The next miner throws in the towel and has sold them all. $BTC (+1,5 %) sold. $BTDR (+2,16 %) is no longer a BTC owner. Won't be the last. I think if we fall below 50k $, there will be an avalanche.
Bitdeer Technologies pulls the ripcord. The crypto miner has sold its entire Bitcoin reserve. Even though many crypto miners are now shifting into the AI business, such a radical cut is still a first. Perhaps the company should soon change its name to "AiDeer Technologies"?
Just a few weeks ago, the situation looked very different. At the end of the year, Bitdeer had around 2,000 Bitcoins. At the end of January, it still had 1,530. Last week, the final step was taken: the company sold the remaining 943.1 Bitcoins and the entire weekly production of 189.8 units.
The reason for the radical sell-off is the massive need for capital. The Nasdaq-listed company is restructuring its business. Bitdeer is increasingly focusing on artificial intelligence and the expansion of new data centers. Just a few days ago, the company secured 325 million dollars via convertible bonds and a further 43.5 million dollars through a share placement.
Bucking the trend
With this strategy, Bitdeer is isolating itself within the mining industry. While most listed miners are hoarding their stocks, Bitdeer is taking the opposite approach. MARA Holdings currently holds around 53,250 Bitcoins in reserve, while Riot Platforms is sitting on around 18,000 units. Even compared to moderate sellers, a complete liquidation of holdings is extremely unusual.
The market environment for miners is tense anyway. Mining difficulty in the network recently rose by 14.7%, making production more expensive. At the same time, profit margins are falling: Bitdeer's gross margin fell to 4.7 percent in the fourth quarter, down from 7.4 percent in the previous year.
