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

According to a consultant from the bitcoin mining firm backed by the Chinese crypto billionaire Jihan Wu, Bitdeer is crafting a $250 million fund to purchase distressed belongings from embattled bitcoin miners. Bitdeer’s chief government officer Matt Kong particulars that “alternatives” come up in “each cycle.”

Bitdeer Wants to Acquire Cheap Machines From Distressed Bitcoin Miners

Bitdeer is establishing a fund to buy belongings from financially distressed bitcoin miners, in keeping with statements Matt Kong made to Bloomberg’s David Pan. Bitdeer is a crypto mining operation backed by former Bitmain CEO Jihan Wu and the corporate only recently purchased a large-scale vault in Singapore.

Bitcoin and cryptocurrency miners, on the whole, have been affected by the crypto winter’s downturn. At the top of June, a report noted that $4 billion in bitcoin mining loans had been in misery. In mid-July, Cleanspark introduced it acquired 1,061 bitcoin miners at a reduction and said the crypto winter has introduced “unprecedented alternatives.” Five days in the past, bitcoin miner Compute North filed for Chapter 11 chapter safety.

Bitdeer’s CEO Matt Kong sees alternatives on the horizon, in keeping with statements he made on Tuesday. “There are alternatives in each cycle,” Kong remarked. “If you possibly can time the market and enter on the backside, come out on the prime, then you’ll generate income. It works particularly properly for mining.”

Presently, Bitdeer is seeking to full a Special Purpose Acquisition Company (SPAC) deal for $4 billion. However, the take care of the clean test agency has been pushed again and the corporate filed for an extension. Kong says whereas crypto miners are in misery, the agency has the chance to get machines at a less expensive charge.

“We should buy the cheaper machines and run them in our current services with steady and cost-effective energy buy agreements,” Kong added. “You’ll have the money circulation.”

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