Bitdeer Wants To Borrow Funds To Expand Bitcoin Mining Capacity

Bitcoin mining giant Bitdeer. (Photo; Doc. Bitdeer)

JAKARTA - Bitcoin mining giant Bitdeer Technologies Group is reportedly communicating with private credit companies to secure a fund of $100 million (around IDR 1.5 trillion). This large fund is intended to expand Bitdeer's Bitcoin mining capacity.

Talks between Bitdeer and the lender continue, with Bloomberg's report citing anonymous sources saying that crypto mining companies have hired financial advisors to assist in negotiations. While Bitdeer has not confirmed or denied the claims, the same source believes that details of the funding deal can still change.

News of Bitdeer's fundraising efforts comes weeks after the crypto miner announced plans to increase bitcoin mining capacity through its Sealminer A1 mining rig. Bitdeer believes the newly installed rig will help increase their hashrate by 3.4 EH/s this year.

The planned placement of the Sealminer A1 rigs in Texas and Norway will result in Bitdeer retiring 1.4 EH/s from older mining rigs. This, in turn, will increase the company's total hashrate from 8.4 EH/s to around 11.8 EH/s.

Sealminer A1, powered by the SEAL01 chip, is one of the most power efficient mining chips in today's market. Following the chip announcement, the team continues to work according to plans for mass production. With advanced 4-nanometer process technology, SEAL01 promises tremendous power efficiency of 18.1 J/TH, placing the Bitdeer at the forefront of an efficient and sustainable Bitcoin mining revolution.

With this expansion plan, Bitdeer not only increases its mining capacity but also demonstrates its commitment to innovation and efficiency. The move also reflects a growing trend in the crypto mining industry, where large companies seek to increase their capacity in the face of increasingly fierce competition as BTC's reward cuts get closer, halting Bitcoin.