Bitdeer Completes Testing of its Latest SEAL02 Bitcoin Mining Chip

Rhea-AI Summary

Bitdeer Technologies Group (NASDAQ: BTDR) has successfully tested its latest Bitcoin mining chip, SEAL02, achieving an exceptional power efficiency ratio of 13.5 J/TH in low voltage, ultra power-saving mode. This milestone aligns with the SEALMINER technology roadmap announced in June 2024. The SEAL02 chip, developed in partnership with TSMC, uses one of the most advanced process nodes.

Key points:

• SEAL02 will be integrated into upcoming SEALMINER A2 mining machines
• Mass production is scheduled to begin in November 2024
• R&D work on SEAL03 chip is ongoing and on track
• Bitdeer has a dedicated team of engineers for R&D in ASIC design, algorithm development, and more

The company aims to set new benchmarks for efficiency and transparency in the mining ecosystem while contributing to the security of the Bitcoin decentralized network.

Positive

• Achieved exceptional power efficiency ratio of 13.5 J/TH in SEAL02 chip testing
• Partnership with TSMC for advanced process node technology
• On track for mass production of SEALMINER A2 mining machines in November 2024
• Ongoing R&D for SEAL03 chip development

Negative

• None.

Insights

Semiconductor Industry Analyst

The successful testing of Bitdeer's SEAL02 Bitcoin mining chip marks a significant advancement in mining technology. Achieving a power efficiency ratio of 13.5 J/TH is impressive, positioning Bitdeer at the forefront of energy-efficient mining solutions. This development could potentially reduce operational costs for miners and improve profit margins in the competitive Bitcoin mining landscape.

The partnership with TSMC, utilizing one of their most advanced process nodes, demonstrates Bitdeer's commitment to cutting-edge technology. The scheduled mass production of SEALMINER A2 machines in November 2024 could lead to increased market share and revenue for Bitdeer if the performance translates well to real-world mining operations.

Investors should monitor how this technological advancement impacts Bitdeer's competitive position and financial performance in the coming quarters. The ongoing R&D for SEAL03 also suggests a strong pipeline for future innovations, which could sustain Bitdeer's growth trajectory in the long term.

Cryptocurrency Mining Expert

Bitdeer's SEAL02 chip represents a notable leap in Bitcoin mining efficiency. The 13.5 J/TH power efficiency ratio is among the best in the industry, potentially setting a new standard for mining hardware. This improvement could significantly impact the economics of Bitcoin mining, allowing operators to remain profitable even in challenging market conditions or during Bitcoin halving events.

The company's vertical integration, from chip design to mining machine production, gives Bitdeer a strategic advantage in controlling costs and quality. The scheduled mass production of SEALMINER A2 machines could disrupt the current market dynamics, potentially forcing competitors to accelerate their own R&D efforts or risk losing market share.

For investors, this development signals Bitdeer's strong position in the mining hardware sector, which could translate to increased sales and potentially higher profit margins. However, it's important to consider the cyclical nature of the cryptocurrency market and its impact on mining equipment demand.

Initial prototype tests indicate an exceptional power efficiency ratio of 13.5 J/TH

SINGAPORE, Sept. 26, 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 the successful testing of its latest Bitcoin mining chip, SEAL02, following tape-out.

SEAL02 uses one of the most advanced process nodes in partnership with TSMC, a world-leading semiconductor foundry. An exceptional power efficiency ratio of 13.5 J/TH - while running at low voltage, ultra power-saving mode - was indicated in SEAL02 chip’s verification and prototype tests, achieving the power efficiency milestone outlined in the SEALMINER technology roadmap announced in June 2024.

Linghui Kong, Chief Business Officer of Bitdeer, commented, “We are thrilled about achieving SEALMINER’s power efficiency target as reflected in our roadmap. Our ongoing commitment to R&D is making possible innovative and superior solutions that will set new benchmarks for efficiency and transparency to benefit the wider mining ecosystem.”

SEAL02 will be integrated into the Company’s upcoming SEALMINER A2 mining machines, with mass production scheduled to commence in November 2024.

Additionally, R&D work on the Company’s upcoming chip, SEAL03, is ongoing and the Company’s product release milestone is on track.

Bitdeer has a full-fledged team of professional engineers dedicated to R&D across key domains, including ASIC design, algorithm development, platform architecture, software and hardware. The Company will continue to work alongside its customers in contributing to the security of the Bitcoin decentralized network.

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://www.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.

Contact:

Public Relations
Wachsman
Bee Shin
bitdeer@wachsman.com

FAQ

What is the power efficiency ratio of Bitdeer's new SEAL02 Bitcoin mining chip?

Bitdeer's new SEAL02 Bitcoin mining chip achieved an exceptional power efficiency ratio of 13.5 J/TH in low voltage, ultra power-saving mode during prototype tests.

When will Bitdeer (BTDR) start mass production of SEALMINER A2 mining machines?

Bitdeer (BTDR) is scheduled to commence mass production of SEALMINER A2 mining machines, which will integrate the SEAL02 chip, in November 2024.

Who is Bitdeer's partner for the semiconductor production of SEAL02 chips?

Bitdeer has partnered with TSMC, a world-leading semiconductor foundry, for the production of SEAL02 chips using one of the most advanced process nodes.

What is the current status of Bitdeer's SEAL03 chip development?

Bitdeer reports that R&D work on the upcoming SEAL03 chip is ongoing, and the company's product release milestone is on track.