Bitdeer is making waves in the Bitcoin world, and not just because they splashed $4 million on 50 BTC at a time when prices were tumbling. Talk about a bold move! The company snagged those coins at an average price of $81,475 each, right as Bitcoin was flirting with the abyss. It’s like buying a new car when the market’s crashing. But hey, they must have seen something the rest of us missed. After the announcement, Bitdeer‘s shares crept up by 0.6%. A tiny gain, but a gain nonetheless.
Now, let’s talk numbers. With this latest purchase, Bitdeer’s total Bitcoin holdings have soared to over 1,011 BTC, which, depending on who you ask, represents about 0.003% to 0.005% of Bitcoin’s total supply. It’s a drop in the bucket, but they’ve got skin in the game.
And it’s not just about holding those Bitcoins. Bitdeer is on a mission. They recently dropped $21.7 million on a natural gas plant in Alberta, eyeing expansion potential of up to 1 GW. Sure, that sounds ambitious, especially when Bitcoin’s price has plummeted below $80,000. Who wouldn’t want to expand their operations during a market downturn? Their investment in Bitcoin, despite Bitcoin’s declining prices, suggests confidence in the cryptocurrency’s long-term value. Additionally, they are targeting a 40 EH/s hashrate by 2025 with their SEALMINER hardware.]
The broader crypto scene isn’t pretty either. Bitcoin’s price has dipped, dragging the total market cap down over 8%. Other tokens are feeling the heat too. It’s a turbulent time, but Bitdeer is moving forward.
They’re also developing their own mining technology, SEALMINER, aiming for a 40 EH/s hashrate by 2025. It’s like they’re gearing up for a battle, spending $240 million on chips to make it happen.
In a world of uncertainty, Bitdeer stands firm. They’re not just chasing profits; they’re building an empire. Whether that’s genius or folly remains to be seen. But they’re certainly not sitting back and waiting for the storm to pass.
