Bitdeer Sets Aside $250M To Buy Assets From Crypto Miners 

Bitdeer, a cryptocurrency cloud mining platform, is budgeting over $250 million to buy the assets of crypto miners suffering from the bear market. The mining sector has suffered great losses due to the ongoing bearish market. 

Jihan Wu’s Bitdeer To Buy Assets From Crypto Miners 

The Chinese billionaire, Jihan Wu, a co-founder of Bitmain cryptocurrency mining firm, is set to launch a new fund. The $250 million fund will enable Bitdeer to purchase assets from BTC miners.


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As a result, this would help such miners to weather the bearish market. The price of Bitcoin has fallen by over 50% in 2022, affecting miners’ assets.

Bitdeer Technologies Holding would offer $50 million towards the fund. Meanwhile, the firm will get the remaining fund from investors like venture capital firms, family offices, mining companies, and investment funds.

Matt Kong, CEO of Bitdeer, said the firm could buy cheap mining machines in its facilities. Meanwhile, Wu left Bitmain in 2021 to take over the management of Bitdeer.

Meanwhile, Bitdeer has made some acquisitions recently. The firm bought Le Freeport, a display facility, for $28 million. It also purchased a high-security storage facility. 

According to Wu, the company has big plans for the future. Generally, the bear market has affected several mining firms. 

However, most miners, such as CleanSpark and BitFarms, are still expanding their mining operations. For instance, some have acquired data centres while others are increasing their mining capacity. 

Crypto Miners Facing A Hard Time

In the past months, the mining sector has recorded significant losses due to the crypto market winter. Mining-based assets have witnessed huge price drops as the price of major currencies fell.

Besides the bearish market, which has caused the price of coins to plummet, the Ethereum Merge is another deadly blow. The latest September 15th Merge marked the transition of ETH from PoW to PoS consensus mechanism. 

Meanwhile, Ethereum is the second largest cryptocurrency according to market capitalization. Hence, switching to PoS meant miners could no longer operate on the network.

Therefore, most miners have to look for alternate tokens to mine. Some miners remained on the pre-Merge version of Ethereum, but the token is yet to pick up pace.


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The stocks of public companies that have Bitcoin reserves or are into mining have also fallen. However, publicly traded firms like Marathon Digital and BitFarms have still decided to increase their mining capacity. 

Furthermore, MicroStrategy has also increased its BTC holdings despite the huge fall in Bitcoin’s price. These actions show that these entities are still bullish on the crypto market.


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