Matrixport Provides Bitdeer a $200 Million Credit Line for Expansion

Matrix Finance, the crypto-financial venture associated with the brand [Matrixport](https://forklog.com/news/eks-glava-majningovogo-giganta-bitmain-zapustil-novyj-kriptovalyutnyj-startap), has extended a $200 million credit line to the bitcoin mining firm Bitdeer in April. Both entities were established by the former CEO of Bitmain, Jihan Wu.

As outlined in the [annual report](https://www.publicnow.com/view/17B443AF44476A0AD262674DDC4FD8EF01B2D34F), this loan features a floating interest rate of 9% plus applicable market reference rates, with repayments scheduled on a monthly basis and a two-year maturity period. Bitdeer has pledged their SEALMINER mining units as collateral for the loan.

By April 21, the company had utilized $43 million of the debt financing provided by Matrix Finance.

In February, Bitdeer entered into an agreement to acquire a site in Fox Creek, Alberta, Canada, for $21.7 million. The land has been licensed for the construction of a gas power plant with a capacity of 101 MW, which has the potential to be expanded to 1 GW.

The mining company aims to collaborate with contractors to complete construction and bring the facility online by the fourth quarter of 2026.

As of March 31, Bitdeer was managing six mining data centers located in the U.S., Norway, and Bhutan. The firm noted that investments in energy infrastructure enabled an average electricity cost of $0.042 per kWh for bitcoin mining.

To reduce equipment acquisition and depreciation costs, the company has made a strategic decision to develop its own manufacturing capabilities.

In March, Bitdeer [tested](https://forklog.com/news/bitdeer-zayavila-ob-effektivnosti-v-9-7-j-th-novogo-majning-chipa-v-testah) the third generation of its SEAL03 mining chips, which demonstrated energy efficiency of 9.7 J/TH.

In the same month, the company [unveiled](https://forklog.com/news/bitdeer-predstavila-novye-majnery-s-effektivnostyu-do-14-9-j-th) an updated version of its series miner based on the SEAL02 chip. The energy consumption ratio for the SEALMINER A2 Pro model is stated to be 14.9 J/TH.

It is worth noting that Bitdeer ramped up its mining chip development following [a $100 million investment](https://forklog.com/news/tether-investirovala-100-mln-v-bitdeer) from Tether in May 2024. Subsequently, Bitdeer [acquired](https://forklog.com/news/riot-narastila-dolyu-v-konkurente-a-core-scientific-otkazalas-ot-poglosheniya-za-1-mlrd) chip developer FreeChain Inc (Desiweminer).