Bitdeer Technologies Group: Unaudited Mining and Operations Updates

Bitdeer Reports 64% YOY Increase in Bitcoin Mined

Bitdeer Technologies Group (NASDAQ: BTDR), a pioneer in blockchain and high-performance computing technology, has shared its unaudited mining and operations updates for February 2024.

The company revealed a significant 64% year-over-year surge in Bitcoin mined, reaching a total of 287 for the month. Despite a slight decrease in production compared to January due to the shorter month and increased network hash rate, Bitdeer’s overall hash rate under management expanded to 22 EH/s.

Technological Advancements and Infrastructure Developments

Chief Business Officer Linghui Kong emphasized the testing of Bitdeer’s first Bitcoin mining chip, the 4nm SEAL01, as a notable technological breakthrough. The SEAL01 chip, renowned for its power efficiency of 18.1 J/TH, is slated for integration into the new SEALMINER A1 mining machines, offering Bitdeer cost and supply chain advantages.

On the infrastructure front, the company has initiated land preparation for a new 221MW datacenter in Ohio, with operations expected to commence in 2025. Additionally, construction of the 175MW immersion cooling datacenter in Norway is progressing well, set for completion by mid-2025.

Business Expansion and Financial Outlook

Operating across Self-mining, Hash Rate Sharing, and Hosting business lines, Bitdeer’s proprietary hash rate stood steady at 8.4 EH/s as of February 29, 2024. The total number of mining machines under management increased to 222,000, with an aggregate electrical capacity of 895MW across six datacenters.

Investors are closely monitoring Bitdeer’s financial health and market performance as the company continues to expand its mining operations. With a positive balance sheet, Bitdeer holds more cash than debt, potentially supporting its growth plans. Analysts anticipate profitability this year, marking a significant milestone for the company.

InvestingPro Insights

Bitdeer’s market cap currently stands at approximately $733.14 million. Despite facing profitability challenges, the company has shown revenue growth, with a 14.0% quarterly increase in Q1 2023. This growth is attributed to strategic initiatives like the development of the SEAL01 chip and the expansion of datacenter infrastructure.

For a detailed analysis of Bitdeer’s financial and market performance, investors can explore InvestingPro Tips. Use coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription, gaining valuable insights to inform investment decisions.

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