Bitdeer Announces January 2025 Production and Operations Update
Bitdeer Technologies Group (NASDAQ: BTDR) has released its January 2025 operations update, reporting 126 self-mined Bitcoins, a decrease from previous month due to temporary curtailments in Bhutan. The company's SEALMINER A1 production remains on track with 3.7 EH/s of mining rigs, while SEALMINER A2's production of 35 EH/s faces a one-month delay due to Taiwan's earthquake.
Key developments include the acquisition of a 101 MW site and gas-fired power plant project in Alberta, and successful execution of a $17M supply chain financing facility at 10.2% interest rate. The company's AI Cloud platform saw utilization drop to ~60% as focus shifts to R&D in model inference and AI Agents.
Infrastructure expansion continues across multiple sites, including Tydal, Norway (175 MW), Massillon, Ohio (221 MW), and Jigmeling, Bhutan (500 MW). Total current electrical capacity stands at 895 MW, with a pipeline capacity of 1,744 MW.
Bitdeer Technologies Group (NASDAQ: BTDR) ha pubblicato l'aggiornamento operativo di gennaio 2025, riportando 126 Bitcoin auto-minati, una diminuzione rispetto al mese precedente a causa di limitazioni temporanee in Bhutan. La produzione del SEALMINER A1 rimane in linea con 3,7 EH/s di attrezzature minerarie, mentre la produzione del SEALMINER A2 di 35 EH/s affronta un ritardo di un mese a causa del terremoto di Taiwan.
Tra i principali sviluppi si annoverano l'acquisizione di un sito da 101 MW e di un progetto di centrale elettrica a gas in Alberta, e l'esecuzione con successo di un finanziamento della catena di approvvigionamento di 17 milioni di dollari con un tasso d'interesse del 10,2%. La piattaforma AI Cloud dell'azienda ha visto un calo dell'utilizzo a circa il 60% mentre l'attenzione si sposta sulla R&S nell'inferenza dei modelli e sugli agenti AI.
L'espansione delle infrastrutture continua in diversi siti, tra cui Tydal, Norvegia (175 MW), Massillon, Ohio (221 MW) e Jigmeling, Bhutan (500 MW). La capacità elettrica totale attuale è di 895 MW, con una capacità in pipeline di 1.744 MW.
Bitdeer Technologies Group (NASDAQ: BTDR) ha lanzado su actualización de operaciones de enero de 2025, informando sobre 126 Bitcoins auto-minados, una disminución con respecto al mes anterior debido a restricciones temporales en Bután. La producción del SEALMINER A1 sigue en camino con 3,7 EH/s de equipos de minería, mientras que la producción del SEALMINER A2 de 35 EH/s enfrenta un retraso de un mes debido al terremoto en Taiwán.
Los desarrollos clave incluyen la adquisición de un sitio de 101 MW y un proyecto de planta de energía a gas en Alberta, y la ejecución exitosa de una instalación de financiamiento de la cadena de suministro de 17 millones de dólares a una tasa de interés del 10,2%. La plataforma AI Cloud de la empresa vio caer su utilización a aproximadamente el 60% a medida que el enfoque se desplaza hacia I+D en inferencia de modelos y agentes AI.
La expansión de infraestructura continúa en múltiples sitios, incluidos Tydal, Noruega (175 MW), Massillon, Ohio (221 MW) y Jigmeling, Bután (500 MW). La capacidad eléctrica total actual se sitúa en 895 MW, con una capacidad en pipeline de 1.744 MW.
비트디어 테크놀로지스 그룹 (NASDAQ: BTDR)는 2025년 1월 운영 업데이트를 발표하며, 부탄에서의 일시적인 축소로 인해 126개의 자가 채굴 비트코인을 보고했습니다. SEALMINER A1의 생산은 3.7 EH/s의 채굴 장비로 순조롭게 진행되고 있으며, SEALMINER A2의 35 EH/s 생산은 대만의 지진으로 인해 한 달의 지연을 겪고 있습니다.
주요 개발 사항으로는 앨버타에서 101 MW 부지 및 가스 발전소 프로젝트 인수와 10.2% 이자율로 1,700만 달러 공급망 금융 시설의 성공적인 실행이 포함됩니다. 회사의 AI 클라우드 플랫폼은 모델 추론 및 AI 에이전트에 대한 연구 개발로 초점이 이동함에 따라 약 60%로 사용률이 감소했습니다.
인프라 확장은 노르웨이 타이달(175 MW), 오하이오 매실론(221 MW), 부탄 지그멜링(500 MW) 등 여러 사이트에서 계속되고 있습니다. 현재 총 전력 용량은 895 MW이며, 파이프라인 용량은 1,744 MW입니다.
Bitdeer Technologies Group (NASDAQ: BTDR) a publié sa mise à jour opérationnelle de janvier 2025, rapportant 126 Bitcoins auto-extraits, une diminution par rapport au mois précédent en raison de restrictions temporaires au Bhoutan. La production du SEALMINER A1 reste sur la bonne voie avec 3,7 EH/s de matériels de minage, tandis que la production du SEALMINER A2 de 35 EH/s fait face à un retard d'un mois en raison du tremblement de terre à Taïwan.
Les développements clés comprennent l'acquisition d'un site de 101 MW et d'un projet de centrale à gaz en Alberta, ainsi que l'exécution réussie d'une facilité de financement de la chaîne d'approvisionnement de 17 millions de dollars à un taux d'intérêt de 10,2%. La plateforme AI Cloud de l'entreprise a vu son utilisation chuter à environ 60 % alors que l'accent est mis sur la R&D en inférence de modèles et en agents AI.
L'expansion des infrastructures se poursuit sur plusieurs sites, notamment Tydal, Norvège (175 MW), Massillon, Ohio (221 MW) et Jigmeling, Bhoutan (500 MW). La capacité électrique totale actuelle est de 895 MW, avec une capacité en pipeline de 1 744 MW.
Bitdeer Technologies Group (NASDAQ: BTDR) hat sein Betriebsupdate für Januar 2025 veröffentlicht und 126 selbstgebaute Bitcoins gemeldet, was einen Rückgang gegenüber dem Vormonat aufgrund vorübergehender Einschränkungen in Bhutan darstellt. Die Produktion des SEALMINER A1 liegt mit 3,7 EH/s von Mining-Rigs im Plan, während die Produktion des SEALMINER A2 mit 35 EH/s aufgrund des Erdbebens in Taiwan um einen Monat verzögert wird.
Zu den wichtigsten Entwicklungen gehört der Erwerb eines 101 MW Standorts und eines gasbetriebenen Kraftwerksprojekts in Alberta sowie die erfolgreiche Umsetzung einer Lieferkettenfinanzierung von 17 Millionen US-Dollar zu einem Zinssatz von 10,2%. Die Nutzung der AI Cloud-Plattform des Unternehmens ging auf etwa 60% zurück, da der Fokus auf Forschung und Entwicklung in der Modellinferenz und den AI-Agenten verlagert wird.
Der Ausbau der Infrastruktur wird an mehreren Standorten fortgesetzt, darunter Tydal, Norwegen (175 MW), Massillon, Ohio (221 MW) und Jigmeling, Bhutan (500 MW). Die derzeitige Gesamtkapazität beträgt 895 MW, mit einer Pipeline-Kapazität von 1.744 MW.
- Acquisition of 101 MW site and gas-fired power plant in Alberta for vertical integration
- Secured $17M supply chain financing facility
- Total hash rate under management increased to 22.4 EH/s from 21.6 EH/s
- Client-hosted machines increased by 2,000 units with 0.5 EH/s hashrate increase
- Significant infrastructure expansion with 1,744 MW pipeline capacity
- Bitcoin production decreased to 126 from 145 previous month
- SEALMINER A2 production delayed by one month due to Taiwan earthquake
- AI Cloud utilization rate dropped to ~60% from previous levels
- Clarington Phase 2 (304 MW) pending approval and still in negotiation
Insights
The acquisition of the 101 MW Fox Creek site in Alberta represents a strategic pivot toward vertical integration in Bitcoin mining operations. This facility, combining on-site gas-fired power generation with mining capabilities, positions Bitdeer to achieve superior unit economics through three key advantages: controlled power costs, operational efficiency, and grid participation opportunities. The vertical integration model could potentially reduce operational costs by
The SEALMINER development program continues to demonstrate technological leadership. The A2's progress, despite a slight delay from Taiwan's earthquake, and the upcoming SEAL03 chip with 10 J/TH efficiency represent significant advancements. More importantly, the allocation of 7 EH/s for external sales indicates confidence in the product's market competitiveness and opens a new revenue stream beyond self-mining.
Infrastructure expansion across multiple jurisdictions showcases a sophisticated risk management strategy. The diverse portfolio spanning Norway, Bhutan, and North America provides geographical hedge against regulatory and climate risks. The 2,639 MW total planned capacity represents one of the industry's most ambitious scaling efforts, though execution risks remain in securing regulatory approvals and meeting construction timelines.
The
The temporary decrease in Bitcoin production to 126 units, while concerning, reflects prudent operational management through seasonal electricity pricing fluctuations rather than fundamental operational issues. This approach to power cost optimization aligns with long-term profitability goals over short-term production metrics.
- First trial batch of SEALMINER A2 air cooled rigs have been delivered to our datacenters and are running smoothly.
- Completed acquisition of 101 MW site and gas-fired power plant project in Alberta to deliver the industry’s first fully vertically-integrated Bitcoin mining site.
SINGAPORE, Feb. 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 January 2025.
Operational Update
- Self-mined Bitcoin: 126 Bitcoins, down from the previous month due to temporary curtailments at our Bhutan site related to higher seasonal electricity prices.
- Mining Rig Manufacturing and R&D:
- SEALMINER A1:
- Mass production of approximately 3.7 EH/s of mining rigs remains on track with 0.4 EH/s powered on, 0.5 EH/s delivered for installation, 0.4 EH/s in-transit to datacenters and 2.4 EH/s in production. The manufacture of SEALMINER A1 is now expected to be completed at end of February or early March 2025.
- SEALMINER A2:
- Production of approximately 35 EH/s of mining rigs through October 2025, delayed by approximately one month due to 6.4 magnitude earthquake that struck Taiwan on January 21, 2025.
- First trial batch of air cooled rigs have been delivered to our mining datacenters for testing and are running stably.
- ~29,000 units (~7 EH/s out of the 35 EH/s) of SEALMINER A2s allocated for external sales are expected to begin shipment in March through Q2 2025.
- SEALMINER A3:
- SEAL03 initial tape-out sample wafers with an expected chip efficiency of approximately 10 J/TH are expected in Q1 2025.
- 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.
- The Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce published a rule entitled “Implementation of Additional Due Diligence Measures for Advanced Computing Integrated Circuits”, in January 2025 (the “BIS Rules”). Based on preliminary review, the Company does not expect that the application of the BIS Rules will have any impact on the delivery of SEAL chips, as the outsourced semiconductor assembly and test (“OSAT”) companies for SEAL chips are Approved “OSAT” companies under BIS regulations.
- 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.
- Bitdeer AI Cloud, powered by NVIDIA DGX SuperPOD with H100, saw its average utilization rate drop to ~
60% in January 2025 due to an initial shift toward R&D in model inference and AI Agents. In the short term, some DGX H100 systems will be allocated to deploying open-source models like DeepSeek, Llama, and Qwen, enhancing API support for AI Agents, optimizing platform services, and advancing related R&D.
- Hosting:
- Client-hosted machines increased by 2,000 units and overall hashrate increased by 0.5 EH/s as customers are replacing older mining rigs with high efficiency ones.
- 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 application has entered into the fast track for final regulatory approval.
- Rockdale, Texas, USA, 100 MW hydro-cooling conversion is on track for phased completion during Q1 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 Q1 2025.
- Fox Creek, Alberta, 101 MW gas-fired power plant and 99 MW datacenter of capacity for Bitcoin mining planned for energization in Q4 2026.
- Financing:
- Successfully executed a
$17M supply chain financing facility with a10.2% interest rate with a Singapore financial institution and completed the drawdown of facility in January 2025.
- Successfully executed a
Management Commentary
“Our strategic acquisition of the 101 MW site near Fox Creek, Alberta and gas-fired power plant project marks a significant step in our strategy to become a fully-vertically integrated Bitcoin miner,” stated Matt Kong, Chief Business Officer of Bitdeer. “By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics.”
Mr. Kong continued, “In terms of our ASICs roadmap, mass production of our SEALMINER A1s remain on schedule. SEALMINER A2s were slightly impacted by the 6.4 magnitude earthquake in Taiwan on January 21, 2025, and its mass production in H2 is expected to delay about one month. However, the first trial batch of SEALMINER A2 air cooled models have been delivered to our own datacenters for testing and are running smoothly. Further, we expect the initial tape-out sample wafers of our SEAL03 chip to be ready in March for testing. SEAL03 is expected to be the most advanced and energy-efficient Bitcoin mining chip on the market and represents a significant achievement for Bitdeer and the industry.”
Production and Operations Summary
| Metrics | Jan 2025 | Dec 2024 | Nov 2024 |
| Total hash rate under management1(EH/s) | 22.4 | 21.6 | 20.7 |
| - Proprietary hash rate | 9.2 | 8.9 | 8.8 |
| • Self-mining | 8.7 | 8.5 | 8.2 |
| • Cloud Hash Rate | 0.0 | 0.0 | 0.2 |
| • Delivered but not hashing | 0.5 | 0.4 | 0.4 |
| - Hosting | 13.2 | 12.7 | 11.9 |
| Mining machines under management | 179,000 | 175,000 | 178,000 |
| - Self-owned2 | 87,000 | 85,000 | 86,000 |
| - Hosted | 92,000 | 90,000 | 92,000 |
| Bitcoins mined (self-mining only) | 126 | 145 | 150 |
| Bitcoin held3 | 724 | 594 | 443 |
1 Total hash rate under management as of January 31, 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.
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 by 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 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 timeline remains on track for mid-to-late 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 February 2025.
- 132kv/140MW and 220kv/360MW substation designs are completed with construction anticipated to be finished 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 expected in phases by the end of Q1 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 | 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 |
| - 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
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
How many Bitcoins did Bitdeer (BTDR) mine in January 2025?
What caused the delay in BTDR's SEALMINER A2 production?
What is the total hash rate under management for BTDR as of January 2025?
What is the significance of BTDR's Alberta acquisition?
What is BTDR's current and pipeline electrical capacity?
