Bitdeer Mining Insights

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Bitcoin miners saw slight relief as hashprice recovered from multi-year lows, even as network hashrate continued to hold steady above 1 zettahash per second. After plunging to $36.35 per PH/s on Nov. 30 and hovering at $35.85 on Dec. 1, miner revenue began to rise with Bitcoin’s latest price uptick. As of the past day, hashprice climbed to roughly $39.79 per PH/s, easing pressure on miners who faced severe profitability compression. Despite the difficult weeks, the network’s computing power remained resilient, staying within the 1,050–1,100 EH/s range and signaling continued strength in mining participation.

Bitcoin miner IREN has announced a major balance-sheet restructuring through a $2 billion convertible bond issuance aimed at retiring its outstanding 2029 and 2030 notes. The company priced $1 billion of 0.25% notes due 2032 and $1 billion of 1.00% notes due 2033, each with a 25% conversion premium and expected settlement on Dec. 8. IREN also executed capped-call transactions to mitigate dilution up to a cap price of $82.24—double its recent $41.12 share price. In parallel, the firm raised additional capital via a direct placement of 39.7 million shares to fund the repurchase of roughly $544 million in principal from older notes at a total cost of $1.63 billion.

Tether has officially wound down its Bitcoin mining operations in Uruguay, according to local media reports. The company notified authorities of its decision following a meeting with the Ministry of Labor (MTSS) and terminated 30 of its 38 employees. The retreat follows months of operational friction: Tether’s subsidiary Microfin reportedly stopped paying the national power utility in July, leading to power cuts at two mining sites in September. Although Tether argued no outstanding debt existed due to a warranty deposit, rising energy costs rendered the business unviable. Despite previously denying exit plans, the company is now shifting its mining strategy while maintaining that it remains committed to broader opportunities in Latin America.

Bitcoin miner and hardware producer Canaan has partnered with renewable-energy developer SynVista Energy to co-create an adaptive Bitcoin mining platform aimed at expanding sustainable mining practices. According to Monday’s announcement, the system will integrate AI-powered scheduling to match fluctuating clean-energy output with mining hash-rate demand, optimizing renewable-energy usage without affecting grid stability.

Greenidge Generation Holdings reported that a fire occurred at its Bitcoin mining facility in Dresden, New York, caused by an electrical switchgear failure. According to the company’s filing with the U.S. Securities and Exchange Commission, the incident forced Greenidge to de-energize the entire site to ensure safety. The company confirmed that none of the mining hardware — including rigs co-hosted for NYDIG — was damaged. Greenidge expects the facility to resume normal operations within a few weeks, though no exact timeline was provided.