Bitdeer turns to self-mining Bitcoin, US operations amid tariff tumult — Report

Bitdeer, a Bitcoin mining company, is shifting its focus to self-mining due to decreased demand for its hardware. This strategic change is partly a response to the challenging cryptocurrency market and looming trade wars. The company plans to expand its US-based manufacturing operations to capitalize on President Trump's push for domestic production. This expansion aims to bring jobs and manufacturing back to the United States. The Bitcoin mining industry is facing headwinds from the 2024 halving, which reduced mining rewards. Bitdeer's recent financial performance reflects these challenges, showing lower-than-expected earnings. The company's attempts to offset these losses by selling mining rigs have yielded limited success. The Bitcoin hash price, a key indicator of miner profitability, is at near all-time lows. These difficulties coincide with market volatility and the potential IPO of a Trump family-backed crypto mining operation. Bitdeer's actions highlight the industry's struggle to navigate economic uncertainty and changing geopolitical landscapes.