#blockbits Author：区块律动 Bitdeer is the largest Bitcoin miner in the US by hashrate. This week, it emptied its entire BTC treasury—from 2017 to zero. Simultaneously, the company completed a $325 million convertible bond financing and equity issuance. This is not an isolated event: hashrate is approaching the break-even point for many miners, and a structural shift is quietly underway, transforming miners from "coin-hoarding machines" into "BTC-fueled operating machines." The full text is as follows: Bitdeer, the largest Bitcoin miner in the United States by computing power, completely emptied its BTC ledger this week. The company's BTC Treasury balance currently shows 0 – it sold 189.8 newly mined BTC and withdrew 943.1 BTC from its reserves to sell as well. Mining companies holding Bitcoin are like pressure in a pipeline: part of it flows out as revenue, and part remains in the national treasury as a store of value and a buffer. The state of the buffer reflects the management's