Bitcoin

Read

Jihan Wu-founded crypto mining firm Bitdeer is reportedly seeking $100 million to ramp up its mining capacity.
Bitdeer Technologies Holding, a <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> mining firm founded by <a href="https://crypto.news/tag/jihan-wu/" target="_blank" rel="noopener noreferrer nofollow">Jihan Wu</a>, is reportedly in pursuit of $100 million in funding to bolster its mining capabilities, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-03-26/crypto-miner-bitdeer-in-talks-with-private-credit-for-capital?srnd=hsaygcrypto87snewshisuhd" target="_blank" rel="noopener noreferrer nofollow">has learned</a>, citing sources close to the matter.
According to the report, the Singapore-based company aims to utilize the funds to expand its mining capacity, especially in anticipation of the fourth <a href="https://crypto.news/tag/halving/" target="_blank" rel="noopener noreferrer nofollow">halving</a> expected in April, which will reduce mining rewards. The valuation of the company following the funding round remains unclear though, as discussions are ongoing and details of the financing are subject to change.
You might also like: <a href="https://crypto.news/learn/bitcoin-halving-what-it-is-and-how-it-may-affect-the-price/" rel="noopener noreferrer nofollow"> Understanding Bitcoin halving: impact and importance </a>
Founded in 2018, Bitdeer is publicly traded on Nasdaq under the ticker symbol BTDR. At the time of writing, the company has not made any public statements regarding the ongoing financing discussions.
The funding talks coincide with the approach of Bitcoin’s fourth halving, which will halve mining rewards from 6.25 BTC to 3.125 BTC in mid-April. The reduction could potentially affect the profitability of mining operations, especially for smaller firms.
Moreover, in addition to the halving, miners face other challenges too. As crypto.news <a href="https://crypto.news/investors-shift-away-from-bitcoin-mining-stocks-as-spot-etfs-open-new-avenue-luxor-says/" target="_blank" rel="noopener noreferrer nofollow">reported</a> previously, the approval of spot Bitcoin ETFs has provided traditional investors with an alternative avenue to enter the crypto market, replacing their reliance on crypto-friendly mining stocks as a proxy to get access to Bitcoin.
Read more: <a href="https://crypto.news/bitcoin-mining-firms-ship-equipment-abroad-halving/" rel="noopener noreferrer nofollow"> Bitcoin mining firms ship equipment overseas ahead of halving </a>

Bitcoin miner Bitdeer in talks to raise $100m to boost mining capacity

crypto.news

Other articles published on Mar 27, 2024

Good News for This Altcoin from Switzerland!

Ripple’s (XRP) Ecosystem Faces Setbacks as Major Contributors Depart Amid Technical Issues

INJ Struggles at $40, ICP Surges, Amidst SEI's Uncertain Trajectory

‘Nearly impossible to avoid selling’ XRP: Ripple CTO

Quant Price Prediction 2024, 2025: Will The QNT Price Surge To $200 By The End Of 2024?

Finance Guru Reveals Why Bitcoin Is The ‘Perfect Asset At The Right Time’

Join our free newsletter for daily crypto updates!