Bitdeer Invests $4 Million in Bitcoin Amidst Market Decline
Bitdeer has invested $4 million in Bitcoin, purchasing 50 BTC at an average price of $81,475. Despite the decline in Bitcoin’s price, the firm’s shares rose 0.6%. Bitdeer is expanding its mining operations following a recent acquisition of a natural gas plant and approval for a new electric grid, as the overall crypto market struggles with a significant downturn.
Bitdeer, a Singapore-based cryptocurrency mining firm, has invested $4 million in Bitcoin amidst decreasing cryptocurrency prices. Following this acquisition, Bitdeer’s shares experienced a modest increase of 0.6%. The company reported purchasing 50 BTC at an average cost of $81,475 each, contributing to their total holdings of over 640 BTC, which accounts for about 0.003% of Bitcoin’s overall supply.
Interestingly, Bitcoin’s value has continued to decline, recently dropping below $80,000 and trading at approximately $78,770 at the time of reporting. The broader cryptocurrency market has also suffered, with the total market capitalization declining over 8%, as major digital assets struggle to maintain their positions.
This Bitcoin purchase comes shortly after Bitdeer’s acquisition of a 101 MW natural gas plant in Alberta, which cost $21.7 million. The firm intends to utilize this facility for Bitcoin mining, and there are plans to expand its capacity to potentially reach up to 1 GW.
In addition, Bitdeer has received approval to construct a 99 megawatt interconnection grid in collaboration with the Alberta Electric System Operator. The cost of this project is estimated at around $30 million, equating to $300,000 per megawatt, with the grid set to enhance their Bitcoin mining operations.
Recent data indicates a significant drop in the total cryptocurrency market capitalization from $3.1 trillion at the start of February to levels around $2.5 trillion following the market downturn on February 24. Since then, the overall crypto market has yet to recover to the $3 trillion level, suggesting ongoing market challenges.
In conclusion, Bitdeer’s strategic investment of $4 million in Bitcoin reflects its commitment to the cryptocurrency market despite the prevailing price declines. The firm is also expanding its mining capabilities through new acquisitions and infrastructure projects in Alberta, aiming to bolster its position in the sector. These developments indicate that Bitdeer is positioning itself for future growth amidst market fluctuations.
Original Source: crypto.news
Post Comment