Bitdeer Announces October 2024 Production and Operations Update
Bitdeer Technologies Group (NASDAQ: BTDR) released its October 2024 operations update, highlighting the launch of SEALMINER A2 mining machines with 226 TH/s (air-cooling) and 446 TH/s (hydro-cooling) capabilities. The company self-mined 174 Bitcoins and increased client-hosted mining machines by 3,000 units. Mass production of SEALMINER A1 and A2 is expected to generate approximately 21.7 EH/s combined. The company successfully taped out SEAL03 chip with 10 J/TH efficiency. Construction projects in Norway, Texas, and Bhutan are progressing, though the Rockdale facility faces a one-month delay due to dock workers' strike.
Bitdeer Technologies Group (NASDAQ: BTDR) ha pubblicato l'aggiornamento operativo di ottobre 2024, evidenziando il lancio delle macchine per il mining SEALMINER A2 con capacità di 226 TH/s (raffreddamento ad aria) e 446 TH/s (raffreddamento ad acqua). L'azienda ha auto-minato 174 Bitcoin e ha aumentato le macchine per il mining ospitate dai clienti di 3.000 unità. Si prevede che la produzione di massa delle macchine SEALMINER A1 e A2 genererà circa 21,7 EH/s combinati. L'azienda ha completato con successo la progettazione del chip SEAL03 con un'efficienza di 10 J/TH. I progetti di costruzione in Norvegia, Texas e Bhutan stanno progredendo, anche se l'impianto di Rockdale affronta un ritardo di un mese a causa di uno sciopero dei lavoratori portuali.
Bitdeer Technologies Group (NASDAQ: BTDR) lanzó su actualización operativa de octubre de 2024, destacando el lanzamiento de las máquinas de minería SEALMINER A2 con capacidades de 226 TH/s (enfriamiento por aire) y 446 TH/s (enfriamiento por agua). La empresa auto-minó 174 Bitcoins y aumentó las máquinas de minería alojadas por clientes en 3,000 unidades. Se espera que la producción en masa de SEALMINER A1 y A2 genere aproximadamente 21.7 EH/s en total. La compañía completó con éxito el diseño del chip SEAL03 con una eficiencia de 10 J/TH. Los proyectos de construcción en Noruega, Texas y Bután están avanzando, aunque la instalación de Rockdale enfrenta un retraso de un mes debido a la huelga de los trabajadores del muelle.
비트디어 테크놀로지스 그룹 (NASDAQ: BTDR)는 2024년 10월 운영 업데이트를 발표하며 SEALMINER A2 채굴 기계의 출시를 강조했습니다. 해당 기계는 226 TH/s (공기 냉각) 및 446 TH/s (수조 냉각) 성능을 가지고 있습니다. 이 회사는 174 비트코인을 자가 채굴하였고, 고객 호스팅 채굴 기계를 3,000대 늘렸습니다. SEALMINER A1 및 A2의 대량 생산은 약 21.7 EH/s를 생성할 것으로 예상됩니다. 회사는 10 J/TH 효율성을 지닌 SEAL03 칩의 디자인을 성공적으로 완료하였습니다. 노르웨이, 텍사스 및 부탄의 건설 프로젝트는 진행되고 있으나, 록데일 시설은 항만 노동자 파업으로 인해 한 달의 지연을 겪고 있습니다.
Bitdeer Technologies Group (NASDAQ: BTDR) a publié sa mise à jour opérationnelle d'octobre 2024, mettant en avant le lancement des machines de minage SEALMINER A2 avec des capacités de 226 TH/s (refroidissement par air) et 446 TH/s (refroidissement par eau). L'entreprise a auto-miné 174 Bitcoins et a augmenté les machines de minage hébergées par les clients de 3 000 unités. La production de masse des SEALMINER A1 et A2 devrait générer environ 21,7 EH/s au total. L'entreprise a réussi à concevoir le chip SEAL03 avec une efficacité de 10 J/TH. Les projets de construction en Norvège, au Texas et au Bhoutan avancent, bien que l'installation de Rockdale subisse un retard d'un mois en raison d'une grève des dockers.
Bitdeer Technologies Group (NASDAQ: BTDR) hat sein Betriebsupdate für Oktober 2024 veröffentlicht und den Start der SEALMINER A2 Mining-Maschinen mit 226 TH/s (Luftkühlung) und 446 TH/s (Wasserkühlung) hervorgehoben. Das Unternehmen hat 174 Bitcoins selbst geschürft und die Zahl der von Kunden gehosteten Mining-Maschinen um 3.000 Einheiten erhöht. Die Massenproduktion der SEALMINER A1 und A2 wird voraussichtlich insgesamt etwa 21,7 EH/s erzeugen. Das Unternehmen hat erfolgreich den SEAL03-Chip mit einer Effizienz von 10 J/TH entwickelt. Bauprojekte in Norwegen, Texas und Bhutan schreiten voran, wobei das Werk in Rockdale aufgrund eines Streiks der Dockarbeiter mit einem einmonatigen Rückstand konfrontiert ist.
- Successfully launched SEALMINER A2 with superior performance metrics (226 TH/s air-cooling, 446 TH/s hydro-cooling)
- Secured production capacity for approximately 21.7 EH/s of combined SEALMINER A1 and A2
- Achieved 90% average utilization in AI cloud services
- Increased hosted mining machines by 3,000 units (+0.8 EH/s)
- Successfully taped out next-gen SEAL03 chip with 10 J/TH efficiency
- Rockdale, Texas facility conversion delayed by one month due to dock workers strike
- Monthly Bitcoin mining output decreased to 174 from 462 year-over-year
Insights
The October operational update reveals significant progress in Bitdeer's expansion strategy. Key metrics show 174 Bitcoins self-mined, with total hash rate under management reaching 18.0 EH/s. The launch of SEALMINER A2 with superior efficiency metrics (16.5 J/TH) positions the company competitively in the ASIC market.
The planned 21.7 EH/s production capacity from SEALMINER A1 and A2 combined represents a substantial revenue opportunity. Infrastructure expansion across multiple sites (Texas, Norway, Bhutan) demonstrates strong execution of growth plans, though minor delays in Rockdale due to dock workers' strike warrant monitoring.
The AI cloud services segment showing 90% utilization indicates successful diversification beyond crypto mining. With 2,540 MW total global electrical capacity planned, Bitdeer is positioning itself as a major player in high-performance computing infrastructure.
The SEALMINER A2's specifications are impressive, with the hydro-cooling model achieving 446 TH/s hashrate - a significant performance milestone. The upcoming SEAL03 chip with 10 J/TH efficiency target would place it among the industry's most efficient mining chips.
The diversification into AI infrastructure through NVIDIA DGX SuperPod implementation shows technical sophistication. The 90% utilization rate indicates strong market demand and operational excellence. The successful TLM Group assessment for Tier 3 HPC/AI datacenters validates the technical viability of US sites for expansion beyond crypto mining.
- Launched SEALMINER A2 air and hydro-cooling models with 226 TH/s and 446 TH/s, respectively, and 16.5 J/TH efficiency
- Anticipated near-term mass production of approximately 21.7 EH/s of SEALMINER A1 and A2
SINGAPORE, Nov. 06, 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 October 2024.
Operational Update
- Self-mined Bitcoin: 174 Bitcoins.
- Mining Rig Manufacturing and R&D:
- SEALMINER A1:
- Mass production in progress. Approximately 3.7 EH/s of machines to be manufactured and delivered by January 2025, of which approximately 0.4 EH/s of machines are already manufactured and on the way to data centers, and 1.7 EH/s of machines are in production.
- On track to be delivered to Texas and Norway sites and fully energized by Q1 2025.
- SEALMINER A2:
- Final testing of air and hydro-cooling mining machines achieved 226 TH/s and 446 TH/s, respectively and 16.5 J/TH efficiency.
- Commenced mass production. Secured capacity as of this report date will generate approximately 18 EH/s hashrate, expected to be used for sale to external customers and self-mining.
- SEAL03:
- Successfully taped-out SEAL03 chip in October with an expected chip efficiency of 10 J/TH.
- SEALMINER A1:
- HPC/AI:
- TLM Group successfully completed its feasibility assessment of Bitdeer’s U.S. sites, reporting positive results regarding suitability for Tier 3 HPC/AI datacenters, due to the availability of land, power, fiber and water resources.
- Discussions ongoing with multiple development partners and potential end users for these sites.
- Bitdeer AI cloud services powered by NVIDIA DGX SuperPod with H100 systems achieved approximately
90% average utilization.
- Hosting:
- Client-hosted mining machines increased by 3,000 units, contributing approximately 0.8 EH/s.
- Mining Datacenters:
- Construction of the Tydal, Norway, 40 MW phase 1 expansion remains on track to be energized in December 2024.
- Rockdale, Texas, USA, 100MW hydro-cooling conversion expected to be delayed one month from original schedule due to the US dock workers strike in early October. Expected phased completion during Q1 2025.
- Jigmeling, Bhutan, 500 MW construction remains on track with the primary substation expected to be completed by Q1 2025.
Management Commentary
“In October, we made meaningful progress on our ASIC technology roadmap,” stated Linghui Kong, Chief Business Officer of Bitdeer. “We officially commenced mass production of our SEALMINER A1 and A2 machines. SEALMINER A1 production plan is now expected to produce approximately 3.7 EH/s of units and delivery has already begun with expected phased energization between December and the end of Q1 2025. SEALMINER A2 first production run with secured capacity as of October 2024 is expected to produce approximately 18 EH/s and will be used for both self-mining and selling to external customers. Notably, the SEALMINER A2 will be a significant milestone for Bitdeer as we begin offering these machines to customers starting in 2025. We will continue to provide this hashrate progress as a commitment to maintaining transparency for all stakeholders, including shareholders, suppliers, and especially clients, which will need clear guidance to make rational decisions. In addition, we began initial tape out of our 3rd generation chip with an industry-leading target efficiency of 10 J/TH and anticipate initial sample wafers in Q2 2025.”
Matt continued, “Looking forward, we remain fully committed to executing a successful market entry into the multi-billion dollar ASIC market in 2025. We are already engaged in discussion with a number of potential customers, and early demand is promising, indicating strong interest in our cutting-edge technology and the industry’s desire for technology and supply chain diversification. We are excited to meet this demand and begin driving a differentiated and diversified revenue stream for our shareholders.”
Production and Operations Summary
| Metrics | Oct 2024 | Sep 2024 | Oct 2023 |
| Total hash rate under management1 (EH/s) | 18.0 | 17.1 | 21.2 |
| - Proprietary hash rate | 8.7 | 8.6 | 8.7 |
| • Self-mining | 8.4 | 8.1 | 7.2 |
| • Cloud Hash Rate | 0.3 | 0.5 | 1.5 |
| - Hosting | 9.3 | 8.5 | 12.5 |
| Mining machines under management | 168,000 | 165,000 | 221,000 |
| - Self-owned2 | 87,000 | 87,000 | 92,000 |
| - Hosted | 81,000 | 78,000 | 129,000 |
| Bitcoin mined (self-mining only) | 174 | 164 | 462 |
1 Total hash rate under management as of October 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 - 100 MW Hydro-cooling conversion underway:
- Demolition work completed.
- Cooling system will be delivered and installed in phases from Q4 2025 to Q1 2025.
- Due to supply chain delays from the US dock workers strike in early October, the expected phased energization timeline is expected to occur one month later, now between January and March 2025.
Tydal, Norway - 175 MW site expansion is progressing well, with several key milestones achieved:
- Buildings and groundwork completed, along with the construction of the transformer foundation and housing.
- Orders for 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 drainage systems construction is ongoing.
- Construction of the substation completed.
- Tydal, Norway Expansion Phase 1 of 40 MW remains on track to be energized by Q4 2024.
Massillon, Ohio - 221 MW site is also making progress:
- Substation conceptual design is completed and long lead-time electrical equipment for the substation have 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 Q4 2024, earlier than expected.
- Estimated energization timeline remains on track for mid-to-late 2025.
Jigmeling, Bhutan - 500MW site is progressing well, with the following key milestones achieved:
- Civil work is anticipated to be completed 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 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 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 | 8954 | ||
| 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-to-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.
4 Figures may not add due to rounding.
Upcoming Conferences and Events
- November 7: LetsTalkAlts Conference in San Diego, California
- November 13-14: Cantor Crypto, Digital Assets & AI Infrastructure Conference in Miami, Florida
- November 18: Q3 2024 Earnings Conference Call
- November 20-21: North American Blockchain Summit in Dallas, Texas
- December 4: B. Riley Crypto & Energy Infrastructure Conference in New York City
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 October 2024?
What is the hash rate performance of Bitdeer's (BTDR) new SEALMINER A2?
What is Bitdeer's (BTDR) total hash rate under management as of October 2024?
When will Bitdeer's (BTDR) SEALMINER A1 production be delivered?
