[MUMBAI] Nasdaq-listed Bitcoin mining firm Bitdeer Technologies Group is doubling down on its self-mining operations while pushing ahead with plans to make machines in the US, as it confronts a cooling crypto market and mounting uncertainty over US trade policy.
With demand for Bitcoin mining rigs faltering, Singapore-headquartered based Bitdeer will focus on using its rigs to mine Bitcoin for itself – rather than selling them to other miners, according to Jeff LaBerge, head of capital markets and strategic initiatives at the company.
It’s a sign that crypto mining firms may face a lean period. Bitcoin’s hashprice – a key measure of mining profitability – has slumped to near all-time lows, after last year’s quadrennial “halving” slashed the rewards earned by operators. At the same time, US President Donald Trump’s tariff programme has disrupted the supply chain for mining rigs, which for the most part are assembled in China and South-east Asia.
“Our plan going forward is to prioritise our own self-mining,” said LaBerge.
Founded in 2020 by crypto mogul Jihan Wu, Bitdeer is among the top Bitcoin miners by compute power globally and runs one of the largest facilities in Texas. Miners use specialised computers to solve mathematical puzzles for a chance to verify transactions and earn rewards in Bitcoin.
Bitdeer plans to take advantage of the 90-day pause on tariffs announced by Trump on Apr 10 to ship rigs from South-east Asia to the US, LaBerge added. But some customers have postponed deliveries of pre-ordered machines, and in those cases the firm has redirected machines to its own sites outside of the US – specifically in Bhutan and Norway.
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Bitdeer is also preparing to kick off US-based manufacturing in the second half of this year, part of a long-planned effort to localise production while curbing supply chain risk. Beijing-based Bitmain Technologies, the world’s largest manufacturer of mining equipment, announced the launch of a US production line last year, without disclosing details of the facility. Bitdeer’s Wu is a co-founder of Bitmain.
“This is something we’ve been planning for a long time,” LaBerge said of the US expansion. “We want to bring jobs and manufacturing back to America.”
While the specialised chips used to make mining rigs – sourced from Taiwan’s TSMC – are currently exempt from Trump’s tariffs, Bitdeer is bracing for rising costs.
“The entire industry is trying to get clarity on how these tariffs might apply,” LaBerge added. “As of now, our understanding is that chips out of Taiwan remain exempt, but we’re modelling for higher costs just in case.”
Bitdeer currently boasts about 900 megawatts of capacity globally and plans to expand that to 2.6 gigawatts by 2026, according to a recent investor presentation.
The company is also expanding its global footprint, entering new markets in Canada and Ethiopia, while advancing a strategic pivot into artificial intelligence and high-performance computing. Bitdeer operates data centres in Texas and Ohio – some exceeding 500 megawatts – which have been deemed viable for AI workloads. BLOOMBERG
