Bitdeer Announces February 2025 Production and Operations Update
Bitdeer Technologies Group (NASDAQ: BTDR) has released its February 2025 operations update, reporting 110 self-mined bitcoins. The company's SEALMINER A1 production (3.7 EH/s) is nearly complete, with various stages of deployment underway. For SEALMINER A2, 35 EH/s production is expected by October 2025, with 0.6 EH/s ready for shipment.
Notable developments include SEAL03 sample wafers achieving 9.7 J/TH efficiency at chip level, and SEAL04 R&D progressing toward 5 J/TH efficiency. The company reported a decrease in client-hosted machines by 17,000 units (1.7 EH/s). Infrastructure expansions are ongoing in multiple locations, including Tydal, Norway (40 MW), Rockdale, Texas (100 MW), and Jigmeling, Bhutan (500 MW).
The company completed a US$9 million share repurchase and approved an additional US$20 million repurchase program through February 2026. CEO Jihan Wu has adopted a Rule 10b5-1 plan to sell up to 4 million shares based on specific price thresholds between March and June 2025.
Bitdeer Technologies Group (NASDAQ: BTDR) ha rilasciato il suo aggiornamento operativo di febbraio 2025, riportando 110 bitcoin estratti autonomamente. La produzione del SEALMINER A1 (3.7 EH/s) è quasi completa, con varie fasi di distribuzione in corso. Per il SEALMINER A2, si prevede una produzione di 35 EH/s entro ottobre 2025, con 0.6 EH/s pronti per la spedizione.
Sviluppi notevoli includono i wafer campione SEAL03 che hanno raggiunto un'efficienza di 9.7 J/TH a livello di chip, e il R&D del SEAL04 che progredisce verso un'efficienza di 5 J/TH. L'azienda ha riportato una diminuzione delle macchine ospitate dai clienti di 17.000 unità (1.7 EH/s). Le espansioni infrastrutturali sono in corso in diverse località, tra cui Tydal, Norvegia (40 MW), Rockdale, Texas (100 MW) e Jigmeling, Bhutan (500 MW).
L'azienda ha completato un riacquisto di azioni da 9 milioni di dollari e ha approvato un ulteriore programma di riacquisto di 20 milioni di dollari fino a febbraio 2026. Il CEO Jihan Wu ha adottato un piano Rule 10b5-1 per vendere fino a 4 milioni di azioni in base a specifici limiti di prezzo tra marzo e giugno 2025.
Bitdeer Technologies Group (NASDAQ: BTDR) ha lanzado su actualización de operaciones de febrero de 2025, reportando 110 bitcoins minados de forma autónoma. La producción del SEALMINER A1 (3.7 EH/s) está casi completa, con varias etapas de implementación en curso. Para el SEALMINER A2, se espera una producción de 35 EH/s para octubre de 2025, con 0.6 EH/s listos para el envío.
Desarrollos notables incluyen obleas de muestra SEAL03 que alcanzan una eficiencia de 9.7 J/TH a nivel de chip, y la I+D del SEAL04 avanzando hacia una eficiencia de 5 J/TH. La empresa reportó una disminución de 17,000 unidades de máquinas alojadas por clientes (1.7 EH/s). Las expansiones de infraestructura están en curso en múltiples ubicaciones, incluyendo Tydal, Noruega (40 MW), Rockdale, Texas (100 MW) y Jigmeling, Bután (500 MW).
La empresa completó una recompra de acciones de 9 millones de dólares y aprobó un programa adicional de recompra de 20 millones de dólares hasta febrero de 2026. El CEO Jihan Wu ha adoptado un plan Rule 10b5-1 para vender hasta 4 millones de acciones basándose en umbrales de precio específicos entre marzo y junio de 2025.
Bitdeer Technologies Group (NASDAQ: BTDR)는 2025년 2월 운영 업데이트를 발표하며 110개의 자가 채굴 비트코인을 보고했습니다. SEALMINER A1(3.7 EH/s) 생산이 거의 완료되었으며, 다양한 배포 단계가 진행 중입니다. SEALMINER A2의 경우, 2025년 10월까지 35 EH/s 생산이 예상되며, 0.6 EH/s는 배송 준비가 완료되었습니다.
주요 개발 사항으로는 SEAL03 샘플 웨이퍼가 칩 수준에서 9.7 J/TH의 효율성을 달성했으며, SEAL04 연구 개발이 5 J/TH 효율성을 향해 진행되고 있습니다. 회사는 고객이 호스팅하는 기계가 17,000대(1.7 EH/s) 감소했다고 보고했습니다. 인프라 확장은 노르웨이 타이달(40 MW), 텍사스 록데일(100 MW), 부탄 지그멜링(500 MW) 등 여러 지역에서 진행되고 있습니다.
회사는 900만 달러의 자사주 매입을 완료했으며 2026년 2월까지 추가로 2천만 달러의 매입 프로그램을 승인했습니다. CEO 지한 우는 2025년 3월에서 6월 사이 특정 가격 기준에 따라 최대 400만 주를 판매하는 Rule 10b5-1 계획을 채택했습니다.
Bitdeer Technologies Group (NASDAQ: BTDR) a publié sa mise à jour opérationnelle de février 2025, rapportant 110 bitcoins minés par ses soins. La production du SEALMINER A1 (3.7 EH/s) est presque terminée, avec diverses étapes de déploiement en cours. Pour le SEALMINER A2, une production de 35 EH/s est attendue d'ici octobre 2025, avec 0.6 EH/s prêts à être expédiés.
Les développements notables incluent les wafers d'échantillon SEAL03 atteignant une efficacité de 9.7 J/TH au niveau des puces, et la R&D du SEAL04 progressant vers une efficacité de 5 J/TH. L'entreprise a signalé une diminution de 17 000 unités de machines hébergées par des clients (1.7 EH/s). Des expansions d'infrastructure sont en cours à plusieurs endroits, notamment à Tydal, en Norvège (40 MW), à Rockdale, au Texas (100 MW) et à Jigmeling, au Bhoutan (500 MW).
L'entreprise a complété un rachat d'actions de 9 millions de dollars et a approuvé un programme de rachat supplémentaire de 20 millions de dollars jusqu'en février 2026. Le CEO Jihan Wu a adopté un plan Rule 10b5-1 pour vendre jusqu'à 4 millions d'actions en fonction de seuils de prix spécifiques entre mars et juin 2025.
Bitdeer Technologies Group (NASDAQ: BTDR) hat sein Betriebsupdate für Februar 2025 veröffentlicht und berichtet von 110 selbst geschürften Bitcoins. Die Produktion des SEALMINER A1 (3.7 EH/s) ist nahezu abgeschlossen, mit verschiedenen Implementierungsphasen in Arbeit. Für den SEALMINER A2 wird eine Produktion von 35 EH/s bis Oktober 2025 erwartet, wobei 0.6 EH/s versandbereit sind.
Bemerkenswerte Entwicklungen sind, dass die SEAL03-Probenwafer eine Effizienz von 9.7 J/TH auf Chip-Ebene erreicht haben und die F&E des SEAL04 auf eine Effizienz von 5 J/TH hinarbeitet. Das Unternehmen berichtete von einem Rückgang der von Kunden gehosteten Maschinen um 17.000 Einheiten (1.7 EH/s). Infrastruktur-Erweiterungen sind an mehreren Standorten im Gange, darunter Tydal, Norwegen (40 MW), Rockdale, Texas (100 MW) und Jigmeling, Bhutan (500 MW).
Das Unternehmen hat ein Aktienrückkaufprogramm in Höhe von 9 Millionen US-Dollar abgeschlossen und ein zusätzliches Rückkaufprogramm von 20 Millionen US-Dollar bis Februar 2026 genehmigt. CEO Jihan Wu hat einen Rule 10b5-1-Plan angenommen, um bis zu 4 Millionen Aktien basierend auf bestimmten Preisgrenzen zwischen März und Juni 2025 zu verkaufen.
- Achieved 9.7 J/TH power efficiency for SEAL03 wafers
- SEALMINER A1 production of 3.7 EH/s nearly complete
- New $20M share repurchase program approved
- Multiple infrastructure expansions progressing (Tydal, Rockdale, Jigmeling)
- SEAL04 R&D on track for 5 J/TH efficiency
- Bitcoin self-mining decreased to 110 BTC in February
- Client-hosted machines decreased by 17,000 units (1.7 EH/s)
- Customers requesting delayed payments for SEALMINER A2 due to lower Bitcoin prices
- CEO planning to sell up to 4M shares
- Clarington Phase 2 (304 MW) still pending approval
Insights
Bitdeer's February update reveals a mixed operational landscape with several key considerations for investors. The company's decision to redirect SEALMINER A2 units from external sales to self-mining due to customers requesting payment delays signals potential demand softness in the current Bitcoin price environment. This strategic pivot allows Bitdeer to avoid idle inventory while maintaining customer deposits, but it could impact near-term revenue projections.
The manufacturing progress remains on track with nearly finalized production of SEALMINER A1 (3.7 EH/s) and ongoing production of SEALMINER A2 (35 EH/s). More importantly, the technological advancement demonstrated in the SEALMINER A3 prototype testing, achieving 9.7 J/TH energy efficiency, represents a significant competitive advantage in an industry where operational margins are highly sensitive to power consumption.
The company's
Bitdeer's 2.6 GW power portfolio represents substantial infrastructure value, with significant development progress across multiple sites. The company's positioning for potential HPC/AI applications provides strategic optionality beyond pure crypto mining, though these initiatives remain in early discussion stages with no concrete revenue visibility.
Bitdeer's technology roadmap execution merits close attention, particularly the efficiency improvements in their ASIC development pipeline. The SEALMINER A3's demonstrated 9.7 J/TH efficiency at chip level during prototype testing represents significant progress, especially in ultra power-saving mode. This positions Bitdeer competitively in the mining hardware ecosystem where energy efficiency directly correlates to profitability.
More impressively, the SEALMINER A4 development targeting approximately 5 J/TH efficiency with Q3 2025 tape-out indicates Bitdeer's commitment to pushing technological boundaries in mining hardware. These efficiency gains become especially critical with Bitcoin's halving event approaching, which will reduce mining rewards and increase competitive pressure on operational efficiency.
The company's infrastructure development reveals a strategic shift toward advanced cooling technologies. The Rockdale, Texas 100 MW hydro-cooling conversion demonstrates Bitdeer's implementation of cutting-edge thermal management, which enables higher hash rates in dense deployments. Early reports that over 500 SEALMINER A1 Hydro-cooled machines are running "stably with very low defective rate" validates this technological approach.
Bitdeer's customer dynamics reflect broader market realities—the 1.7 EH/s reduction in client-hosted machines indicates accelerating obsolescence of less efficient hardware as operators optimize for post-halving economics. The company's ability to redirect unsold hardware to self-mining operations demonstrates operational flexibility, though it also reveals potential market softness in the current pricing environment.
- SEAL03 sample wafers achieved a power efficiency of 9.7 J/TH at the chip level during chip verification and prototype testing while running at low voltage, ultra power-saving mode
- Anticipate SEALMINER A3 mass production to commence in the latter half of 2025
SINGAPORE, March 12, 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 February 2025.
Operational Update
- Self-mined Bitcoin: 110 bitcoins, down from January 2025 due to less days in February.
- Mining Rig Manufacturing and R&D:
- SEALMINER A1:
- Mass production of approximately 3.7 EH/s of mining rigs is nearly finalized.
- 0.7 EH/s are energized, 0.4 EH/s have been delivered for installation, 0.2 EH/s are in-transit to datacenters, 2.3 EH/s have been produced and ready for shipment and 0.1 EH/s remain in production. We expect to ship all remaining mining machines to mining facilities in March 2025.
- SEALMINER A2:
- Production of approximately 35 EH/s are expected to be completed in October 2025, of which 0.6 EH/s have been produced and are ready for shipment. We expect approximately another 1 EH/s to be manufactured in March 2025.
- Approximately 7 EH/s out of the 35 EH/s of SEALMINER A2s allocated for external sales are expected to begin shipment in March 2025.
- Recently, certain customers have requested to delay their final payment for SEALMINER A2s due to lower Bitcoin price. Furthermore, they have also requested alternative purchase options for future generations of SEALMINER machines. As such, Bitdeer plans to redirect SEALMINER A2s previously allocated for external sale to self-mining to avoid idle inventory. However, the Company is confident that all 7 EH/s will be sold in the near future.
- While allowing customers to delay final payment, Bitdeer will retain customers’ down payment on SEALMINER A2s.
- SEALMINER A3:
- SEAL03 sample wafers achieved an energy efficiency of 9.7 J/TH at the chip level during chip verification and prototype testing while running at low voltage, ultra power-saving mode.
- SEALMINER A4:
- SEAL04 R&D remains on track to achieve an expected chip efficiency of approximately 5 J/TH with anticipated initial tape-out in Q3 2025.
- SEALMINER A1:
- HPC/AI:
- Discussions are ongoing with multiple development partners and potential end users for select large scale sites in U.S. for HPC/AI.
- Hosting:
- Client-hosted machines decreased by 17,000 units or 1.7 EH/s in February, due to customers kept disposing their less efficient mining rigs.
- Infrastructure:
- Tydal, Norway, 40 MW phase 1 expansion energization application has entered into the fast track for final regulatory approval.
- Rockdale, Texas, USA, 100 MW hydro-cooling conversion is on track to commence phased energization in March 2025, of which approximately half of the capacity will be used for operating SEALMINER A1 Hydro-cooled machines. As of the date of this report, more than 500 units of SEALMINER A1 Hydro-cooled machines have already been energized, running stably with very low defective rate and the Company expects more SEALMINER A1 Hydro-cooled and SEALMINER A2 series mining rigs will be delivered to Rockdale, Texas in March 2025.
- Clarington Phase 2, Ohio, USA, 304 MW is still pending approval and in negotiation with the landlord.
- Jigmeling, Bhutan, 500 MW construction is on track with the primary substation expected to be completed by the end of March 2025.
- Share Repurchase:
- Completed the repurchased approximately US
$9 million of the Company’s Class A ordinary shares at the end of February 2025 while the share price dropped significantly. - The Company’s board of directors approved a new share repurchase program to repurchase up to additional US
$20 million worth of its Class A ordinary shares effective from February 28, 2025 through February 28, 2026.
- Completed the repurchased approximately US
Management Commentary
We expect nearly all SEALMINER A1s to be energized during March and April 2025. Further, we remain focused on executing our chip roadmap on SEALMINER A2 and SEALMINER A3. We will leverage our massive 2.6 GW power portfolio for HPC/AI. We have advanced discussions with multiple development partners and potential end users for selecting large scale sites in U.S. and hope to provide an update to investors in the coming months.
Production and Operations Summary
| Metrics | Feb 2025 | Jan 2025 | Dec 2024 |
| Total hash rate under management1 (EH/s) | 20.9 | 22.4 | 21.6 |
| - Proprietary hash rate | 9.4 | 9.2 | 8.9 |
| • Self-mining | 9.0 | 8.7 | 8.5 |
| • Cloud Hash Rate | - | - | - |
| • Delivered but not hashing | 0.4 | 0.5 | 0.4 |
| - Hosting | 11.5 | 13.2 | 12.7 |
| Mining machines under management | 163,000 | 179,000 | 175,000 |
| - Self-owned2 | 88,000 | 87,000 | 85,000 |
| - Hosted | 75,000 | 92,000 | 90,000 |
| Bitcoins mined (self-mining only) | 110 | 126 | 145 |
| Bitcoin held3 | 1,039 | 724 | 594 |
1 Total hash rate under management as of February 28, 2025 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.
- 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.
Additional Details Regarding CEO’s Rule 10b5-1 Plan
As previously announced on February 25, 2025, Chairman of the Board and Chief Executive Officer, Jihan Wu, has adopted a plan to sell up to 4 million ordinary shares of the Company on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4 million. The plan was designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “plan”). The Company was informed of the terms of the plan as follows:
- 1 million Class A ordinary shares may be sold under the plan if the price per share is
$16.5 or higher, - 2 million shares may be sold under the plan if the price per share is
$26.7 or higher, - 3 million shares may be sold under the plan if the price per share is
$43.2 or higher, and - 4 million shares may be sold under the plan if the price per share is
$69.9 or higher. - The number of shares to be sold under the plan on each trading day shall not exceed
8% of the reported daily trading volume of the shares on such day.
Infrastructure Construction Update
Rockdale, Texas – 100 MW Hydro-cooling conversion energization commenced:
- Cooling system will be delivered and installed in phases in Q1 2025.
- Energization began in early March 2025.
- Planning for energization in accordance with the phase of delivery of mining rigs.
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 expected to occur no later than mid-2025, subject to regulatory approval.
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 is expected to be completed in phases over Q3 and Q4 2025.
Clarington Phase 2, Ohio – 304 MW is still pending approval and in negotiation with the landlord.
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 March 2025.
- 132kv/140MW and 220kv/360MW substation designs are completed, and construction will be completed in phases over Q1 and Q2 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, will be completed in phases over Q1 and Q2 2025.
Fox Creek, Alberta – 101 MW site acquired in Alberta sits on 19 acres is fully licensed and permitted:
- Acquisition includes all permits and licenses to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”).
- Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.
| 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 | Q4 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 |
| - Alberta, Canada | 99 | In planning | Q4 2026 |
| Total pipeline capacity | 1,744 | ||
| Total global electrical capacity | 2,639 |
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
- March 11 – 12, 2025: Cantor Global Technology Conference in New York City
- March 16 – 18, 2025: 37th Annual ROTH Growth Conference in Dana Point, California
- March 18 – 20, 2025: Jefferies 6th Asia Forum in Hong Kong
- April 8, 2025: JonesResearch Healthcare and Technology Innovation Conference in Las Vegas, Nevada
- May 21 – 22, 2025: B. Riley 25th Annual Investor Conference in Marina del Rey
- May 28, 2025: Orange Group 2nd Annual Sell-side and Buy-side Conference during Bitcoin 2025 in Las Vegas, Nevada
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 efficiency did Bitdeer's SEAL03 wafers achieve in testing for SEALMINER A3?
How many bitcoins did Bitdeer (BTDR) mine in February 2025?
What is the status of BTDR's SEALMINER A2 production and sales?
How much did Bitdeer (BTDR) approve for their new share repurchase program?
What are the price thresholds for CEO Jihan Wu's share selling plan for BTDR?
