Jihan Wu-founded crypto mining firm Bitdeer is reportedly seeking $100 million to ramp up its mining capacity.
Bitdeer Technologies Holding, a Bitcoin mining firm founded by Jihan Wu, is reportedly in pursuit of $100 million in funding to bolster its mining capabilities, Bloomberg has learned, citing sources close to the matter.
According to the report, the Singapore-based company aims to utilize the funds to expand its mining capacity, especially in anticipation of the fourth halving expected in April, which will reduce mining rewards. The valuation of the company following the funding round remains unclear though, as discussions are ongoing and details of the financing are subject to change.
Founded in 2018, Bitdeer is publicly traded on Nasdaq under the ticker symbol BTDR. At the time of writing, the company has not made any public statements regarding the ongoing financing discussions.
The funding talks coincide with the approach of Bitcoin’s fourth halving, which will halve mining rewards from 6.25 BTC to 3.125 BTC in mid-April. The reduction could potentially affect the profitability of mining operations, especially for smaller firms.
Moreover, in addition to the halving, miners face other challenges too. As crypto.news reported previously, the approval of spot Bitcoin ETFs has provided traditional investors with an alternative avenue to enter the crypto market, replacing their reliance on crypto-friendly mining stocks as a proxy to get access to Bitcoin.
