Bitdeer Announces August 2024 Production and Operations Update
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) ha pubblicato il suo aggiornamento non revisionato sulle operazioni di mining di agosto 2024. I punti salienti includono:
- Autoestrazione di 166 Bitcoin
- Il numero di macchine di mining ospitate è diminuito di 45.000 unità
- La produzione di massa del SEALMINER A1 è prevista per il Q4 2024
- La consegna da parte di TSMC dei wafer iniziali di SEAL02 è attesa per metà settembre 2024
- I servizi cloud AI hanno mantenuto un utilizzo vicino al 100%
- La costruzione dei datacenter globali per il mining è in corso
- Completata con successo l'offerta di obbligazioni senior convertibili per un valore di 172,5 milioni di dollari USA
La potenza totale di hashing sotto gestione è diminuita a 16,8 EH/s, con una potenza di hashing proprietaria di 8,6 EH/s. Bitdeer continua a concentrarsi sull'integrazione verticale e sull'espansione della propria presenza nel mercato degli ASIC con tecnologia di chip proprietaria.
Bitdeer Technologies Group (NASDAQ: BTDR) ha publicado su actualización no auditada de minería y operaciones para agosto de 2024. Los puntos destacados incluyen:
- Auto-minado de 166 Bitcoins
- Disminución de 45,000 unidades en máquinas de minería hospedadas
- La producción en masa del SEALMINER A1 está en camino para el Q4 de 2024
- Se espera la entrega por parte de TSMC de los primeros wafers de SEAL02 a mediados de septiembre de 2024
- Los servicios de nube AI mantuvieron una utilización cercana al 100%
- La construcción de centros de datos de minería global progresando
- Se completó con éxito la oferta de notas senior convertibles por un total de 172.5 millones de dólares EE. UU.
La tasa total de hash bajo gestión ha disminuido a 16.8 EH/s, con una tasa de hash propietario de 8.6 EH/s. Bitdeer sigue enfocándose en la integración vertical y la expansión de su presencia en el mercado de ASICs con tecnología de chip propietario.
Bitdeer Technologies Group (NASDAQ: BTDR)는 2024년 8월의 감사받지 않은 채굴 및 운영 업데이트를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 자가 채굴한 비트코인 166개
- 호스팅된 채굴 기계 수가 45,000대로 감소
- SEALMINER A1의 대량 생산이 2024년 4분기로 예정되어 있음
- TSMC의 SEAL02 초기 테이프 아웃 웨이퍼가 2024년 9월 중반에 배송될 예정
- AI 클라우드 서비스는 100%에 가까운 활용률을 유지
- 글로벌 채굴 데이터 센터 건설 진행 중
- 1억 7,250만 달러 규모의 전환사채 발행 성공적으로 완료
회사의 총 해시레이트는 16.8 EH/s로 감소했으며, 자체 해시레이트는 8.6 EH/s입니다. Bitdeer는 독점 칩 기술을 통해 ASIC 시장의 존재감을 확장하고 수직 통합에 집중하고 있습니다.
Bitdeer Technologies Group (NASDAQ: BTDR) a publié sa mise à jour non audité sur l'extraction et les opérations pour août 2024. Les points clés incluent :
- Extraction autonome de 166 Bitcoins
- Diminution du nombre de machines d'extraction hébergées de 45 000 unités
- La production en série du SEALMINER A1 est prévue pour le T4 2024
- La livraison des premières plaquettes SEAL02 par TSMC est attendue pour mi-septembre 2024
- Les services cloud d'IA ont maintenu un taux d'utilisation proche de 100%
- La construction de centres de données de minage à l'échelle mondiale progresse
- Offre réussie de 172,5 millions de dollars d'obligations convertibles seniors
Le taux total de hachage sous gestion a diminué à 16,8 EH/s, avec un taux de hachage propriétaire de 8,6 EH/s. Bitdeer continue de se concentrer sur l'intégration verticale et l'expansion de sa présence sur le marché des ASIC avec une technologie de puce propriétaire.
Die Bitdeer Technologies Group (NASDAQ: BTDR) hat ihr nicht geprüfte Update zu Mining und Betrieb für August 2024 veröffentlicht. Die wichtigsten Höhepunkte sind:
- Selbst-geförderte 166 Bitcoins
- Anzahl der gehosteten Mining-Maschinen sank um 45.000 Einheiten
- Die Serienproduktion des SEALMINER A1 ist auf Kurs für Q4 2024
- Die Lieferung der ersten SEAL02-Wafer von TSMC wird für Mitte September 2024 erwartet
- Die Nutzung von KI-Cloud-Diensten blieb nahe 100%
- Der Bau globaler Mining-Datazentren wird fortgesetzt
- Erfolgreich abgeschlossenes Angebot von wandelbaren vorrangigen Schuldtiteln über 172,5 Millionen US-Dollar
Die gesamte Hashrate unter Verwaltung ist auf 16,8 EH/s gesunken, wobei die proprietäre Hashrate bei 8,6 EH/s liegt. Bitdeer konzentriert sich weiterhin auf vertikale Integration und den Ausbau seines Marktes für ASICs mit proprietärer Chip-Technologie.
- Successfully completed offering of US$172.5 million convertible senior notes
- SEALMINER A1 mass production on track to contribute 3.4 EH/s to proprietary hashrate in Q4 2024
- AI cloud services powered by NVIDIA GDX SuperPod maintained near 100% utilization
- Construction of global mining datacenters progressing as planned
- Self-mined Bitcoin decreased to 166 in August due to higher network difficulty and power disruptions
- Hosted mining machines decreased by 45,000 units
- Total hash rate under management decreased to 16.8 EH/s from 21.2 EH/s in July 2024
Insights
Bitdeer's August 2024 update reveals mixed results. The company mined 166 Bitcoins, down from 181 in July due to higher network difficulty and operational disruptions. This
The transition in hosting customers and ongoing infrastructure expansions indicate a strategic shift towards increased self-mining capacity. The planned deployment of proprietary SEALMINER A1 rigs, expected to add 3.4 EH/s hashrate, could significantly boost mining capabilities and potentially improve profitability in the long term. Investors should monitor the progress of these expansions and the performance of Bitdeer's new mining technology.
Bitdeer's technological advancements are promising. The SEALMINER A1's mass production remains on schedule, with deployment aligned with infrastructure expansions. This vertical integration strategy could provide a competitive edge in the mining industry. The imminent delivery of SEAL02 tape-out wafers and ongoing R&D for SEAL03 demonstrate Bitdeer's commitment to innovation.
The company's diversification into AI cloud services, powered by NVIDIA GDX SuperPod with H100 systems, shows near 100% utilization. This high-performance computing venture could open new revenue streams and reduce dependence on volatile cryptocurrency markets. However, the success of these initiatives hinges on timely execution and market adoption of Bitdeer's proprietary technologies.
Bitdeer's strategic positioning in the cryptocurrency mining sector is evolving. The company's focus on vertical integration, from chip design to mining operations, could enhance its competitive stance. However, the 45,000 unit decrease in hosted mining machines signals a shift in customer dynamics that warrants attention.
The expansion of global mining infrastructure, particularly in Norway, Texas and Bhutan, demonstrates Bitdeer's commitment to scaling operations. The planned 500 MW facility in Bhutan could be a game-changer, potentially offering low-cost, renewable energy for mining operations. Investors should weigh these long-term growth prospects against short-term production fluctuations and the inherent volatility of the cryptocurrency market.
SINGAPORE, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced its unaudited mining and operations updates for August 2024.
Operational Update
- Self-mined Bitcoin: Mined 166 Bitcoins.
- Hosting:
- Client hosted mining machines decreased by 45,000 units in August due to the transition of hosting customers and Texas 100 MW hydro-cooling conversion. The released capacity will be steadily refilled with new customers’ miners as well as Bitdeer’s SEALMINERs for self-mining from Sep 2024 to Q1 2025.
- Mining Rigs Manufacturing and R&D:
- SEALMINER A1 mass production remains on track to be completed in Q4 2024 and is anticipated to contribute 3.4 EH/s to the Company’s proprietary hashrate. The deployment of these SEALMINER A1 rigs is expected to happen concurrently with the energization of the Texas hydro-cooling conversion and Tydal, Norway phase 1 in Q4 2024 and Q1 2025.
- TSMC’s delivery of SEAL02 initial tape-out wafers remains on track to be completed by mid-September 2024. Chip verification and prototype testing will start immediately following tape-out. If testing is successful, mass production is scheduled to commence near the end of 2024.
- R&D of SEAL03, our third-generation chip, is ongoing.
- HPC/AI:
- Bitdeer AI cloud services powered by NVIDIA GDX SuperPod with H100 systems remained near
100% average utilization for this month. - TLM Group’s comprehensive research and analysis of Bitdeer’s global energy assets and datacenter sites remains ongoing.
- Bitdeer AI cloud services powered by NVIDIA GDX SuperPod with H100 systems remained near
- Mining Datacenters:
- Construction of the Tydal, Norway, phase 1 site 40 MW expansions remains on track to be energized in Q4 2024.
- Rockdale, Texas, U.S.A., 100 MW hydro-cooling conversion site is planned for phased completion between December 2024 and February 2025.
- Jigmeling, Bhutan, 500 MW construction remains on track with the primary substation expected to be completed by Q1 2025.
- Financing:
- The offering of US
$172.5 million aggregate principal amount of8.50% convertible senior notes due 2029 (the “Convertible Notes”) was successfully completed in August 2024, including US$22.5 million aggregate principal amount of Convertible Notes pursuant to the exercise in full by the underwriters in that offering of their over-allotment option to purchase additional Convertible Notes. The Company intends to use the net proceeds from the offering of the Convertible Notes for datacenter expansion, ASIC based mining rig development as well as working capital and other general corporate purposes. - The Company made a partial repayment of the outstanding principal balance of the senior secured notes issued to sellers in the Company’s previously announced acquisition of TROLL HOUSING AS and TYDAL DATA CENTER AS in August 2024 in the amount of US
$5 million .
- The offering of US
Management Commentary
Linghui Kong, Chief Business Officer of Bitdeer stated, “Further vertical integration and entry into the growing ASICs market with our proprietary chip technology are key to Bitdeer’s strategy. In September, we are set to receive the initial SEAL02 tape-out wafers from TSMC and we will begin verification and prototype testing. Upon successful results, mass production is scheduled to commence near the end of 2024.”
Mr. Kong continued, “In August, Bitcoin mined decreased to 166 Bitcoins as a result of higher network difficulty, temporary storm-related power disruption at our Tennessee facility and curtailments at our Rockdale, Texas site due to high summer heat.”
Production and Operations Summary
| Metrics | August 2024 | July 2024 | August 2023 |
| Total hash rate under management1(EH/s) | 16.8 | 21.2 | 21.3 |
| - Proprietary hash rate | 8.6 | 8.6 | 8.7 |
| • Self-mining | 7.8 | 7.5 | 7.2 |
| • Cloud Hash Rate | 0.8 | 1.1 | 1.5 |
| - Hosting | 8.2 | 12.6 | 12.6 |
| Mining machines under management | 167,000 | 212,000 | 221,000 |
| - Self-owned2 | 87,000 | 87,000 | 92,000 |
| - Hosted | 80,000 | 125,000 | 129,000 |
| Bitcoin mined (self-mining only) | 166 | 181 | 383 |
1 Total hash rate under management as of August 31, 2024 across the Company’s three primary business lines: Self-mining, Cloud Hash Rate, and Hosting.
- Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
- Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end. However, throughout the month, the Cloud Hash Rate may transition to Self-mining hash rate if customers opt to not make their monthly electricity payments for various reasons.
- Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
2 Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business.
Infrastructure Construction Update
Rockdale, Texas - Hydro-cooling conversion
Rockdale, Texas 100 MW hydro-cooling conversion key milestones achieved:
- Demolition work started on August 1, 2024. Expected to be completed by the end of September.
- Cooling system design completed and waiting to begin construction.
- Equipment procurement is ongoing.
- Water Tower testing have been finished in August and met the expectation.
- Energization timeline to occur in phases between Q4 2024 and Q1 2025.
Tydal, Norway
Tydal, Norway 175 MW site expansion is progressing well, with several key milestones achieved:
- Buildings and groundwork have been completed, along with the construction of the transformer foundation and housing.
- Orders for the procurement of the transformer and electrical equipment have been placed, with delivery and installation currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and the construction of drainage systems is ongoing.
- Construction of the substation is ongoing and expected to be completed by the end of October 2024.
- Tydal, Norway Expansion Phase 1 of 40 MW remains on track to be energized Q4 2024.
Massillon, Ohio
Massillon, Ohio 221 MW site is also making progress:
- Substation conceptual design is completed and long lead-time electrical equipment for the substation has been ordered.
- Engineering, Procurement, and Construction (EPC) contractor has been selected for the substation construction.
- Civil work is ongoing, with the majority expected to be completed by the end of Q4 2024 or Q1 2025.
- Building design is completed, and construction is anticipated to begin in Q1 2025.
- Estimated energization timeline remains on track for mid-to-late 2025.
Jigmeling, Bhutan
Jigmeling, Bhutan 500MW site is progressing well, with the following key milestones achieved:
- Civil work is nearly completed with an anticipated completion date by the end of September 2024. Construction of transformer and container foundations is in progress and will be completed in phases, with the last phase expected by the end of February 2025.
- 132kv/140MW substation design is completed, 220kv/360MW substation design is in progress.
- Construction of the substations is anticipated to be ready by the end of Q1 2025.
- Orders for the procurement of transformers and electrical equipment have been placed, with delivery and installation to be completed in phases over the next two quarters.
- Procurement and delivery of containers and hydro-cooling systems are in progress, with completion in phases by the end of Q1 2025.
Power Infrastructure Summary
| Site / Location | Capacity (MW) | Status | Timing3 |
| Electrical capacity | |||
| - Rockdale, Texas | 563 | Online | Completed |
| - Knoxville, Tennessee | 86 | Online | Completed |
| - Wenatchee, Washington | 13 | Online | Completed |
| - Molde, Norway | 84 | Online | Completed |
| - Tydal, Norway | 50 | Online | Completed |
| - Gedu, Bhutan | 100 | Online | Completed |
| Total electrical capacity | 895 | ||
| Pipeline capacity | |||
| - Tydal, Norway Phase 1 | 40 | In progress | Q4 2024 |
| - Tydal, Norway Phase 2 | 135 | In progress | Mid 2025 |
| - Massillon, Ohio | 221 | In progress | Mid-to-late 2025 |
| - Clarington, Ohio Phase 1 | 266 | In progress | Q3 2025 |
| - Clarington, Ohio Phase 2 | 304 | Pending approval | Estimate 2026 |
| - Jigmeling, Bhutan | 500 | In progress | Mid-Late 2025 |
| - Rockdale, Texas | 179 | In planning | Estimate 2026 |
| Total pipeline capacity | 1,645 | ||
| Total global electrical capacity | 2,540 |
3 Indicative timing. All timing references are to calendar quarters and years.
Upcoming Conferences and Events
- Sept. 5: Needham 4th Annual Virtual Crypto Conference
- Sept. 9 – 11: H.C. Wainwright 26th Annual Global Investment Conference in New York City
- Nov. 14: Cantor Crypto, Digital Assets & AI Infrastructure Conference in Miami
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
For investor and media inquiries, please contact:
Investor Relations
Orange Group
Yujia Zhai
BitdeerIR@orangegroupadvisors.com
Public Relations
Wachsman
Bee Shin
bitdeer@wachsman.com
FAQ
How many Bitcoins did Bitdeer (BTDR) self-mine in August 2024?
What was Bitdeer's (BTDR) total hash rate under management in August 2024?
When is Bitdeer (BTDR) expecting to complete the mass production of SEALMINER A1?
How much did Bitdeer (BTDR) raise through convertible senior notes in August 2024?
