Crypto tycoon Jihan Wu’s crypto mining agency Bitdeer Engineering Holdings is main a US$250 million fund to get mining rigs from distressed miners amid the cryptocurrency bear industry, according to Bloomberg.
See relevant posting: China mining rig maker Canaan expands despite crypto winter
- Bitdeer has invested US$50 million in it as a junior tranche — which will bear the brunt of the losses. Another US$200 million is targeted to be lifted from family members places of work, venture funds money, substitute financial commitment money and other mining companies, Bloomberg mentioned.
- “We can obtain the much less expensive equipment and operate them in our present services with steady and expense-efficient electricity purchase agreements,” Bitdeer CEO Matt Kong told Bloomberg.
- Bitcoin miners have viewed their cheapest concentrations of profitability this 12 months, amid the price of mining devices, increasing strength price ranges and Bitcoin rate woes, in accordance to info from crypto mining products and services company Luxor Technologies.
- Bitdeer is also increasing into the physical asset area amid the bear sector. It is reportedly expending US$28.4 million acquiring Le Freeport, a greatest-security vault in Singapore, in accordance to Bloomberg.
See relevant write-up: Bitmain cuts mining rig cost amid crypto winter season, strength costs