Bitdeer, a Bitcoin miner, engages in discussions to secure $100m in funds to enhance mining capabilities.

Bitdeer Technologies Holding, a cryptocurrency mining company founded by Jihan Wu, is currently seeking $100 million in funding to expand its mining capabilities, according to sources familiar with the matter. The Singapore-based firm plans to use the funds to increase its mining capacity, particularly in preparation for the upcoming Bitcoin halving in April, which will reduce mining rewards. The company’s valuation after the funding round is still uncertain as discussions are ongoing and details of the financing may change. Bitdeer, which went public on Nasdaq in 2018, has not yet made any official statements regarding the funding talks. This fundraising effort coincides with the fourth Bitcoin halving, which will cut mining rewards in half, potentially impacting the profitability of smaller mining operations. Additionally, miners are facing other challenges such as the emergence of spot Bitcoin ETFs, which provide traditional investors with an alternative way to access the cryptocurrency market.