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The company Bitdeer, recognized as the largest bitcoin mining operation by computational power, has liquidated its entire cryptocurrency holdings, citing an urgent need for funds.
According to the firm, the capital was required for the acquisition of electrified land parcels. These are essential for Bitdeer to enhance its hash rate and boost bitcoin production.
Bitdeer’s CEO Jihan Wu stated on social media platform X that the absence of bitcoins on the balance sheet is a temporary situation: the company may accumulate reserves again in the future. He emphasized that these sales “should not raise concerns for the market.”
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Bitdeer began its significant bitcoin sell-off in early February when the price of the leading cryptocurrency experienced a sharp decline. By February 13, the miner’s balance showed 943.1 BTC, down from 1,530 BTC at the end of January. According to Bitdeer’s regular reporting, in the past week, the company sold the remaining bitcoins from its reserves along with all 189.8 coins mined during that period.
This liquidation occurred amid a downturn in mining economics. As reported by Bits.media, the bitcoin network’s difficulty increased by 14.73% during the last adjustment on February 19. The hash price fell below $30 per petahash per second per day (PH/s/day), according to calculations from The Block. Major miner MARA Holdings retains a balance of 53,250 BTC, while miner Riot Platforms holds approximately 18,000 BTC.
According to Bitdeer’s financial statements, the profitability of this mining company decreased to 4.7% in the fourth quarter, down from 7.4% the previous year. Revenue surged by 226% to $224.8 million, while net profit reached $70 million, compared to a loss of $531.9 million in the fourth quarter of 2024. By the end of December, Bitdeer’s total mining capacity had reached 71 exahashes per second (EH/s), positioning the miner as the largest in the world.
