Bitdeer Secures $60 Million to Bolster ASIC Production Amidst Competition Surge

Bitcoin mining firm Bitdeer has secured a significant loan of $60 million to bolster its ASIC manufacturing capabilities as competition intensifies in the market. This funding comes amidst pressure on miner profits, driven by record-high Bitcoin network hashrates and increasing global competition. The loan, facilitated by Matrixport, provides access to up to $200 million in credit backed by Bitdeer’s Sealminer hardware. 43 million of this credit line has been drawn as of April 21st, with further capital raises totaling $572.5 million via convertible notes expected later this year.