Bitdeer Intends to Launch a $250M Miner Relief Fund

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Mining service provider Bitdeer, which is led by former Bitmain CEO Jihan Wu, intends to launch a $250 million fund to buy assets from “troubled” companies in the industry.

According to Bloomberg, Bitdeer Technologies Holding Co will allocate $50 million as a junior tranche and absorb all losses of the structure if the initiative is not successful. Partners, including unnamed family offices, venture capital firms, alternative investment funds and mining companies, will provide the remaining $200 million.

Bitdeer CEO Matt Kong has said:

“There are opportunities in every cycle. If you can pinpoint the exact moment to enter at the bottom and exit at the top, then you will make money. This works especially well for mining.”

According to the publication, Bitcoin miner revenues remain near two-year lows amid weakening market conditions, rising energy costs and increased competition.

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