Top

Bitdeer pivots amid onset of Trump’s tariff war

Web3 & Enterprise·April 16, 2025, 7:10 AM

In response to U.S. President Donald Trump’s imposition of tariffs on foreign imports into the United States, Singapore-based and Nasdaq-listed Bitdeer has pivoted in an effort to handle this latest challenge.

 

In a discussion with Bloomberg, Jeff LaBerge, the company’s head of capital markets and strategic initiatives, said that rather than concentrating on sales and exporting crypto mining rigs, the company plans to utilize those rigs itself within its own mining operations.

https://asset.coinness.com/en/news/8b0a93c33263764b22c076ac0e209497.webp
Photo by Traxer on Unsplash

LaBerge stated:

 

“Our plan going forward is to prioritize our self-mining.”

 

90-day window

The company is also planning to take advantage of a 90-day tariff suspension period that the Trump administration put in place earlier this month, to ship mining machines from Southeast Asia to the United States. 

 

In tandem with this short-term push on U.S. exports, it is expected that miners will focus on buying hardware during this time. Jaran Mellerud, CEO of Hashlabs Mining, told Cointelegraph last week that in the short term, there is likely to be a spike in mining rig imports into the U.S. Some reports have suggested that U.S.-based mining firms have chartered flights in an effort to quickly import mining equipment and avoid tariffs of up to 104%.

Additional capital overheads for U.S. miners

Over the longer term, the crypto mining services company CEO believes that tariffs will hurt U.S.-based miners, increasing their capital costs to a greater extent than in the case of overseas-based mining operations. 

Earlier this month Kristian Csepcsar, chief marketing officer (CMO) at Bitcoin mining technology firm, Braiins, similarly claimed that Trump administration tariff policy would likely harm domestic mining companies, while benefiting those located in regions such as Russia and Kazakhstan. 

 

In another effort to deal with the challenge of tariffs on its products entering the United States, Bitdeer anticipates that it will begin production of its mining equipment in the U.S. sometime during H2 2025.

 

Much has changed for the Singapore-based firm over the course of a short period of time. A month ago LaBerge told CoinDesk about its efforts to challenge the leading ASIC Bitcoin mining equipment manufacturers, Bitmain and MicroBT. He said that Bitdeer wants to become “the top player in the market,” while believing that it has the technology and know-how to do so.

 

Challenging market conditions

Even before this tariff war bubbled over recently, the environment for Bitcoin miners was already proving to be difficult. Miners had been selling off Bitcoin reserves in recent weeks, taking profits while anticipating lower Bitcoin prices in the near future.

 

American multinational financial services firm JPMorgan estimated recently that the market cap of the 14 U.S.-listed Bitcoin miners had fallen by 25% in March, writing off $6 billion in value in what was the third worst month for miners on record. Last month Bernstein analysts cut their 2025 price targets for a range of publicly-listed Bitcoin miners.

 

Miners have been adapting to their business environment by upgrading equipment, cutting costs and diversifying into AI data hosting.

More to Read
View All
Web3 & Enterprise·

Nov 06, 2023

South Korean cryptocurrency-only exchange Cashierest to close its doors

South Korean cryptocurrency-only exchange Cashierest to close its doorsCashierest, a cryptocurrency-only exchange based in South Korea, announced on Monday (local time) that it will be closing its doors. A cryptocurrency-only exchange is a type of trading platform that supports trading of tokens but not fiat currencies. In South Korea, there are only five exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — that provide trading with the Korean won.As of 11 a.m. KST on Nov. 6, the services for token deposits and new sign-ups have been discontinued. Trading activities on the platform will cease at 11 a.m. on Nov. 13. Additionally, the ability to transfer tokens from Cashierest to other exchanges will end at 1 p.m. on Dec. 22.Photo by Lisa Bresler on UnsplashEarlier layoffs and CEO resignationSpeculation about the potential sale of Cashierest has been circulating since earlier this year, following layoffs and the resignation of its former CEO, Park Won-joon, in July. These events are largely seen as a result of low trading volumes on the platform, which many attribute to its lack of support for trading in Korean won.Lack of fiat support leading to low trading volumeA detailed study by the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) revealed that, out of 21 Korean crypto-only exchanges, 18 are experiencing a deficit in shareholders’ equity as of the first half of this year. Furthermore, 10 did not generate any revenue from transaction fees.During the same period, the five exchanges that support fiat-to-crypto transactions had an average daily trading volume of KRW 2.9 trillion (approximately $2.2 billion), while the collective daily trading volume for all crypto-only exchanges was just KRW 1 billion. This indicates that the market size of crypto-only exchanges is merely 0.03% of that of their fiat-supporting counterparts.

news
Policy & Regulation·

May 12, 2023

Spotlight on Daegu as Blockchain Strategy Forum Approaches

Spotlight on Daegu as Blockchain Strategy Forum ApproachesThe 2023 Blockchain Strategy Forum is set to take place in the South Korean city of Daegu on May 26, according to an announcement from crypto exchange operator Flata EX.Photo by Shubham Dhage on UnsplashDiscussing strategic initiativesThe conference, jointly hosted by the city’s industry promotion institute Daegu Technopark, local newspaper Daegu Shinmun, and Flata EX, will invite leading experts from the blockchain industry to discuss strategic approaches and initiatives related to blockchain technology.Incorporating blockchainThe primary focus of the conference will be to deliberate upon development and promotion strategies that can contribute to the growth of the Daegu economy. Special emphasis will be placed on discovering strategies for integrating blockchain technology into areas such as environmental, social, and governance (ESG) management, and administrative processes, thereby fostering a culture of innovation.Diverse panel of expertsA diverse mix of participants from academia, legal, and government sectors are expected to attend the event, engendering a comprehensive dialogue on the subject. Key attendees will include Hwang Suk-jin, Chairman of the Korean Association for NFT; Jeong Jae-wook, a digital assets attorney at Joowon Law; and Ryu Dong-hyun, the head of Daegu City’s AI and Blockchain Department Division.Beyond virtual assetsAn official from Flata EX told Korea Economy TV that the upcoming forum will offer valuable insights into how blockchain technology can foster innovative work environments. The official added that the discussion will extend beyond the blockchain’s usage in virtual assets and delve into its potential to transform administrative systems and procedures.

news
Web3 & Enterprise·

Nov 25, 2023

Victory Securities granted approval for retail crypto trading in Hong Kong

Victory Securities granted approval for retail crypto trading in Hong KongHong Kong’s Securities and Futures Commission (SFC) has given the green light to Victory Securities, a well established investment firm headquartered in the Chinese autonomous territory, for retail virtual asset trading.Photo by Carlos Alberto Gómez Iñiguez on UnsplashFirst licensed corporationThe license will allow the investment firm to expand its crypto trading and advisory services to retail investors. The publicly traded company announced its crypto licensing achievement via a press release published to its website on Friday. In that statement, the company expressed the hope that “by connecting traditional finance with virtual assets, customers can configure assets in a flexible and convenient way, and [we] can provide general investors with investment advice on virtual assets and publish relevant research reports.”This approval marks Victory Securities as the first licensed corporation in Hong Kong to offer such services to the retail market, joining the ranks of already approved firms like HashKey Exchange and OSL Digital Securities. It builds upon previous licensing approval that the company received from the SFC to offer a full range of trading and advisory services in respect of virtual assets to institutional clients in November 2022.The move reflects Hong Kong’s commitment to crypto regulation, as earlier this year, the region established a framework enabling the provision of crypto services to retail clients. This development positions Hong Kong as a key player in the Asian crypto market, where firms seem to be receiving more regulatory clarity compared to their counterparts in the United States. The regulatory initiative gains significance in light of the recent JPEX scandal, involving an alleged HK$1.6 billion ($204 million) fraud.Bringing retail into cryptoVictory Securities, currently listed as an applicant on the SFC’s recently published roster of virtual asset trading firms, is navigating this regulatory landscape to bring retail investors into the crypto market. In parallel, HashKey Group, another Hong Kong-based cryptocurrency firm, has launched the city’s first SFC-approved trading app since the JPEX incident. HashKey Exchange’s app, boasting “full mobile trading capabilities,” became operational this month, a notable progression given its prior limitation to professional investors.Through HashKey’s app, local traders can now engage in bitcoin and ether transactions using funds from their Hong Kong or U.S. dollar bank accounts. In addition to pioneering retail crypto trading, HashKey has introduced its crypto over-the-counter (OTC) trading service, HashKey Brokerage, aligning with local securities regulations and the recently implemented cryptocurrency regulatory framework by the SFC.The Hong Kong regulator is also believed to be currently weighing up whether to allow retail investors the ability to access spot crypto exchange-traded funds (ETFs). Despite these advancements, the SFC maintains restrictions on retail traders engaging in stablecoin transactions until new regulatory arrangements are established. This decision follows the SFC’s consultation paper on regulating crypto activities, emphasizing the need to address risks associated with stablecoins and their regulation.The regulator aims to ensure appropriate management of stablecoin reserves to maintain price stability and safeguard investors’ redemption rights, underscoring the potential significant implications for stablecoin stability if these risks are not effectively managed.As Hong Kong solidifies its position in the evolving crypto landscape, Victory Securities’ approval signifies yet another milestone in the region’s journey toward fostering a regulated and inclusive crypto market for retail investors.

news
Loading