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Bitcoin Mining Firm Bitdeer Creates $250M Fund to Acquire Mining Equipment

Bitdeer, a bitcoin mining company that is backed by Jihan Wu, has created a $250 million fund in order to purchase distressed assets from troubled...
crypto mining bitcoin
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Bitdeer, a bitcoin mining company that is backed by Jihan Wu, has created a $250 million fund in order to purchase distressed assets from troubled bitcoin miners. Matt Kong, Bitdeer’s chief executive officers, explains that there are “opportunities” in “every cycle.

Bitdeer has set up a fund in order to buy assets from financially troubled bitcoin miners, according statements Matt Kong gave to Bloomberg’s David Pan. 

Bitdeer, a crypto mining company that Jihan Wu was the Bitmain CEO and has just bought a large-scale vault from Singapore.

Bitdeer will use the funds to buy equipment from failing crypto mining companies

The crypto winter has been a difficult time for cryptocurrency miners and bitcoin. A report stated that \$4Billion in bitcoin mining loans was in trouble at the end of June. 

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Cleanspark announced that it had acquired 1,061 bitcoin miners for a discount in mid-July and stated that the $4 billion worth of bitcoin mining loans were in distress.

According to statements made Tuesday, Bitdeer CEO Matt Kong believes there are opportunities ahead. Kong noted that there are always opportunities. You can make money if you are able to time the market so you can enter at the bottom and come out at top. This works particularly well in mining.

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Bitdeer currently wants to close a $4 billion Special Purpose Acquisition Company deal (SPAC). The deal with the blank-check firm was rescheduled and Bitdeer filed for an extension. Kong claims that while crypto miners may be in financial trouble, the company has the chance to purchase machines at a lower rate.

Kong said, “We can purchase the less expensive machines and run them at our existing facilities with stable power purchase agreements that are cost-effective and cost-effective.” “You’ll have the cash flow.”

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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