Bitdeer Sells Entire Bitcoin Stash as Mining Profits Near Record Lows

Core Insights - Singapore-based Bitcoin miner Bitdeer has liquidated its entire Bitcoin treasury, abandoning the industry's standard holding strategy due to plunging mining profitability and the need to restructure its debt while accelerating its pivot to artificial intelligence [1][2]. Group 1: Company Actions - On February 20, Bitdeer disclosed it held zero Bitcoin after selling its entire recent output of 189.8 Bitcoin and posting a net reduction of 943.1 Bitcoin, indicating a severe margin squeeze in the industry [2]. - To navigate financial challenges, Bitdeer announced a $325 million private sale of convertible senior notes to fund its transition into artificial intelligence [5]. Group 2: Industry Context - The Bitcoin network experienced a significant V-shaped recovery following a temporary reprieve from US winter storms, with network difficulty surging by 14.7%, the largest adjustment since May 2021 [3]. - Mining profitability, measured by hashprice, has plummeted to under $30 per petahash per day, nearing its all-time low and increasing production costs for miners [4].