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Bitdeer Announces September 2024 Production and Operations Update

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Bitdeer Technologies Group (NASDAQ: BTDR) has released its unaudited mining and operations updates for September 2024. Key highlights include:

- Self-mined 164 Bitcoins
- SEALMINER A1 mass production on schedule for Q4 2024, expected to add 3.4 EH/s to Bitdeer's hashrate
- SEAL02 chip initial testing showed 13.5 J/TH efficiency in ultra power-saving mode
- SEALMINER A2 mass production scheduled for November 2024
- SEAL03 chip design on track for Q4 2024 tape-out, targeting 10 J/TH efficiency
- Positive feasibility assessment for Ohio HPC/AI datacenters
- AI cloud services near 100% utilization
- Launched pilot H100 capacity in Canada and AI Workflow platform
- Hosting hashrate increased by 0.3 EH/s
- Infrastructure expansions progressing in Norway, Texas, Ohio, and Bhutan

Bitdeer Technologies Group (NASDAQ: BTDR) ha rilasciato i suoi aggiornamenti non auditati sulle operazioni minerarie per settembre 2024. I punti salienti includono:

- Minati autonomamente 164 Bitcoin
- La produzione di massa del SEALMINER A1 è prevista per il quarto trimestre del 2024, con un'aggiunta attesa di 3,4 EH/s alla hashrate di Bitdeer
- I test iniziali del chip SEAL02 hanno mostrato un'efficienza di 13,5 J/TH in modalità ultra risparmio energetico
- La produzione di massa del SEALMINER A2 è prevista per novembre 2024
- Il design del chip SEAL03 è in linea con il programma per il tape-out del quarto trimestre 2024, mirando a un'efficienza di 10 J/TH
- Valutazione di fattibilità positiva per i datacenter HPC/AI in Ohio
- I servizi cloud AI sono vicini al 100% di utilizzo
- Lanciato un progetto pilota di capacità H100 in Canada e una piattaforma AI Workflow
- L'hashrate di hosting è aumentato di 0,3 EH/s
- Le espansioni infrastrutturali stanno proseguendo in Norvegia, Texas, Ohio e Bhutan

Bitdeer Technologies Group (NASDAQ: BTDR) ha publicado sus actualizaciones no auditadas sobre minería y operaciones para septiembre de 2024. Los aspectos más destacados incluyen:

- Minados de forma autónoma 164 Bitcoins
- La producción en masa del SEALMINER A1 está programada para el cuarto trimestre de 2024, con una expectativa de añadir 3.4 EH/s a la hashrate de Bitdeer
- Las pruebas iniciales del chip SEAL02 mostraron una eficiencia de 13.5 J/TH en modo de ultra ahorro de energía
- La producción en masa del SEALMINER A2 está programada para noviembre de 2024
- El diseño del chip SEAL03 está en camino para el tape-out del cuarto trimestre de 2024, con un objetivo de eficiencia de 10 J/TH
- Evaluación de viabilidad positiva para los datacenters HPC/AI en Ohio
- Los servicios de nube AI están cerca del 100% de utilización
- Lanzamiento de un proyecto piloto de capacidad H100 en Canadá y la plataforma AI Workflow
- El hashrate de hosting ha aumentado en 0.3 EH/s
- Las expansiones de infraestructura están avanzando en Noruega, Texas, Ohio y Bután

Bitdeer Technologies Group (NASDAQ: BTDR)는 2024년 9월의 비감사 채굴 및 운영 업데이트를 발표했습니다. 주요 내용은 다음과 같습니다:

- 자가 채굴로 164 비트코인 채굴
- SEALMINER A1의 대량 생산이 2024년 4분기로 예정되어 있으며, Bitdeer의 해시레이트에 3.4 EH/s 추가될 것으로 예상됨
- SEAL02 칩의 초기 테스트에서는 초절전 모드에서 13.5 J/TH의 효율성이 나타났음
- SEALMINER A2의 대량 생산이 2024년 11월로 예정됨
- SEAL03 칩 설계가 2024년 4분기 테이프 아웃을 목표로 진행 중이며, 10 J/TH의 효율성을 목표로 하고 있음
- 오하이오 HPC/AI 데이터 센터에 대한 긍정적인 타당성 평가
- AI 클라우드 서비스가 거의 100% 활용되고 있음
- 캐나다에서 H100 용량의 파일럿 프로그램과 AI 워크플로우 플랫폼 출시됨
- 호스팅 해시레이트가 0.3 EH/s 증가함
- 노르웨이, 텍사스, 오하이오, 부탄에서 인프라 확장이 진행 중임

Bitdeer Technologies Group (NASDAQ: BTDR) a publié ses mises à jour non auditées sur l'exploitation minière et les opérations pour septembre 2024. Les points clés comprennent :

- Minage autonome de 164 Bitcoins
- Production en masse du SEALMINER A1 prévue pour le quatrième trimestre 2024, ajoutant une capacité de 3,4 EH/s à la hashrate de Bitdeer
- Tests initiaux du chip SEAL02 montrant une efficacité de 13,5 J/TH en mode ultra-économe
- Production en masse du SEALMINER A2 prévue pour novembre 2024
- Design du chip SEAL03 en bonne voie pour un tape-out au quatrième trimestre 2024, visant une efficacité de 10 J/TH
- Évaluation de faisabilité positive pour les centres de données HPC/AI dans l'Ohio
- Services de cloud AI proches de 100 % d'utilisation
- Lancement d'un projet pilote pour la capacité H100 au Canada et d'une plateforme AI Workflow
- Augmentation de la hashrate d'hébergement de 0,3 EH/s
- Progrès des expansions d'infrastructure en Norvège, au Texas, dans l'Ohio et au Bhoutan

Bitdeer Technologies Group (NASDAQ: BTDR) hat ihre ungeprüften Mining- und Betriebsupdates für September 2024 veröffentlicht. Die wichtigsten Punkte sind:

- Eigenständig 164 Bitcoins geschürft
- Die Serienproduktion des SEALMINER A1 ist für das vierte Quartal 2024 geplant und soll die Hashrate von Bitdeer um 3,4 EH/s erhöhen
- Erste Tests des SEAL02-Chips zeigten eine Effizienz von 13,5 J/TH im Ultra-Energiesparmodus
- Die Serienproduktion des SEALMINER A2 ist für November 2024 vorgesehen
- Das Design des SEAL03-Chips liegt im Zeitplan für den Tape-Out im vierten Quartal 2024 mit einem Ziel von 10 J/TH Effizienz
- Positive Machbarkeitsbewertung für HPC/AI-Rechenzentren in Ohio
- KI-Cloud-Dienste nahezu 100% ausgelastet
- Pilotprojekt für die H100-Kapazität in Kanada und AI-Workflow-Plattform gestartet
- Die Hosting-Hashrate ist um 0,3 EH/s gestiegen
- Infrastruktur-Erweiterungen in Norwegen, Texas, Ohio und Bhutan schreiten voran

Positive
  • SEALMINER A1 production on track to add 3.4 EH/s to proprietary hashrate in Q4 2024
  • SEAL02 chip testing showed high efficiency of 13.5 J/TH in ultra power-saving mode
  • SEALMINER A2 mass production scheduled for November 2024
  • AI cloud services maintained near 100% average utilization
  • Launched pilot H100 capacity in Canada, expanding GPU service offerings
  • Hosting hashrate increased by 0.3 EH/s due to new, more efficient miners
  • Infrastructure expansions progressing on schedule in multiple locations
Negative
  • Self-mined Bitcoin remained flat at 164 compared to August
  • Total hash rate under management decreased year-over-year from 21.2 EH/s to 17.1 EH/s
  • Number of mining machines under management decreased from 221,000 in September 2023 to 167,000 in September 2024

Insights

Bitdeer's September 2024 update reveals steady progress across multiple fronts. The company mined 164 Bitcoins, maintaining consistent production levels. Key developments include:

  • Successful tape-out of SEAL02 chip with 13.5% J/TH efficiency, positioning Bitdeer at the forefront of ASIC technology
  • On-schedule mass production of SEALMINER A1, expected to add 3.4 EH/s to proprietary hashrate
  • Ongoing expansion of mining infrastructure, with projects in Texas, Norway and Bhutan progressing well
  • Positive feasibility assessments for HPC/AI datacenters in Ohio, indicating potential for diversification

The company's total hash rate under management increased slightly to 17.1 EH/s, with hosting hashrate growing by 0.3 EH/s. Bitdeer's strategy of developing proprietary mining technology while expanding infrastructure capacity positions it well for future growth in both Bitcoin mining and HPC/AI markets. However, investors should monitor the company's ability to fill excess capacity and execute on its ambitious expansion plans in the coming quarters.

Bitdeer's technological advancements are impressive, particularly in chip design and mining efficiency. The SEAL02 chip's 13.5% J/TH efficiency in ultra power-saving mode is a significant achievement, potentially giving Bitdeer a competitive edge in the ASIC market. The planned SEAL03 chip with 10 J/TH efficiency could further solidify this advantage.

The company's diversification into HPC/AI is noteworthy, with near 100% utilization of NVIDIA DGX SuperPod systems and the launch of H100 capacity in Canada. The new AI Workflow platform for quick model inference demonstrates Bitdeer's commitment to expanding its tech offerings beyond mining.

Bitdeer's infrastructure developments, including hydro-cooling conversions and new site constructions, show a forward-thinking approach to energy-efficient mining operations. The company's ability to execute these complex projects will be important for maintaining its competitive position in the rapidly evolving cryptocurrency mining and high-performance computing sectors.

SINGAPORE, Oct. 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 September 2024.

Operational Update

  • Self-mined Bitcoin: 164 Bitcoins.
  • Mining Rig Manufacturing and R&D:
    • SEALMINER A1 mass production remains on schedule for Q4 2024 and is expected to contribute 3.4 EH/s to Bitdeer’s proprietary hashrate. Deployment will align with the energization of the Texas hydro-cooling conversion and Tydal, Norway phase 1 in late Q4 2024 and early Q1 2025.
    • SEAL02 chip initial tape-out wafers were received from TSMC in mid-September. Initial verification and prototype testing indicated a 13.5 J/TH efficiency, while running at low voltage, ultra power-saving mode.
    • SEAL02 chips will be integrated into Bitdeer’s SEALMINER A2 mining machines, with mass production scheduled to commence in November 2024.
    • Design of SEAL03, Bitdeer’s third-generation chip, remains on track to tape-out in Q4 2024 with a chip efficiency of 10 J/TH.
  • HPC/AI:
    • TLM Group successfully completed its feasibility assessment of Bitdeer’s Massillon and Clarington/Hannibal sites in Ohio, reporting largely positive results regarding their suitability for Tier 3 HPC/AI datacenters, due to the availability of land, power, fiber and water resources. The Company has commenced discussions with development partners and potential end users for these sites.
    • TLM Group’s feasibility assessments of Bitdeer’s other global sites is ongoing.
    • Bitdeer AI cloud services powered by NVIDIA DGX SuperPod with H100 systems remained near 100% average utilization for this month.
    • Launched pilot H100 capacity in Canada, further expanding Bitdeer’s global GPU service offerings and aims to enhance the availability and scalability of high-performance cloud computing resources for customers, supporting AI training, inference, and various computationally intensive applications.
    • Launched AI Workflow platform, providing quick model inference capabilities.
  • Hosting:
    • Client-hosted mining machine numbers remained steady from August, with the overall hash rate increase of 0.3 EH/s due to improved mix of newly hosted, higher-efficiency machines in Texas. The Company expects the remaining excess capacity to be filled over the next two quarters with new customers’ machines and Bitdeer’s SEALMINERs for self-mining starting in September 2024 and continuing through Q1 2025.
  • Mining Datacenters:
    • Construction of the Tydal, Norway, 40 MW phase 1 expansion remains on track to be energized in December 2024.
    • Rockdale, Texas, USA, 100 MW hydro-cooling conversion is planned for phased completion between December 2024 and February 2025.
    • Jigmeling, Bhutan, 500 MW construction remains on track with the primary substation expected to be completed by Q1 2025.

Management Commentary

“We are thrilled with the successful tape-out of our SEAL02 chip,” stated Linghui Kong, Chief Business Officer of Bitdeer. “The 13.5 J/TH efficiency, indicated at low voltage in ultra power-saving mode, is at the forefront of the industry’s efficiency standards and showcases our R&D team’s innovation and commitment to reshaping the ASICs market. Given recent deal announcements in the industry, we believe Bitcoin miners are seeking more diversified technology solutions and supply chain flexibility. Our second-generation chip will power our SEALMINER A2 mining machines, which is scheduled to go into mass production and be released to the market by the end of 2024.”

Mr. Kong continued, “Regarding our mining operations, our self-mined Bitcoins remained about flat from August. Hosting hashrate increased sequentially by 0.3 EH/s as a result of certain new customers hosting later generation, more efficient miners with us. Looking forward, we remain on track to refill our excess capacity with new hosted miners as well as Bitdeer’s own SEALMINERs for self-mining between Q4 2024 and Q1 2025.”

Production and Operations Summary

MetricsSep 2024Aug 2024Sep 2023
Total hash rate under management1 (EH/s)17.116.821.2
- Proprietary hash rate8.68.68.7
• Self-mining8.17.87.2
• Cloud Hash Rate0.50.81.5
- Hosting8.58.212.5
Mining machines under management167,000167,000221,000
- Self-owned287,00087,00092,000
- Hosted78,00080,000129,000
Bitcoin mined (self-mining only)164166482

1 Total hash rate under management as of September 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.

Infrastructure Construction Update

Rockdale, Texas - 100 MW Hydro-cooling conversion underway:

  • Demolition work has been completed.
  • Cooling system design completed and waiting to begin construction.
  • First batch of cooling towers arrived at the site.
  • Energization timeline to occur in phases between Q4 2024 and Q1 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 is ongoing and expected to be completed by the end of October 2024.
  • 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 has 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 / LocationCapacity (MW)StatusTiming3
Electrical capacity   
- Rockdale, Texas563OnlineCompleted
- Knoxville, Tennessee86OnlineCompleted
- Wenatchee, Washington13OnlineCompleted
- Molde, Norway84OnlineCompleted
- Tydal, Norway50OnlineCompleted
- Gedu, Bhutan100OnlineCompleted
Total electrical capacity8954  
Pipeline capacity   
- Tydal, Norway Phase 140In progressQ4 2024
- Tydal, Norway Phase 2135In progressMid 2025
- Massillon, Ohio221In progressMid-to-late 2025
- Clarington, Ohio Phase 1266In progressQ3 2025
- Clarington, Ohio Phase 2304Pending approvalEstimate 2026
- Jigmeling, Bhutan500In progressMid-to-late 2025
- Rockdale, Texas179In planningEstimate 2026
Total pipeline capacity1,645  
Total global electrical capacity2,540  

3 Indicative timing. All timing references are to calendar quarters and years.
4 Figures may not add due to rounding.

Upcoming Conferences and Events

  • October 24-25: Plan ₿ Forum in Lugano, Switzerland
  • November 13-14: Cantor Crypto, Digital Assets & AI Infrastructure Conference in Miami, Florida
  • November 20-21: North American Blockchain Summit in Dallas, Texas

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

How many Bitcoins did Bitdeer (BTDR) self-mine in September 2024?

Bitdeer (BTDR) self-mined 164 Bitcoins in September 2024.

What is the efficiency of Bitdeer's (BTDR) new SEAL02 chip?

Bitdeer's (BTDR) SEAL02 chip demonstrated an efficiency of 13.5 J/TH in ultra power-saving mode during initial testing.

When is Bitdeer (BTDR) planning to start mass production of SEALMINER A2?

Bitdeer (BTDR) is scheduled to start mass production of SEALMINER A2 in November 2024.

What was Bitdeer's (BTDR) total hash rate under management as of September 30, 2024?

Bitdeer's (BTDR) total hash rate under management was 17.1 EH/s as of September 30, 2024.

How much additional hashrate is expected from Bitdeer's (BTDR) SEALMINER A1 in Q4 2024?

Bitdeer (BTDR) expects SEALMINER A1 to contribute 3.4 EH/s to its proprietary hashrate in Q4 2024.

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