Bitdeer Sets Up $250M Fund to Acquire Assets From Financially Distressed Bitcoin Miners

According to a typical from the bitcoin mining institution backed by the Chinese crypto billionaire Jihan Wu, Bitdeer is crafting a $250 cardinal money to bargain distressed assets from embattled bitcoin miners. Bitdeer’s main enforcement serviceman Matt Kong details that “opportunities” originate successful “every cycle.”

Bitdeer Wants to Acquire Cheap Machines From Distressed Bitcoin Miners

Bitdeer is mounting up a money to acquisition assets from financially distressed bitcoin miners, according to statements Matt Kong made to Bloomberg’s David Pan. Bitdeer is simply a crypto mining cognition backed by erstwhile Bitmain CEO Jihan Wu and the institution conscionable precocious purchased a large-scale vault successful Singapore.

Bitcoin and cryptocurrency miners, successful general, person been suffering from the crypto winter’s downturn. At the extremity of June, a study noted that $4 cardinal successful bitcoin mining loans were successful distress. In mid-July, Cleanspark announced it acquired 1,061 bitcoin miners astatine a discount and said the crypto wintertime has brought “unprecedented opportunities.” Five days ago, bitcoin miner Compute North filed for Chapter 11 bankruptcy protection.

Bitdeer’s CEO Matt Kong sees opportunities connected the horizon, according to statements helium made connected Tuesday. “There are opportunities successful each cycle,” Kong remarked. “If you tin clip the marketplace and participate astatine the bottom, travel retired astatine the top, past you volition marque money. It works particularly good for mining.”

Presently, Bitdeer is looking to implicit a Special Purpose Acquisition Company (SPAC) woody for $4 billion. However, the woody with the blank cheque steadfast has been pushed backmost and the institution filed for an extension. Kong says portion crypto miners are successful distress, the steadfast has the accidental to get machines astatine a overmuch cheaper rate.

“We tin bargain the cheaper machines and tally them successful our existing facilities with unchangeable and cost-effective powerfulness acquisition agreements,” Kong added. “You’ll person the currency flow.”

What bash you deliberation astir Bitdeer mounting up a $250 cardinal money to acquisition distressed bitcoin miner assets? Let america cognize what you deliberation astir this taxable successful the comments conception below.