Bitdeer Announces December 2024 Production and Operations Update
Bitdeer Technologies Group (NASDAQ: BTDR) released its December 2024 operations update, highlighting significant progress across multiple initiatives. The company self-mined 145 Bitcoins and maintained strong production targets, with 35 EH/s of SEALMINER A2s production on track through Q3 2025. Notably, ~7 EH/s of SEALMINER A2s have been pre-ordered for external sale with full down payments received.
The company's infrastructure expansion continues with 1.1 GW of new power capacity expected online in 2025. Key developments include progress in multiple locations: Tydal, Norway (40 MW expansion), Rockdale, Texas (100 MW hydro-cooling conversion), Jigmeling, Bhutan (500 MW construction), and Massillon, Ohio (221 MW facility). The company's AI cloud services maintained a ~90% utilization rate, and SEAL03 and SEAL04 development remains on schedule, targeting 10 J/TH and 5 J/TH efficiency respectively.
Bitdeer Technologies Group (NASDAQ: BTDR) ha rilasciato l'aggiornamento operativo di dicembre 2024, evidenziando progressi significativi in diverse iniziative. L'azienda ha auto-minato 145 Bitcoin e ha mantenuto forti obiettivi di produzione, con 35 EH/s di SEALMINER A2s in linea per il terzo trimestre del 2025. Nonostante ciò, circa 7 EH/s di SEALMINER A2s sono stati prenotati per la vendita esterna con il pagamento anticipato completo ricevuto.
L'espansione delle infrastrutture dell'azienda continua con 1,1 GW di nuova capacità energetica prevista online nel 2025. Sviluppi chiave includono progressi in diverse località: Tydal, Norvegia (espansione di 40 MW), Rockdale, Texas (conversione idro-raffrescante di 100 MW), Jigmeling, Bhutan (costruzione di 500 MW) e Massillon, Ohio (struttura da 221 MW). I servizi cloud AI dell'azienda hanno mantenuto un tasso di utilizzo di circa il 90%, e lo sviluppo di SEAL03 e SEAL04 rimane in programma, puntando rispettivamente a 10 J/TH e 5 J/TH di efficienza.
Bitdeer Technologies Group (NASDAQ: BTDR) publicó su actualización de operaciones de diciembre de 2024, destacando avances significativos en múltiples iniciativas. La empresa auto-minó 145 Bitcoins y mantuvo sólidas metas de producción, con 35 EH/s de SEALMINER A2s en camino para el tercer trimestre de 2025. Notablemente, aproximadamente 7 EH/s de SEALMINER A2s han sido preordenados para la venta externa con todos los pagos anticipados recibidos.
La expansión de infraestructura de la empresa continúa con 1.1 GW de nueva capacidad eléctrica que se espera esté en línea en 2025. Los desarrollos clave incluyen avances en múltiples ubicaciones: Tydal, Noruega (expansión de 40 MW), Rockdale, Texas (conversión hidro-refrigerante de 100 MW), Jigmeling, Bután (construcción de 500 MW) y Massillon, Ohio (instalación de 221 MW). Los servicios en la nube de IA de la empresa mantuvieron una tasa de utilización de aproximadamente el 90%, y el desarrollo de SEAL03 y SEAL04 sigue en programación, apuntando a una eficiencia de 10 J/TH y 5 J/TH, respectivamente.
비트디어 기술 그룹 (NASDAQ: BTDR)는 2024년 12월 운영 업데이트를 발표하며 여러 이니셔티브에서 큰 진전을 강조했습니다. 이 회사는 145 비트를 자가 채굴했으며, 2025년 3분기까지 35 EH/s의 SEALMINER A2s 생산 목표를 유지했습니다. 특히, 약 7 EH/s의 SEALMINER A2s가 외부 판매를 위해 예약되었으며, 모든 선불금이 접수되었습니다.
회사의 인프라 확장은 계속되고 있으며, 2025년에 온라인이 예상되는 새로운 전력 용량 1.1 GW가 있습니다. 주요 개발사항에는 여러 위치에서의 진전이 포함됩니다: 노르웨이 타이달 (40MW 확장), 텍사스 록데일 (100MW 수력 냉각 전환), 부탄 짐겔링 (500MW 건설) 및 오하이오 매시론 (221MW 시설). 회사의 AI 클라우드 서비스는 약 90%의 활용률을 유지했으며, SEAL03 및 SEAL04 개발은 각각 10 J/TH 및 5 J/TH 효율성을 목표로 일정을 맞추고 있습니다.
Bitdeer Technologies Group (NASDAQ: BTDR) a publié sa mise à jour opérationnelle de décembre 2024, mettant en évidence des progrès significatifs dans plusieurs initiatives. L'entreprise a auto-miné 145 Bitcoins et a maintenu des objectifs de production solides, avec 35 EH/s de SEALMINER A2s en bonne voie pour le troisième trimestre 2025. Notamment, environ 7 EH/s de SEALMINER A2s ont été précommandés pour la vente externe avec tous les paiements initiaux reçus.
L'expansion des infrastructures de l'entreprise se poursuit, avec 1,1 GW de nouvelle capacité électrique attendue en ligne d'ici 2025. Les développements clés incluent des avancées dans plusieurs localités : Tydal, Norvège (expansion de 40 MW), Rockdale, Texas (conversion de refroidissement hydro de 100 MW), Jigmeling, Bhoutan (construction de 500 MW) et Massillon, Ohio (installation de 221 MW). Les services cloud AI de l'entreprise ont maintenu un taux d'utilisation d'environ 90 %, et le développement de SEAL03 et SEAL04 reste dans les délais, visant des efficacités respectives de 10 J/TH et 5 J/TH.
Bitdeer Technologies Group (NASDAQ: BTDR) hat sein Operational Update für Dezember 2024 veröffentlicht und bedeutende Fortschritte in mehreren Initiativen hervorgehoben. Das Unternehmen hat 145 Bitcoins selbst geschürft und starke Produktionsziele beibehalten, mit 35 EH/s von SEALMINER A2s, die bis zum dritten Quartal 2025 auf Kurs sind. Bemerkenswert sind etwa 7 EH/s von SEALMINER A2s, die bereits für den externen Verkauf vorbestellt wurden, wobei die vollständigen Anzahlungen eingegangen sind.
Die Infrastrukturexpansion des Unternehmens geht weiter, mit 1,1 GW neuer Leistungskapazität, die für 2025 online erwartet wird. Wichtige Entwicklungen umfassen Fortschritte an mehreren Standorten: Tydal, Norwegen (40 MW Erweiterung), Rockdale, Texas (100 MW Hydro-Kühlungsumwandlung), Jigmeling, Bhutan (500 MW Bau) und Massillon, Ohio (221 MW Anlage). Die KI-Cloud-Dienste des Unternehmens hielten eine Auslastungsrate von ca. 90 % aufrecht, und die Entwicklung von SEAL03 und SEAL04 bleibt planmäßig, mit Zielen von 10 J/TH und 5 J/TH Effizienz.
- Pre-orders secured for ~7 EH/s of SEALMINER A2s with full down payments received
- AI cloud services achieved ~90% utilization rate
- 1.1 GW of new power capacity on track for 2025
- Full repayment of US$10 million senior secured notes
- Total hash rate under management increased to 21.6 EH/s from 20.7 EH/s in November
- Monthly Bitcoin production decreased to 145 from 434 year-over-year
- Client-hosted machines decreased by 2,000 units
- Bitcoin holdings declined to 359 from 444 in November 2024
Insights
The December 2024 operational update reveals significant progress in Bitdeer's infrastructure expansion and mining capabilities. The company mined
The planned energization of 1.1 GW power capacity in 2025 represents a substantial
The
The development roadmap for SEALMINER series showcases impressive technological advancement. The progression from A2 to A4 models demonstrates a remarkable improvement in energy efficiency, with SEAL04 targeting 5 J/TH - a significant leap from current industry standards. This positions Bitdeer as a potential market leader in ASIC technology.
The company's dual focus on both air and hydro cooling solutions for the A2 series shows technical versatility and market adaptability. The
The global infrastructure expansion across multiple locations (USA, Norway, Bhutan) demonstrates sophisticated geographical diversification. The 500 MW Bhutan facility and 221 MW Ohio site represent strategic positioning in regions with favorable energy costs and regulatory environments.
The conversion to hydro-cooling in Rockdale facility signals a focus on operational efficiency and sustainable operations. The total pipeline capacity of 1,645 MW shows ambitious but well-structured growth plans, with clear milestone tracking and phased implementation approach. This expansion positions Bitdeer to capitalize on the upcoming Bitcoin halving event through increased operational scale.
- Production of approximately 35 EH/s of SEALMINER A2s through Q3 2025 remains on track.
- ~7 EH/s of SEALMINER A2s allocated for external sale have been ordered by customers, including the full receipt of related down payments.
- SEAL03 sample wafers with an anticipated chip efficiency of 10 J/TH expected in Q1 2025.
- SEAL04 R&D remains on track to achieve industry leading efficiency of 5 J/TH with anticipated initial tape-out in Q3 2025.
SINGAPORE, Jan. 08, 2025 (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 December 2024.
Operational Update
- Self-mined Bitcoin: 145 Bitcoins.
- Mining Rig Manufacturing and R&D:
- SEALMINER A1: Mass production of approximately 3.7 EH/s of mining rigs remains on track with 0.3 EH/s powered on, 0.3 EH/s delivered for installation, 0.6 EH/s in-transit to data centers and 2.5 EH/s in production.
- SEALMINER A2:
- Production of approximately 35 EH/s of mining rigs through Q3 2025 remains on track. First trial batch of Air cooling rigs are expected to be delivered to our mining datacenters for testing in January 2025.
- ~29,000 units (~7 EH/s out of the 35 EH/s) of SEALMINER A2s allocated for external sale (both Air cooling and Hydro cooling), have been ordered by customers, including the full receipt of related down payments from customers. These mining rigs are expected to begin shipment in March through Q2 2025.
- SEALMINER A3:
- SEAL03 initial tape-out sample wafers with an expected chip efficiency of 10 J/TH are expected in Q1 2025.
- SEALMINER A4:
- SEAL04 R&D remains on track to achieve industry leading efficiency of 5 J/TH with anticipated initial tape-out in Q3 2025.
- HPC/AI:
- Discussions are ongoing with multiple development partners and potential end users for selected sites.
- Bitdeer AI cloud services powered by NVIDIA DGX SuperPod with H100 systems maintained an average utilization rate of approximately
90% for the month. - Co-hosted VLM Bootcamp with NVIDIA for participants to explore and create with VLM via Bitdeer AI Studio.
- Hosting:
- Client-hosted machines decreased by 2,000 units while overall hashrate increased by 0.8 EH/s due to higher efficiency machines hosted by clients.
- Infrastructure:
- Tydal, Norway, 40 MW phase 1 expansion has completed installation of transformers, with delivery and installation of electrical equipment currently in progress. The energization is currently pending for regulatory approval.
- Rockdale, Texas, USA, 100 MW hydro-cooling conversion is on track for phased completion during Q1 2025.
- Jigmeling, Bhutan, 500 MW construction is on track with the primary substation expected to be completed by Q1 2025.
- Massillon, Ohio, USA, 221 MW substation construction started and is expected to be completed in Q3 2025. Building design is completed and construction is underway, expected to be completed in phases between Q3 and Q4 2025.
- 1.1 GW of new power capacity is on track to come online in 2025.
- Financing:
- Full repayment of the outstanding principal balance of US
$10 million of the senior secured notes issued to sellers in the previously announced acquisition of TROLL HOUSING AS and TYDAL DATA CENTER AS.
- Full repayment of the outstanding principal balance of US
Management Commentary
“2025 is poised to be a transformative year for Bitdeer, marked by many exciting milestones,” stated Linghui Kong, Chief Business Officer of Bitdeer. “With the mass production of our SEALMINER A1 and A2 well underway, we are set to significantly expand our self-mining hashrate and commence miner sales to third party customers. Looking ahead, the planned releases of SEALMINER A3 and A4 in 2025 further strengthen our position to become an industry leading supplier in the multi-billion dollar ASICs market. Further, we are on track to energize over 1.1 GW of our 2.5 GW power portfolio over the next twelve months. Sustaining this momentum across multiple initiatives is a testament to our team’s dedication and belief in our mission. As we move into 2025, we are eager to solidify Bitdeer’s position as a leader in the crypto industry as well as the broader technology sector.”
Production and Operations Summary
| Metrics | Dec 2024 | Nov 2024 | Dec 2023 |
| Total hash rate under management1 (EH/s) | 21.6 | 20.7 | 21.0 |
| - Proprietary hash rate | 8.9 | 8.8 | 8.4 |
| • Self-mining | 8.5 | 8.2 | 6.7 |
| • Cloud Hash Rate | 0.0 | 0.2 | 1.7 |
| • Delivered but not hashing | 0.4 | 0.4 | - |
| - Hosting | 12.7 | 11.9 | 12.6 |
| Mining machines under management | 175,000 | 178,000 | 215,000 |
| - Self-owned2 | 85,000 | 86,000 | 86,000 |
| - Hosted | 90,000 | 92,000 | 129,000 |
| Bitcoins mined (self-mining only) | 145 | 150 | 434 |
| Bitcoins held3 | 594 | 443 | 43 |
1 Total hash rate under management as of December 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.
3 Bitcoins held do not include the Bitcoins from deposits of the customers.
Infrastructure Construction Update
Rockdale, Texas – 100 MW Hydro-cooling conversion to be energized in phases in Q1 2025:
- Cooling system will be delivered and installed in phases in Q1 2025.
- Planning for phased energization between January and March 2025.
Tydal, Norway – 175 MW site expansion anticipated to be fully energized by mid-2025:
- Installation of the transformers has been completed, with the delivery and installation of electrical equipment currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and drainage systems construction is ongoing.
- Tydal, Norway Phase 1 40 MW expansion pending regulatory approval. Energization of the full 175 MW site is reasonably expected to be no later than mid-2025.
Massillon, Ohio – 221 MW site construction has begun ahead of schedule:
- Substation construction is underway and is expected to be completed in Q3 2025.
- Building design is completed and construction has begun earlier than expected, estimated to be completed in phases between Q3 and Q4 2025.
- Estimated energization timeline remains on track for mid-to-late 2025.
Jigmeling, Bhutan – 500 MW site is progressing well, with the following key milestones achieved:
- Construction of transformer and container foundations in progress and will be completed in phases, with the last phase expected by the end of February 2025.
- 132kb/140MW and 220kv/360MW substation designs are completed with construction 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 work to be completed in phases over Q1 and Q2 2025.
- Procurement and delivery of containers and hydro-cooling systems are in progress, with completion in phases by the end of Q1 2025.
| Site / Location | Capacity (MW) | Status | Timing4 |
| 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 | 8955 | ||
| Pipeline capacity | |||
| - Tydal, Norway Phase 1 | 40 | In progress | Pending Regulatory Approval |
| - 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-to-late 2025 |
| - Rockdale, Texas | 179 | In planning | Estimate 2026 |
| Total pipeline capacity | 1,645 | ||
| Total global electrical capacity | 2,540 |
4 Indicative timing. All timing references are to calendar quarters and years.
5 Figures may not add up due to rounding.
Upcoming Conferences and Events
- January 14-17, 2025: 27th Annual Needham Growth Conference in New York City
- Management Presentation is scheduled for 9:30 am ET on January 15, 2025 and can be viewed at this link.
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
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com
FAQ
What was Bitdeer's (BTDR) Bitcoin production in December 2024?
How many SEALMINER A2 units has Bitdeer (BTDR) secured orders for?
What is the expected efficiency of Bitdeer's SEAL04 chip?
How much new power capacity is Bitdeer (BTDR) planning to bring online in 2025?
What was Bitdeer's (BTDR) total hash rate under management as of December 2024?
