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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. 

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.

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.”

The post Bitcoin Mining Firm Bitdeer Creates $250M Fund to Acquire Mining Equipment first appeared on The Daily Encrypt.



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Angie Byrd