News 
April 22, 2025 
3 min. 
Bitcoin ASIC manufacturer Bitdeer has secured a $60 million loan to boost its hardware production as mining competition rises with record network hashrates.
According to its annual report, Bitdeer signed a financing deal in April with Matrixport, a crypto financial firm founded by Bitdeer’s chairman, Jihan Wu. The agreement provides up to $200 million, backed by Bitdeer’s Sealminer hardware, with a floating interest rate of 9% plus market benchmarks. By April 21, Bitdeer had drawn $43 million from the facility.
This follows a $17 million unsecured loan in January and $572.5 million raised via convertible notes earlier in 2024. Bitdeer also raised nearly $119 million through the issuance of over six million shares.
Bitdeer Secures Alberta Power Project and Expands Self-Mining Operations
In February 2025, Bitdeer acquired a fully permitted 101 MW gas-powered facility near Fox Creek, Alberta, for $21.7 million in cash, according to its latest annual report. The site includes a 99 MW grid interconnection and all required construction approvals, with plans to scale the project up to 1 gigawatt in the future. Bitdeer is developing the facility alongside an EPC partner, targeting operational readiness by Q4 2026.
In March, Bitdeer strengthened its mining infrastructure with the purchase of 40 MW worth of liquid-cooled containers from Saiheat.
Amid a slowdown in third-party hardware demand, Bitdeer is shifting its focus toward internal mining operations and expanding its production footprint in the U.S. “Our strategy now centers on ramping up our own self-mining,” said Jeff LaBerge, head of capital markets and strategic initiatives.
The company also initiated a $20 million stock buyback program on February 28, 2025, set to run through February 2026. So far, Bitdeer has repurchased over 1.05 million Class A shares, totaling around $12 million.
Bitcoin Hashrate Hits Record High, But Miners Struggle as Profits Plunge
Bitcoin’s network hashrate reached a record 1 sextillion hashes per second in early April, according to data from BitInfoCharts. This spike signals a surge in mining activity, with more miners or increasingly powerful Bitcoin ASIC machines joining the network.
However, this rising competition has led to reduced profitability per miner. As more computing power floods the system, individual chances of earning block rewards shrink.
Adding to the pressure are considerably low transaction fees. The average Bitcoin fee is currently around $1, significantly lower than the $16 average recorded in April 2024, per YCharts.
As a result, public mining companies have been offloading their holdings at a rapid pace. In March, miners sold more than 40% of their BTC production—the highest monthly sell-off since late 2024. Companies like Hive, Bitfarms, and Ionic Digital reportedly sold more than 100% of their mined Bitcoin during that month.
