Bitdeer Announces June 2024 Production and Operations Update
Bitdeer Technologies Group (NASDAQ: BTDR) has announced its June 2024 unaudited mining and operations updates. Key highlights include a significant increase in global contracted power capacity to 2.5 GW, driven by a 30-year, 570 MW lease agreement with the Monroe County Port Authority in Ohio. The company mined 179 Bitcoin in June, and its datacenter in Rockdale, Texas, will convert 100 MW to hydro-cooling by Q4 2024. Bitdeer has advanced its ASIC development, with the SEAL02 chip achieving a tape-out targeting 14 J/TH efficiency. The company aims to deploy 3.4 EH/s of its Sealminer ASICs by Q4 2024, increasing its total proprietary hash rate to 11.8 EH/s by year-end. Additionally, its HPC and AI cloud services realized strong demand, with utilization rates surpassing 75%.
- Global contracted power capacity increased to 2.5 GW.
- Entered a 30-year, 570 MW lease agreement with Monroe County Port Authority in Ohio.
- Advanced ASIC development with the SEAL02 chip targeting 14 J/TH efficiency.
- On track to deploy 3.4 EH/s of Sealminer ASICs by Q4 2024.
- Total proprietary hash rate expected to reach 11.8 EH/s by year-end.
- AI cloud services utilization exceeded 75%.
- Bitcoin mined in June 2024 decreased to 179 from 184 in May 2024 and 239 in June 2023.
- Total hash rate under management decreased to 22.3 EH/s from 22.4 EH/s in May 2024.
- Self-owned mining machines decreased to 286,000 from 295,000 in May 2024.
Insights
Bitdeer Technologies Group's latest update highlights several key advancements and metrics that investors will find important. First and foremost, the increase in global contracted power capacity to 2.5 GW significantly enhances the company's operational capabilities. This expansion, including a 30-year lease agreement with Monroe County Port Authority for 570 MW, provides long-term stability and flexibility. It positions Bitdeer as a major player in the power development platform, essential for high-performance computing and Bitcoin mining.
On the financial front, the company's increased proprietary hash rate, achieving 8.5 EH/s and plans to deploy 3.4 EH/s of Sealminer ASICs by Q4 2024, will likely boost revenue from self-mining activities. However, investors should note a slight decrease in self-mined bitcoins from 184 in May to 179 in June, though this may be attributed to operational adjustments or market conditions.
Overall, the strategic initiatives in enhancing power capacity and ASIC technology development should translate into robust future earnings, creating a solid foundation for sustained growth.
Bitdeer's introduction of the SEALMINER technology roadmap, particularly the commencement of the SEAL01 with a target efficiency of 18 J/TH, is notable for its potential to enhance mining efficiency. The completion of the tape-out of the SEAL02 chip aiming for 14 J/TH efficiency and the ongoing R&D for SEAL03 and SEAL04, reflect the company's commitment to innovative technology. These advancements could reduce operational costs and increase mining profitability, providing Bitdeer with a competitive edge in the cryptocurrency mining space.
The integration of hydro-cooling at the Rockdale, Texas site, anticipated to be completed by Q4 2024, underscores Bitdeer's focus on sustainable and efficient mining operations. This is significant as energy efficiency is becoming increasingly crucial, given rising electricity costs and environmental concerns.
The strong demand for Bitdeer's AI cloud services, powered by NVIDIA DGX SuperPOD with H100 systems, is a positive indicator of market acceptance and growth potential in the High-Performance Computing (HPC) and AI segment. Achieving 75% utilization suggests that there's robust interest and a growing customer base, which can drive recurring revenue streams. This diversification into AI and HPC services mitigates the risks associated with the volatile cryptocurrency market and showcases Bitdeer's adaptability and forward-thinking strategy.
From an investor's perspective, the company's strategic expansion into energy-efficient and next-gen ASIC technologies, combined with a diversified service offering, positions Bitdeer well for both short-term gains and long-term growth.
- Significant increase in global contracted power capacity to 2.5 GW
- Initial sample shipments of Sealminer A1 ASICs installed and energized at Bitdeer sites
- Completed tape-out of SEAL02 chip targeting 14 J/TH
- On track to deploy 3.4 EH/s of Sealminer ASICs in Q4 2024
SINGAPORE, July 03, 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 June 2024.
Operational Highlights
- Self-mined Bitcoin: Mined 179 Bitcoin.
- Power capacity: Expanded global contracted power capacity to 2.5 GW with 570 MW, 30-year, lease agreement with Monroe County Port Authority in Ohio, U.S.
- Datacenter: Commenced conversion of 100 MW at Rockdale, Texas site to hydro-cooling, with anticipated completion in Q4 2024.
- ASIC development:
- Unveiled SEALMINER technology roadmap, beginning with the SEAL01 at 18 J/TH and progressing to the SEAL04 at 5J/TH by Q2 2025.
- Initial Sealminer A1 ASIC samples received and energized at Bitdeer sites for testing.
- Completed tape-out of SEAL02 chip, targeting a chip efficiency of 14 J/TH. Masks and wafers expected to be delivered in Q3 2024.
- Initiated R&D of SEAL03 chip, targeting a chip efficiency of 10 J/TH.
- HPC and AI cloud services: AI cloud services powered by NVIDIA DGX SuperPOD with H100 system demonstrated strong demand by customers and crossed
75% utilization during the month.
Management Commentary
“In June, Bitdeer made substantial progress in advancing our strategic initiatives in Bitcoin mining and HPC and AI,” stated Linghui Kong, Chief Business Officer of Bitdeer. “We entered into a 30-year lease agreement with Monroe County Port Authority for 570 MW of ready-to-use power infrastructure. This deal increases our total global contracted power capacity to 2.5 GW, positioning us with one of the industry’s largest power development platforms. This deal not only enhances our operational and strategic flexibility but also supports our ambitious growth objectives in Bitcoin mining and HPC and AI.”
Mr. Kong added, “In June, we also successfully energized the first batch of Sealminers into our datacenters and began rigorous testing. Additionally, we completed the tape-out of our 14 J/TH SEAL02 chip and expect wafer delivery in Q3 2024. We remain on schedule to deploy 3.4 EH/s of our own ASIC technology into our datacenters in Texas and Tydal, Norway by the fourth quarter of 2024, bringing our total proprietary hash rate to 11.8 EH/s by year-end.”
Production and Operations Summary
| Metrics | June 2024 | May 2024 | June 2023 |
| Total hash rate under management1 (EH/s) | 22.3 | 22.4 | 18.8 |
| - Proprietary hash rate | 8.5 | 8.4 | 6.2 |
| • Self-mining | 7.3 | 6.9 | 4.6 |
| • Cloud Hash Rate | 1.2 | 1.5 | 1.6 |
| - Hosting | 13.8 | 14.0 | 12.6 |
| Mining machines under management | 223,000 | 225,000 | 199,000 |
| - Self-owned2 | 86,000 | 86,000 | 70,000 |
| - Hosted | 137,000 | 139,000 | 129,000 |
| Bitcoin mined (self-mining only) | 179 | 184 | 239 |
1 Total hash rate under management as of June 30, 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.
Power Infrastructure Summary
| Site / Location | Capacity (MW) | Status | Timing3 |
| Energized 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 energized 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 contracted capacity | 2,540 | ||
3 Indicative timing. All timing references are to calendar quarters and years.
Upcoming Conferences and Events
- July 10: The CEO Summit Investment Conference – San Francisco
- July 24 – 26: Bitcoin Nashville
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
What is Bitdeer's global contracted power capacity as of June 2024?
How many Bitcoin did Bitdeer mine in June 2024?
What significant lease agreement did Bitdeer enter in June 2024?
What is the efficiency target of Bitdeer's SEAL02 chip?
When does Bitdeer plan to deploy its Sealminer ASICs?
What was the total hash rate under Bitdeer's management in June 2024?
What is the expected total proprietary hash rate of Bitdeer by the end of 2024?
What was the utilization rate of Bitdeer's AI cloud services in June 2024?
