Tether Invests $100 Million in Bitcoin Miner Bitdeer

Bitdeer had 8.06 EH/s in realized proprietary hashrate

U.S-listed bitcoin mining, cloud mining, and colocation provider Bitdeer has raised $100 million in a private place from the USDT stablecoin issuer Tether.

Bitdeer announced on Friday that it entered into a subscription agreement with Tether for 18.6 million of its Class A ordinary shares with a warrant to purchase up to another $50 million.

The transaction was closed on Thursday and the warrant is exercisable within the next 12 months, Bitdeer said. The deal is the latest move by Tether in the mining space following its investment in German miner and data center operator Northern Data.

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The proceeds will be used to fund Bitdeer’s data center expansion and the development of its proprietary mining hardware.

The company previously acquired the owner of the land where its mining fleets reside in Norway. It also announced the launch of its proprietary SEAL01 bitcoin ASIC earlier this year and the development of the full SEALMiner system.

As of April, Bitdeer was operating 22.3 EH/s of hashrate, including 8.4 EH/s in proprietary hashrate and 13.9 EH/s in hosted hashrate, with a total power capacity of 895 megawatts (MW).

It was among the ten largest publicly traded bitcoin mining companies by realized proprietary hashrate in April 2024.

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