tl;dr
Singapore-based crypto mining platform Bitdeer plans to expand manufacturing of its mining rigs in the U.S. amid declining profits, supported by a $400 million investment from Tether acquiring a 21.4% stake. CEO advisors express optimism about navigating tariff challenges and anticipate favorable re...
Singapore-based crypto mining platform Bitdeer has announced plans to expand the manufacturing of its mining rigs in the U.S. amid declining profits. Jeff LaBerge, Bitdeer’s Chief Financial Advisor, expressed optimism about leveraging the challenges posed by the Trump administration’s tariff policies, viewing them as creating new considerations and ultimately encouraging support for energy-related sectors. LaBerge anticipates a Bitcoin-friendly tariff resolution that will enable companies like Bitdeer to thrive in the evolving regulatory landscape.
The Cryptopolitan reported that Tether invested over $400 million to acquire a 21.4% stake in Bitdeer, amounting to 31.8 million shares. Bitdeer aims to commence manufacturing its mining rigs on U.S. soil within the year, a move expected to boost its self-mining business. The company also noted that many competitors are considering similar shifts in production to the U.S. Despite increasing its BTC holdings, Bitdeer clarified that it does not intend to reposition itself as a treasury firm.
LaBerge emphasized Bitdeer’s pragmatic approach to holding Bitcoin, stating that including BTC on its balance sheet is not central to the company’s identity. The miner also acknowledged challenges facing BTC mining, such as rising costs, shrinking rewards, and mounting uncertainties in the wider macroeconomic environment.
One financial analyst reviewed Bitdeer’s Q2 results, noting that the company’s vertical integration strategy appears to be paying off. Bitdeer has evolved from solely a Bitcoin miner into a significant technology provider within the industry, with the manufacturing and commercialization of its SEALMINER A2 rigs driving cost advantages and growth. However, concerns remain regarding the company’s high quarterly cash burn, stemming from R&D and SG&A expenses totaling $42.3 million, alongside a growing debt balance now at $533 million. Profitability remains sensitive to BTC price fluctuations and innovation costs, making sustained revenue growth crucial to support the company’s expenditures and ambitious expansion plans.
Matt Kong, Bitdeer’s Chief Business Officer, highlighted the company’s focus on rapid growth, particularly in expanding its self-mining hashrate. He marked Q2 as a pivotal inflection point, expressing confidence in meeting their financial and operational targets throughout the remainder of the year. Kong revealed plans to hit a 40 EH/s hashrate target by the end of October and indicated prospects for exceeding 2025 goals thanks to improved wafer supply allocation at their foundry.
Kong shared insights into ongoing R&D initiatives, targeting a 5 J/TH chip efficiency for the SEALMINER A4 project and detailing expansion efforts in the U.S. engineering team coupled with advancements in customized silicon software development. These strides position Bitdeer as a leading supplier of energy-efficient mining equipment, enhancing competitiveness and unlocking value for customers and shareholders alike.
Finally, Kong underscored Bitdeer’s commitment to energizing more data center capacity. With 361 MW of self-mining data center capacity already energized, total electrical capacity has reached approximately 1.3 GW, expected to climb past 1.6 GW by year-end. The Clarington, Ohio site is nearing its maximum capacity of 570 MW, signaling robust infrastructure growth aligned with Bitdeer’s strategic ambitions.