Bitdeer Dumps Entire Bitcoin Holdings Amid Mining Crisis

Bitdeer's decision to liquidate its entire BTC treasury has sparked concern in the cryptocurrency mining industry. The company's move comes as mining profitability hits record lows, with network difficulty surging 14.7% and hashprice plummeting to under $30 per petahash per day.

To mitigate the impact of these economic pressures, Bitdeer is seeking funding from Wall Street to accelerate its pivot into artificial intelligence. The company has announced an upsized $325 million private sale of convertible senior notes, which will be used to fund debt restructuring and AI-related initiatives.