In a most audacious turn of events, the esteemed Bitdeer has procured a site of considerable magnitude, boasting a capacity of 101 megawatts, along with a gas-fired power project nestled in the charming province of Alberta, Canada. This venture is but a step towards their grand ambition of becoming a fully vertically integrated Bitcoin miner, a title that surely sounds more impressive than it is practical. 😏
To be a fully vertically integrated miner, one must possess the rare ability to command all essential elements of Bitcoin (BTC) mining operations, thus liberating oneself from the shackles of third-party dependencies. How delightfully independent! 🎩
Bitdeer has proclaimed that this acquisition bestows upon them dominion over land, power generation, and the intricate web of electrical and data center infrastructure, not to mention their prized Sealminer A3 mining rigs. One can only imagine the jubilation in their boardroom! 🥳
“This marks a most significant advancement in our strategy to ascend as the first fully vertically integrated Bitcoin miner, granting us unparalleled control over costs, energy efficiency, and scalability,” declared Haris Basit, the chief strategy officer at Bitdeer, in a news release that surely echoed through the halls of their corporate headquarters. 📈
Originating from the bustling metropolis of Singapore, Bitdeer has established its presence across various jurisdictions, including the United States. They made their grand entrance onto the Nasdaq exchange through a rather unconventional backdoor listing in April 2023, following a rather extravagant merger valued at $1.18 billion with the blank check firm Blue Safari Acquisition. Quite the spectacle, I must say! 🎉
Alas, despite their ambitious global expansion and the recent acquisition in Canada, their stock has taken a rather unfortunate nosedive. Shares have plummeted by 27.5% over the past month, including a rather disheartening 4.95% drop on February 4, all while the broader US market basked in the glow of a rally. How terribly inconvenient! 😬
Investor sentiment, it appears, is turning decidedly bearish. The short interest in Bitdeer has surged from a mere under 10 million shares in late November to a staggering 13.7 million by January 15, whilst the average daily trading volume has continued its downward spiral. One can only wonder what the future holds! 🤔
As for the competition in Bitcoin mining, it is anticipated to cool, owing to a rather sluggish rollout of mining hardware. The difficulty of Bitcoin mining has recently dipped to 108.1 trillion on January 27, marking the first reduction of the year 2025. A most curious development indeed! 🧐
In the year 2024, Bitcoin miners faced a rather disheartening 50% pay cut due to the quadrennial halving, which reduced the rewards for verifying transactions from 6.25 BTC to a mere 3.125 BTC per block. Some mining firms, including our dear Bitdeer, have sought refuge in diversifying into other industries, such as the ever-enigmatic realm of AI. In the third quarter of 2024, Bitdeer reported a gross profit of $2.8 million, a stark contrast to the $21.1 million from the previous year. How the mighty have fallen! 😅
More recently, mining stocks have taken a tumble alongside the AI industry, following the meteoric rise of DeepSeek, a Chinese artificial intelligence model that has claimed to perform on par with OpenAI. It boldly asserts that it can operate at significantly lower costs than its competitors, thus challenging the very foundations of AI development costs and hardware reliance. Investor sentiment in both sectors has been left in a state of disarray. What a tangled web we weave! 😜
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2025-02-05 13:02