Singapore-based crypto mining firm Bitdeer has made a strategic move to bolster its global operations, acquiring a 101-megawatt site and gas-fired power project in Alberta, Canada. The acquisition is part of Bitdeer’s plan to become the world’s first fully vertically integrated Bitcoin miner.
By taking direct control of essential operational components such as land, power generation, electrical infrastructure, and its proprietary Sealminer A3 mining rigs, the company hopes to improve energy efficiency, scalability, and cost control. Haris Basit, Bitdeer’s chief strategy officer, emphasized the importance of this acquisition, calling it a “significant step” toward gaining unparalleled control over mining operations.
Bitdeer Faces Market Headwinds
Despite its bold expansion strategy, Bitdeer continues to face challenges in the public market. Shares of the company have fallen by 27.5% over the past month, including a 4.95% drop on February 4, even as major U.S. stock indexes closed in positive territory. Rival crypto mining stocks such as CleanSpark, Riot Platforms, and Terawulf all posted gains during the same period.
Investor sentiment around Bitdeer has become increasingly bearish. Short interest in the company’s stock surged from under 10 million shares in late November to 13.7 million by January 15. Compounding the problem, daily trading volumes have seen a steady decline.
Industry Diversification
The Bitcoin mining sector has faced mounting difficulties, with competition expected to ease due to fewer hardware rollouts. On January 27, Bitcoin mining difficulty saw its first reduction in 2025, falling to 108.1 trillion.
The recent Bitcoin halving event in 2024 further complicated matters for miners by reducing block rewards from 6.25 BTC to 3.125 BTC per block. In response, some companies, including Bitdeer, have diversified their operations, exploring emerging industries like artificial intelligence (AI).
However, challenges persist across both sectors. Mining stocks, along with AI-related shares, experienced declines following the rise of DeepSeek—a Chinese AI model that surged to the top of Apple’s App Store. The model, claiming significantly lower operational costs, disrupted market assumptions about AI development expenses, dampening investor enthusiasm for both mining and AI ventures.
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