Bitcoin mining firm Bitdeer secured $60 million in loans to ramp up its Bitcoin ASIC manufacturing efforts as global mining competition intensifies amid record-breaking network hashrates.
According to its annual report, Bitdeer entered a loan agreement in April with affiliate firm Matrixport, a crypto financial services company founded by Bitdeer’s chairman, Jihan Wu.
The facility offers up to $200 million, backed by Bitdeer’s Sealminer hardware, with a floating interest rate of 9% plus market benchmarks. As of April 21, Bitdeer had drawn $43 million from the credit line.
The latest funding adds to a $17 million unsecured loan obtained in January, alongside previous capital raises totaling $572.5 million via convertible notes in 2024. Bitdeer also issued over six million shares, raising nearly $119 million in equity markets this year.
Related: Top Bitcoin miners produced nearly $800M of BTC in Q1 2025
Bitdeer acquires 101 MW Alberta power project
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, per the annual filing.
The site, with potential to scale up to 1 gigawatt, includes all necessary permits for construction and a 99 MW grid connection. The power plant is set to be developed with an EPC partner and is expected to be operational by the fourth quarter of 2026.
In March, the company also purchased 40 MW worth of liquid-cooled mining containers from Saiheat.
More recently, it was reported that Bitdeer is expanding its self-mining operations and investing in United States-based production. The shift came in response to cooling demand for its mining hardware from other miners.
“Our plan going forward is to prioritize our own self-mining,” Jeff LaBerge, Bitdeer’s head of capital markets and strategic initiatives, reportedly said.
Additionally, on Feb. 28, 2025, Bitdeer launched a $20 million share repurchase program, effective through February 2026. To date, it has repurchased 1,056,500 Class A shares valued at about $12 million under this program.
Related: American Bitcoin’s ambition is to dominate mining — Hut 8 CEO
Bitcoin hashrate surges while miner revenues shrink
Bitdeer’s expansion comes as Bitcoin’s network computing power hit a record 1 sextillion hashes per second in early April, according to BitInfoCharts.
A higher hashrate indicates that more miners (or more powerful…
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