Ah, the ever-so-glamorous world of Bitcoin mining! It appears that our dear Bitdeer is diving headfirst into self-mining operations like a dashing debutante at a grand ball, all while the global supply chains are tossed about like a drama queen at a soirée. 🎭
What’s this? Bitdeer has decided it loves itself more than the other miners! Yes, darling investors, as reported by Bloomberg on April 15, they’re now prioritizing mining Bitcoin (BTC) themselves, no longer playing the role of a mere hardware provider. Quite the plot twist, wouldn’t you agree?
“Our plan going forward is to prioritize our own self-mining,” exclaimed Jeff LaBerge, Bitdeer’s head of capital markets and strategic initiatives, as if he were announcing a new fashion line instead of a business strategy. How positively riveting! 💅
But wait, there’s more! Bitdeer is also putting on its red, white, and blue spectacles with plans to scale US hardware manufacturing in the latter half of the year, just as President Trump spills the tea on tariffs aimed at foreign imports. Oh, the irony! 🇺🇸
“This is something we’ve been planning for a long time,” LaBerge reassured us, as if he were discussing his new diet rather than corporate strategy. “We want to bring jobs and manufacturing back to America.” Such noble aspirations! 🍔
April has seen Trump teasing sweeping tariffs on imports. Naturally, the Bitcoin network finds itself in quite the pickle, particularly since every miner’s dream (the hardware!) rolls out from tangled, complex global supply chains. Who knew mining could be so international? 🌍
Sector-wide Struggles
But fear not! For in this tale of woe, Bitcoin miners, Bitdeer included, have been gallantly battling the tumult of 2025—a year that’s rapidly becoming a thriller as the crypto markets zigzag worse than a soap opera plotline! 📉
In February, Bitdeer’s stock plummeted by about 28%, throwing quite the tantrum after disappointing earnings and revenues for the fourth quarter of 2024. Bravo! What a spectacle! 🌪️
“Lower performance compared to Q4 2023 was primarily driven by the April 2024 halving,” lamented Harris Bassett, their chief strategy officer. A charming performance review, if I do say so myself. Every four years, the BTC mined per “block”—that’s right, the very essence of the blockchain—is sliced in half, dropping from a generous 6.25 BTC to a mere 3.125 BTC. Terribly British, really! 🍵
Since this harrowing halving, mining revenues and gross profits have taken a nosedive, with declines averaging 46% and 57%, respectively, as noted by JPMorgan in a particularly sensational research note. Raise a glass to that! 🥂
Meanwhile, Bitcoin’s hash price, the ever-volatile measure of miner profitability, has plummeted to nearly all-time lows. A standing ovation is in order, dear readers! 🎉
In a desperate attempt to stay afloat in 2024, Bitdeer tried to sell its sparkling energy-efficient Bitcoin mining rigs, but alas, the sales growth was as flat as a bad soufflé, failing to disguise the weakness in other business lines during Q4. What a shame! 🍰
And as if all this drama weren’t enough, whispers suggest that American Bitcoin, the family enterprise backed by Team Trump, is contemplating a dazzling initial public offering. How delightfully scandalous! 🎩
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2025-04-15 20:22