Bitdeer Sells Entire Bitcoin Stash as Mining Profits Near Record Lows

Singapore-based Bitdeer has liquidated its entire Bitcoin treasury, reporting zero BTC held as of February 20 after selling its recent production of 189.8 BTC. The liquidation produced a net reduction of 943.1 BTC and excludes customer deposits. The move follows a sharp tightening in mining economics: network difficulty jumped 14.7% — the largest upward adjustment since May 2021 — and hashprice slid to under $30 per petahash per day, leaving profitability inches above its all-time low.

A temporary reprieve after US winter storms was erased by a rapid V-shaped recovery. To extend its runway and accelerate a pivot into artificial intelligence and high-performance computing, Bitdeer announced an upsized $325 million private sale of convertible senior notes, with an option for initial purchasers to buy an additional $50 million.

The sale is expected to close on February 24.

Singapore

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