Singapore-based crypto mining platform Bitdeer announced plans to expand the manufacturing of its mining rigs in the U.S. amid dropping profits. Jeff LaBerge, Bitdeer’s CFA, said his company hoped to ride on Trump’s tariff headwinds, even if his trade policies hurt the miner’s supply chain.
LaBerge praised Trump’s approach, saying it had created more things to consider. He also mentioned that the policies were supportive of energy. LaBerge believes a Bitcoin-friendly tariff resolution will be made to allow companies like Bitdeer to thrive. The Cryptopolitan recently reported that Tether had invested over $400M to acquire a 21.4% (31.8M shares) stake in Bitdeer.
The miner hopes to start manufacturing mining rigs in the U.S. this year, eventually helping its self-mining business to grow. Bitdeer pointed out that many of its competitors were similarly considering shifting their production to the U.S. However, it clarified that there were no plans to reposition itself as a treasury firm, even as its BTC holdings continued to increase.
LaBerge says Bitdeer is more practical
The CFA said his company was not trying to be seen as a BTC treasury, adding that the miner was more practical than idealistic about including BTC on its balance sheet. He added that having Bitcoin on the company’s balance sheet was not part of their identity. The company also acknowledged that BTC mining faced challenges ranging from rising costs to dwindling rewards and growing uncertainty in the macroeconomic environment.
One financial analyst claimed that the miner’s Q2 results demonstrated that the company’s bet on vertical integration was paying off. The analyst believes the company has transformed from solely a BTC miner to a key industry technology provider. The manufacturing and commercialization of their SEALMINER A2 miners provided a cost advantage and a growth engine for the company’s operations.
However, the analyst observed that bears were likely to point to the company’s high cash burn from R&D and SG&A, growing debt balance, and risks associated with its expansion plans. The analyst believes the high operating expenses of $42.3 million reported in Q2 represented a significant quarterly cash burn. Bitdeer’s spending needs to be supported by sustained revenue growth, but its profitability is still sensitive to BTC prices and high innovation costs. The analyst also thinks the company should take care of its growing debt load, which has reached $533 million.
Bitdeer focuses on rapid growth
Matt Kong, Bitdeer’s Chief Business Officer, said on August 18 that his company was now looking forward to rapid growth, especially in its self-mining hashrate. He pointed out that Q2 marked a key point of inflection, and his company was on track to achieve its targets throughout the remainder of the year. Kong added that his company expected sequentially improved financial results in H2 2025.
The CBO also claimed that its company aimed to achieve its end-of-October 40EH/s target. He explained the company was likely to exceed its 2025 targets because its foundry’s wafer supply allocation had improved.
Kong continued revealing his company’s R&D plans, disclosing that the miner was targeting a 5 J/TH chip efficiency for its SEALMINER A4 project. He pointed out that his company also made significant progress in July with the expansion of its U.S. engineering team and the development of customized silicon software. Kong said these developments firmly positioned his company as a leading supplier of the industry’s most energy-efficient mining rigs. The CBO believes this will help improve the company’s competitiveness and unlock value for its customers and shareholders.
Kong concluded by saying his company was keen on energizing more data centers. He pointed out that the miner had energized a self-mining data center capacity of 361 MW, bringing the miner’s electrical capacity to roughly 1.3 GW. Kong expects this will increase to over 1.6 GW by the end of this year. The Clarington, Ohio, site is almost at its full 570 MW capacity.
