Bitdeer has once again taken action, successfully completing the issuance of $330 million in convertible bonds, signaling key developments in the reshaping of the mining cycle. This is the third bond issuance in the past year, with a clear purpose: to increase investment in SEALMINER mining machine research and development, expand data centers, and strengthen the computing power moat. The coupon rate is only 4.875%, far below last year's record of 8.5%, and includes an oversubscription of $45 million, indicating that institutions still have confidence in its future prospects. It is worth noting that behind this round of financing lies a meticulous debt restructuring operation. Bitdeer is using cash and new shares to repurchase high-interest old debts, with an implied conversion price at a 57% discount, allowing old bondholders to exit gracefully while significantly reducing the company's financial costs. Although the stock price briefly plummeted 13% upon the news, in the medium to long term, this is a proactive and necessary slimming down. Against the backdrop of the Bitcoin halving cycle just beginning, Bitdeer's capital moves indicate that competition among mining companies is about to enter deep waters. Whoever can first achieve a "low cost + high efficiency" transformation will be the first to break through in the next bull market.