Bitdeer Mining Insights

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Chinese automotive company Cango has made a surprising pivot into Bitcoin mining, becoming the third-largest publicly listed mining firm by hashrate. According to a report by Blockspace Media, Cango quietly announced in a November 15 press release that it had acquired 32 exahash per second (EH/s) of on-rack Bitcoin mining machines. The company also disclosed an opportunity to purchase an additional 18 EH/s of mining equipment, which, if finalized, could bring its hashrate on par with MARA. Cango’s shift from automotive financing to cryptocurrency mining has boosted its stock performance, signaling a bold new direction for the company.

Luxor Technology Corporation has signed a $131.4 million agreement with Bitcoin mining device manufacturer Microbt. The deal includes a confirmed $93.2 million purchase of Whatsminer ASIC mining rigs and an option for an additional $38.2 million. These rigs feature immersion, air-cooled, and hydro-cooled systems for enhanced efficiency.

Riot Platforms, a leading Bitcoin mining company, has announced a $500 million private offering of convertible senior notes due 2030 to fund Bitcoin acquisitions and corporate initiatives. The offering, targeting institutional buyers, is set under Rule 144A of the Securities Act of 1933. The company will allow initial purchasers an option to acquire an additional $75 million in notes within three days of issuance. The unsecured notes will mature on January 15, 2030, with redemption possible starting January 20, 2028, provided $50 million in principal remains outstanding. Convertible into cash, stock, or a mix of both, the terms will depend on specified triggers. Riot will finalize the conversion rate based on its stock's volume-weighted average price at pricing.

Canaan Inc. is accelerating its North American mining expansion, targeting 10 EH/s by mid-2025. Through a partnership with Luna Squares Texas LLC, Canaan’s subsidiary Beet Digital LLC will deploy Avalon A14 and A15 machines at a 30 MW site in Texas, adding 1.62 EH/s by early 2025. The initiative includes $50 million in financing to support infrastructure upgrades and collaborations. Canaan has also secured an order from Hive Blockchain and plans to install 6,000 Avalon A14 units at Stronghold Digital Mining's Pennsylvania site, contributing 0.9 EH/s. CEO Nangeng Zhang emphasized North America's importance, highlighting lower electricity costs averaging $40 per MW at the Texas site as a key advantage.

Canaan Inc. is accelerating its North American mining expansion, targeting 10 EH/s by mid-2025. Through a partnership with Luna Squares Texas LLC, Canaan’s subsidiary Beet Digital LLC will deploy Avalon A14 and A15 machines at a 30 MW site in Texas, adding 1.62 EH/s by early 2025. The initiative includes $50 million in financing to support infrastructure upgrades and collaborations. Canaan has also secured an order from Hive Blockchain and plans to install 6,000 Avalon A14 units at Stronghold Digital Mining's Pennsylvania site, contributing 0.9 EH/s. CEO Nangeng Zhang emphasized North America's importance, highlighting lower electricity costs averaging $40 per MW at the Texas site as a key advantage.