Crypto Gear Maker Bitdeer Turns Miner to Compete Against Clients

For most hardware makers, there aren’t any easy answers to a slowdown in buyer demand. But in the highly esoteric business of Bitcoin mining, upstart manufacturers such as Bitdeer Technologies Group have an ace up their sleeve: they can simply deploy their machines themselves.

That’s exactly what the Nasdaq-listed firm founded by crypto veteran Jihan Wu is doing, to the tune of quadrupling its proprietary mining capacity in August relative to the previous year, according to a recent filing. Its plan is to keep pushing until it resides among the top five crypto miners globally — competing on a major scale with the very entities it sells to.