Bitdeer Seizes Tariff Break to Ship Rigs to U.S., Shifts Focus to Self-Mining

Hold onto your hats, crypto fans! Bitdeer Technologies Group is making a bold move, taking advantage of a 90-day U.S. tariff suspension to ship their mining rigs from Southeast Asia straight to the States. This is no small potatoes for the Nasdaq-listed Bitcoin mining giant founded by none other than crypto legend Jihan Wu.

But why the sudden shift? Well, buckle up because Bitdeer's been feeling the heat. Bloomberg reports that the company's profitability is taking a nosedive, and the demand for Bitcoin mining hardware? Plummeting faster than a crypto bear market. Ouch!

So, what's a Singapore-based company to do? Pivot, baby! Bitdeer is ditching the idea of selling its machines to other operators and going all-in on self-mining. And that's not all - they're also gearing up to start U.S.-based manufacturing, thanks to Trump's tariff policies. Talk about turning lemons into lemonade!

"Our plan going forward is to prioritize our own self-mining," declared Jeff LaBerge, Bitdeer's head of capital markets and strategic initiatives. You heard it here first, folks!

This move comes at a time when Bitcoin's hash price - that's a fancy way of saying mining profitability - is scraping the bottom of the barrel. Blame it on last year's halving event that slashed block rewards. And if that's not enough, U.S. tariffs under President Trump's trade policy are throwing a wrench in the supply chain for rigs built in Asia. It's a perfect storm, but Bitdeer is ready to weather it.

U.S.-based Manufacturing

Get ready, America, because Bitdeer is bringing the manufacturing party to your doorstep! The company plans to kick off U.S.-based production in the second half of 2025, aiming to cut ties with overseas production and create jobs right here at home. It's a win-win!

Now, you might be wondering about those chips from Taiwan's TSMC. They're currently exempt from tariffs, but Bitdeer isn't taking any chances. They're preparing for potential cost hikes like the savvy business they are.

Some customers have been hitting the brakes on rig orders, leaving Bitdeer with a surplus. But fear not! They're rerouting that inventory to their own facilities in Bhutan and Norway. Talk about thinking on your feet!

Bitdeer isn't messing around when it comes to mining capacity. They're currently operating a whopping 900 megawatts globally and have their sights set on scaling up to 2.6 gigawatts by 2026. That's some serious power!

And they're not stopping there. Bitdeer is expanding into new markets like Canada and Ethiopia, and they're even repurposing their data centers in Texas and Ohio to support artificial intelligence and high-performance computing. It's like they're playing 4D chess in the crypto world!