Bitdeer Buys 100 BTC for $8.58 Million During Bitcoin Market Sell-Off

Bitcoin mining firm Bitdeer has acquired 100 BTC during this week’s market downturn at an average price of $85,877.

The Singapore-headquartered data center operator first announced on X that it purchased 50 BTC at $90,280 on Tuesday, when both Bitcoin and the broader crypto and stock markets saw a sell-off.

As reported earlier this week, the market capitalization of major mining companies dropped by $13 billion during February’s market turbulence, with Bitdeer losing 30% of its value on Tuesday alone.

Whilt the mining stocks recovered moderately on Thursday, the market sell-off continued throughout Friday, and Bitcoin fell further below $80,000, reaching a local low of just above $79,000.

In a subsequent post on X, Bitdeer said it had acquired another 50 BTC at $81,475 each on Friday. Prior to these two purchases, the company held 911 BTC as of February 23.

Bitcoin’s price drop and the low transaction fees on the network this month have further impacted mining profitability. As a result, Bitcoin’s hashprice dropped below $50/PH/s, reaching as low as $46/PH/s as of publishing.

At this hashprice level, revenue for dominant mining hardware like the S19 Pro and S19XP falls to $0.063 and $0.085 per kilowatt-hour, respectively.