Bitdeer aims to become a fully vertically integrated Bitcoin miner after the Canada project acquisition, but its stock performance continues to struggle.
Bitdeer has acquired a 101-megawatt site and a gas-fired power project in Alberta, Canada, as part of its plan to become a fully vertically integrated Bitcoin miner.
Being fully vertically integrated means that Bitdeer will have control over key aspects of its Bitcoin mining operations, instead of relying on third-party providers for infrastructure services.
The company stated that this acquisition gives it control over land, power generation, electrical and data center infrastructure, along with its Sealminer A3 mining rigs.
“This marks a significant step in our strategy to become the first fully vertically integrated Bitcoin miner, allowing us unmatched control over costs, energy efficiency, and scalability,” said Haris Basit, Bitdeer’s Chief Strategy Officer, in a press release.
Bitdeer, a crypto cloud mining company based in Singapore, has expanded across several regions, including the US. It went public in April 2023 via a backdoor listing after merging with Blue Safari Acquisition in a $1.18 billion deal.
Despite its global expansion and the recent acquisition in Canada, Bitdeer’s stock has struggled. The company’s shares have dropped 27.5% over the past month, including a 4.95% decline on February 4, contrasting with the broader US market rally that day. In comparison, rival crypto mining companies like CleanSpark, Riot Platforms, and Terawulf saw gains.
Investor sentiment is becoming increasingly bearish, with short interest in Bitdeer rising from under 10 million shares in late November to 13.7 million by January 15. Additionally, the average daily trading volume continues to decline.

Bitcoin mining competition is expected to ease due to slower rollouts of new mining hardware. On January 27, Bitcoin mining difficulty decreased to 108.1 trillion, marking the first reduction of 2025.
In 2024, Bitcoin miners faced a 50% reduction in earnings due to the quadrennial halving, which cut Bitcoin rewards for verifying transactions from 6.25 BTC to 3.125 BTC per block. As a result, some mining companies, including Bitdeer, have diversified into other industries, such as AI. Bitdeer reported a significant drop in gross profit, with $2.8 million in Q3 2024, down from $21.1 million in the same period the previous year.
More recently, mining stocks saw a decline, mirroring a downturn in the AI industry after the rise of DeepSeek, a Chinese artificial intelligence model that competes with OpenAI. DeepSeek gained prominence by outperforming rivals at a fraction of the cost, shaking up perceptions about AI development expenses and hardware reliance. This development has negatively impacted investor sentiment in both the mining and AI sectors.