Jihan Wu-founded crypto mining agency Bitdeer is reportedly searching for $100 million to ramp up its mining capability.
Bitdeer Applied sciences Holding, a Bitcoin mining agency based by Jihan Wu, is reportedly in pursuit of $100 million in funding to bolster its mining capabilities, Bloomberg has learned, citing sources near the matter.
In accordance with the report, the Singapore-based firm goals to make the most of the funds to increase its mining capability, particularly in anticipation of the fourth halving anticipated in April, which is able to scale back mining rewards. The valuation of the corporate following the funding spherical stays unclear although, as discussions are ongoing and particulars of the financing are topic to vary.
Based in 2018, Bitdeer is publicly traded on Nasdaq underneath the ticker image BTDR. On the time of writing, the corporate has not made any public statements relating to the continued financing discussions.
The funding talks coincide with the strategy of Bitcoin’s fourth halving, which is able to halve mining rewards from 6.25 BTC to three.125 BTC in mid-April. The discount may probably have an effect on the profitability of mining operations, particularly for smaller corporations.
Furthermore, along with the halving, miners face different challenges too. As crypto.information reported beforehand, the approval of spot Bitcoin ETFs has offered conventional traders with another avenue to enter the crypto market, changing their reliance on crypto-friendly mining shares as a proxy to get entry to Bitcoin.