MW Project with Gigawatt Ambitions
In a headline-making February acquisition, Bitdeer bought a fully licensed 101-megawatt gas-fired power facility near Fox Creek, Alberta, for $21.7 million. The site is equipped with:
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All permits and approvals for full development
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A 99 MW grid connection
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Expansion capacity up to 1 gigawatt
This facility will be developed in partnership with an EPC (Engineering, Procurement, and Construction) firm and is expected to go live in Q4 2026.
In March, Bitdeer further strengthened its infrastructure by purchasing 40 MW worth of liquid-cooled mining containers from Saiheat.
A Shift Toward Self-Mining
Faced with cooling demand for mining hardware from third parties, Bitdeer is pivoting toward self-mining, focusing on maximizing output from its own operations.
“Our plan going forward is to prioritize our own self-mining,” said Jeff LaBerge, Head of Capital Markets and Strategic Initiatives at Bitdeer.
On February 28, Bitdeer launched a $20 million share repurchase program, set to run through February 2026. To date, it has repurchased over 1 million Class A shares worth approximately $12 million — a sign of strong internal belief in the company’s long-term value.
Hashrate Highs, Profit Lows: A New Reality for Miners
Bitdeer’s expansion comes as Bitcoin’s hashrate skyrocketed to 1 sextillion hashes per second — a new record, per BitInfoCharts. While this reflects increased network security and participation, it also spells tighter margins for miners.
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Higher hashrate = more competition
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Individual miners earn less from block rewards
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Average transaction fees remain low (~$1), down from $16 in April 2024
As profitability declines, public miners like Hive, Bitfarms, and Ionic Digital have resorted to selling over 100% of their monthly BTC output to cover operational costs — the highest sell-off rate since late 2024.
Bitdeer’s Calculated Expansion Sets It Apart
While others retrench, Bitdeer is scaling — strategically acquiring infrastructure, boosting ASIC capacity, and consolidating its position in North American mining. Its forward-looking investments and capital raises show a company prepared to outlast the squeeze and thrive in Bitcoin’s next mining epoch.
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