Crypto miner Bitdeer invests $4m in Bitcoin amid price decline

Bitdeer’s shares rose 0.6% after hours as the crypto miner invested $4 million in Bitcoin despite falling prices.

Cryptocurrency mining firm Bitdeer has acquired millions in Bitcoin (BTC) as the cryptocurrency keeps trading lower from its all-time high which was set in late January.

In an X post on Feb. 28, the Singapore-based firm said it has acquired 50 BTC at an average price of $81,475. With the latest purchase, Bitdeer appears to be holding over 640 BTC, representing 0.003% of Bitcoin’s total supply, data from BiTBO shows.

Meanwhile, Bitcoin continues to slide, dropping below $80,000 on Friday and sitting at $78,770 at press time. The broader crypto market isn’t faring much better, with the total market cap down over 8% as major tokens struggle.

This purchase comes just weeks after Bitdeer acquired a 101 MW natural gas plant in Alberta for $21.7 million. The company plans to use it for BTC mining, with the possibility of expanding up to 1 GW.

In addition, Bitdeer also received approval to build a 99 megawatt interconnection grid with Alberta Electric System Operator worth around $30 million or $300,000 per MW. The 99 MW grid of datacenter capacity will be used to mine more Bitcoin.

Data from TradingView shows at the beginning of February, the total crypto market cap still stood at $3.1 trillion, but it took a dive on Feb. 24 and fell to levels as low as $2.5 trillion. Since then, the overall crypto market cap has yet to climb back to the $3 trillion threshold, indicating the market has not recovered from the recent crash.