Bitdeer creates an investment fund to help mining companies
The head of Bitdeer, a BTC-mining company, told about the intention to open an investment fund, which should help miners experiencing difficulties in the current situation.
The total amount of funds in the fund will be $250 million. $50 million Bitdeer will provide itself, while the remaining $200 million will provide venture capital and other industry representatives.
More and more miners are facing challenges. The rising cost of resources, the falling bitcoin rates, and the prolonged bearish trend harm the work of even large companies. For example, Compute North is preparing to begin bankruptcy proceedings. In this regard, help from such funds can help those who are facing difficulties.
Last week, Icebreaker Finance announced a similar Bitdeep fund. Its volume will be about $300 million.
Jihan Wu, chairman of Bitdeer, previously co-founded Bitmain, a well-known miner manufacturer. However, he left the company in 2021.