Bitdeer Technologies Plans to Buy Back Shares for $2 Million
Singapore-based Bitcoin mining company Bitdeer Technologies has announced its intention to repurchase its shares for up to $2 million. The board of directors has approved a share repurchase program that will be in effect until April 17, 2024. The program allows for the repurchase of shares through various methods, including open market transactions and privately negotiated transactions.
The company plans to finance the buyback using its available balance of money. Bitdeer aims to minimize the impact on its share price while generating greater long-term returns for its shareholders.
Expansion in Bhutan
In August, Bitdeer completed the construction of a large farm in Gedu, Bhutan, which houses 23,000 ASIC miners. Currently, 11,000 devices are operational at the farm, with the remaining set to be connected later. Once fully operational, the farm’s hashrate will reach 2.5 Eh/s.
In September, Bitdeer mined 482 bitcoins, a 25.8% increase from the previous month. The company currently operates 221,000 mining machines and maintains 895 MW of electrical power for its self-mining and cloud hashrate business.
Hot Take: Bitdeer Technologies Plans Share Repurchase Program
Singapore-based Bitcoin mining firm Bitdeer Technologies has unveiled a share repurchase program worth up to $2 million. This move aims to provide greater long-term returns for shareholders while minimizing any negative impact on the company’s share price. The program will be in effect until April 17, 2024 and will allow for shares to be repurchased through various methods such as open market transactions and privately negotiated transactions.
Additionally, Bitdeer recently completed the construction of a large mining farm in Bhutan, housing 23,000 ASIC miners. With 11,000 devices currently operational and plans to connect the remaining devices, the farm’s hashrate is expected to reach 2.5 Eh/s once fully operational. In September, Bitdeer mined 482 bitcoins, reflecting a 25.8% increase from the previous month.
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