Welcome to our dedicated page for Bitdeer Technologies Group news (Ticker: BTDR), a resource for investors and traders seeking the latest updates and insights on Bitdeer Technologies Group stock.
Bitdeer Technologies Group (symbol: BTDR) is a global leader in digital asset mining services, primarily engaged in proprietary mining, cloud hash rate sharing, and cloud hosting. The company operates five proprietary mining data centers located in the United States and Norway, making it a significant player in the blockchain and high-performance computing sectors.
Core Business: Bitdeer excels in providing comprehensive computing solutions, handling complex processes such as equipment procurement, transport logistics, data center design and construction, equipment management, and daily operations. The company also offers advanced cloud capabilities for clients with high AI demands.
Recent Achievements: Recently, Bitdeer announced plans to install their SEALMINER A1 miners at their Rockdale, Texas, and Norway data centers in Q3 and Q4 of 2024. This move aims to expand their hash rate capacity from 8.4 EH/s to approximately 11.8 EH/s, with further expansions planned until the end of 2025.
Financial Condition: Bitdeer's financial performance has shown resilience despite market fluctuations. For the full year of 2023, the company reported a cost of revenue of US$290.7 million and a gross profit of US$77.8 million. Net loss stood at US$56.7 million, with an adjusted profit of US$22.0 million.
Current Projects: The company is actively expanding its data center capabilities, with significant projects underway in Ohio, USA, and Jigmeling, Bhutan. The Ohio and Tydal, Norway data centers are expected to be operational by 2025, while the Bhutan site aims for mid-2025 completion.
Partnerships: In a notable development, Bitdeer secured a $100 million investment from Tether, along with an option to raise an additional $50 million. This partnership underscores confidence in Bitdeer's vision and operational strength.
Future Prospects: Bitdeer's strategic acquisitions and ongoing R&D efforts aim to enhance its position in the technology sector. The company recently announced plans to integrate technologies from Desiweminer, further bolstering its ASIC design capabilities.
Market Presence: Headquartered in Singapore, Bitdeer boasts a robust global presence, with data centers in the United States, Norway, Bhutan, and more. The company aims to exceed a total hash rate of 46 EH/s by the end of 2025, demonstrating its commitment to remaining at the forefront of the digital asset mining industry.
Bitdeer Technologies Group (NASDAQ: BTDR) released its November 2024 operations update, highlighting significant expansion plans. The company expects to achieve ~35 EH/s of SEALMINER A2 mass production through Q3 2025, up from 18 EH/s. An initial allocation of ~30,000 units (~7 EH/s) has been fully reserved by customers.
Key operational metrics include 150 self-mined Bitcoins and a total hash rate under management of 20.7 EH/s. The company closed a US$400 million convertible note offering to accelerate SEALMINER development. Infrastructure developments include 1.1 GW of new power capacity scheduled for 2025, with major projects in Norway, Texas, Ohio, and Bhutan progressing.
Bitdeer Technologies Group (BTDR) has announced the pricing of US$360.0 million in 5.25% Convertible Senior Notes due 2029. The notes will bear interest semiannually and can be converted into cash, Class A ordinary shares, or a combination of both. The initial conversion price is US$15.95 per share, representing a 42.5% premium over the last reported share price. The company plans to use the proceeds for datacenter expansion, ASIC mining rig development, and working capital. Additionally, Bitdeer has entered into a zero-strike call option transaction worth approximately US$160.0 million and concurrent note exchange transactions for existing 2029 notes.
Bitdeer Technologies Group (BTDR) announced plans to offer US$360.0 million in Convertible Senior Notes due 2029 through a private placement to qualified institutional buyers. The company will grant initial purchasers an option for an additional US$40.0 million in notes. The notes will be senior unsecured obligations with semiannual interest payments.
The proceeds will fund datacenter expansion, ASIC mining rig development, and working capital. Bitdeer will enter a zero-strike call option transaction and concurrent note exchange transactions with holders of existing 8.50% convertible senior notes due 2029.
Bitdeer Technologies Group (NASDAQ: BTDR) reported Q3 2024 financial results with total revenue of $62.0 million, down from $87.3 million in Q3 2023. The company recorded a net loss of $50.1 million compared to $1.8 million loss in Q3 2023. Key operational metrics showed total hash rate under management at 17.1 EH/s, with 8.1 EH/s in self-mining. The company maintains a strong cash position of $291.3 million. Notable developments include progress in SEALMINER mining rigs commercialization, with A1 sample batch energized and A2 series launched in October, expected to deliver 18 EH/s. The company's Cloud HPC and AI business achieved 98% utilization in Singapore.
Bitdeer Technologies Group (NASDAQ: BTDR) released its October 2024 operations update, highlighting the launch of SEALMINER A2 mining machines with 226 TH/s (air-cooling) and 446 TH/s (hydro-cooling) capabilities. The company self-mined 174 Bitcoins and increased client-hosted mining machines by 3,000 units. Mass production of SEALMINER A1 and A2 is expected to generate approximately 21.7 EH/s combined. The company successfully taped out SEAL03 chip with 10 J/TH efficiency. Construction projects in Norway, Texas, and Bhutan are progressing, though the Rockdale facility faces a one-month delay due to dock workers' strike.
Bitdeer Technologies Group (NASDAQ: BTDR) has scheduled its third quarter 2024 earnings conference call for November 18, 2024, at 8:00 AM EST. The company will release its unaudited financial and operational results for the quarter ended September 30, 2024, before the call at approximately 7:00 AM EST. Management will discuss the results followed by a Q&A session. The conference call will be accessible via webcast and phone registration, with participants encouraged to connect 5 minutes before the scheduled time.
Bitdeer Technologies Group (NASDAQ: BTDR) has released its unaudited mining and operations updates for September 2024. Key highlights include:
- Self-mined 164 Bitcoins
- SEALMINER A1 mass production on schedule for Q4 2024, expected to add 3.4 EH/s to Bitdeer's hashrate
- SEAL02 chip initial testing showed 13.5 J/TH efficiency in ultra power-saving mode
- SEALMINER A2 mass production scheduled for November 2024
- SEAL03 chip design on track for Q4 2024 tape-out, targeting 10 J/TH efficiency
- Positive feasibility assessment for Ohio HPC/AI datacenters
- AI cloud services near 100% utilization
- Launched pilot H100 capacity in Canada and AI Workflow platform
- Hosting hashrate increased by 0.3 EH/s
- Infrastructure expansions progressing in Norway, Texas, Ohio, and Bhutan
Bitdeer Technologies Group (NASDAQ: BTDR) has successfully tested its latest Bitcoin mining chip, SEAL02, achieving an exceptional power efficiency ratio of 13.5 J/TH in low voltage, ultra power-saving mode. This milestone aligns with the SEALMINER technology roadmap announced in June 2024. The SEAL02 chip, developed in partnership with TSMC, uses one of the most advanced process nodes.
Key points:
- SEAL02 will be integrated into upcoming SEALMINER A2 mining machines
- Mass production is scheduled to begin in November 2024
- R&D work on SEAL03 chip is ongoing and on track
- Bitdeer has a dedicated team of engineers for R&D in ASIC design, algorithm development, and more
The company aims to set new benchmarks for efficiency and transparency in the mining ecosystem while contributing to the security of the Bitcoin decentralized network.
Bitdeer Technologies Group (NASDAQ: BTDR) has released its unaudited mining and operations update for August 2024. Key highlights include:
- Self-mined 166 Bitcoins
- Hosted mining machines decreased by 45,000 units
- SEALMINER A1 mass production on track for Q4 2024
- TSMC's delivery of SEAL02 initial tape-out wafers expected by mid-September 2024
- AI cloud services maintained near 100% utilization
- Construction of global mining datacenters progressing
- Successfully completed offering of US$172.5 million convertible senior notes
The company's total hash rate under management decreased to 16.8 EH/s, with proprietary hash rate at 8.6 EH/s. Bitdeer continues to focus on vertical integration and expansion of its ASICs market presence with proprietary chip technology.
Bitdeer Technologies Group (Nasdaq: BTDR) has announced the pricing of its public offering of US$150 million in 8.50% convertible senior notes due 2029. The notes will mature on August 15, 2029, with an initial conversion rate of 117.0207 shares per US$1,000 principal amount, equivalent to a conversion price of approximately US$8.55 per Class A ordinary share. This represents a 35% premium over the last reported share price of US$6.33.
The company expects to raise approximately US$144.5 million in net proceeds, which will be used for datacenter expansion, ASIC-based mining rig development, and general corporate purposes. The offering is expected to close on August 20, 2024, subject to customary conditions. BTIG is acting as the sole book-running manager for the offering.
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