Bitdeer Invests $240 Million in TSMC for Bitcoin Mining Expansion

Bitdeer, a Singaporean technology group, has paid $240 million to TSMC as part of its Bitcoin mining expansion strategy. The company aims for 40 EH/s by 2025 with its SEALMINER hardware.

Key Financial Moves

• Bitdeer used $325 million in cash for operations last quarter.
• $190.6 million was allocated for producing SEAL02 chips.
• $52.8 million was invested in the tapeout process for SEAL03.
• Prepayments increased from $97 million in 2023 to $310 million in December 2024.

Future Plans

• Targeting an additional 32 EH/s boost in 2025.
• Plans to mass-produce SEALMINER A1 and A2 models.
• Potential to exceed 40 EH/s depending on TSMC's delivery schedule.

Market Response

• CEO Jihan Wu plans to sell up to 4 million Bitdeer shares between March and June 2025 under a 10b5-1 trading plan.
• Q4 2024 revenue was $69 million; however, rising costs impacted profits.
• Direct mining costs were $26.7 million, averaging $53,769 per Bitcoin mined.
• Bitdeer's stock dropped over 29% to $9.28 amid concerns about high expenses and long-term profitability.