Welcome to our dedicated page for Bitdeer Technologies Group news (Ticker: BTDR), a resource for investors and traders seeking the latest updates and insights on Bitdeer Technologies Group stock.
Bitdeer Technologies Group (symbol: BTDR) is a global leader in digital asset mining services, primarily engaged in proprietary mining, cloud hash rate sharing, and cloud hosting. The company operates five proprietary mining data centers located in the United States and Norway, making it a significant player in the blockchain and high-performance computing sectors.
Core Business: Bitdeer excels in providing comprehensive computing solutions, handling complex processes such as equipment procurement, transport logistics, data center design and construction, equipment management, and daily operations. The company also offers advanced cloud capabilities for clients with high AI demands.
Recent Achievements: Recently, Bitdeer announced plans to install their SEALMINER A1 miners at their Rockdale, Texas, and Norway data centers in Q3 and Q4 of 2024. This move aims to expand their hash rate capacity from 8.4 EH/s to approximately 11.8 EH/s, with further expansions planned until the end of 2025.
Financial Condition: Bitdeer's financial performance has shown resilience despite market fluctuations. For the full year of 2023, the company reported a cost of revenue of US$290.7 million and a gross profit of US$77.8 million. Net loss stood at US$56.7 million, with an adjusted profit of US$22.0 million.
Current Projects: The company is actively expanding its data center capabilities, with significant projects underway in Ohio, USA, and Jigmeling, Bhutan. The Ohio and Tydal, Norway data centers are expected to be operational by 2025, while the Bhutan site aims for mid-2025 completion.
Partnerships: In a notable development, Bitdeer secured a $100 million investment from Tether, along with an option to raise an additional $50 million. This partnership underscores confidence in Bitdeer's vision and operational strength.
Future Prospects: Bitdeer's strategic acquisitions and ongoing R&D efforts aim to enhance its position in the technology sector. The company recently announced plans to integrate technologies from Desiweminer, further bolstering its ASIC design capabilities.
Market Presence: Headquartered in Singapore, Bitdeer boasts a robust global presence, with data centers in the United States, Norway, Bhutan, and more. The company aims to exceed a total hash rate of 46 EH/s by the end of 2025, demonstrating its commitment to remaining at the forefront of the digital asset mining industry.
Bitdeer Technologies Group (Nasdaq: BTDR), a leading blockchain and high-performance computing company, has announced a proposed public offering of US$150 million in convertible senior notes due 2029. The company may grant underwriters a 30-day option to purchase an additional US$22.5 million in notes. These unsecured notes will mature on August 15, 2029, unless converted, redeemed, or repurchased earlier.
Holders can convert notes to cash, Class A ordinary shares, or a combination, at Bitdeer's discretion. The company plans to use the proceeds for datacenter expansion, ASIC-based mining rig development, working capital, and general corporate purposes. BTIG is the book-running manager, with A.G.P./Alliance Global Partners as co-manager. The offering will be made through an effective shelf registration statement filed with the SEC.
Bitdeer AI, part of Bitdeer Technologies Group (NASDAQ: BTDR), has launched an advanced AI Training Platform with serverless GPU infrastructure for scalable AI/ML inference. As one of the first NVIDIA Cloud Service Providers in Asia offering both cloud service and an AI training platform, Bitdeer AI enables users to build, train, and fine-tune AI models at scale.
The platform provides access to high-performance AI infrastructure including NVIDIA DGX SuperPOD with H100 GPUs, DDN Storage, and InfiniBand Networks. It offers a pay-as-you-go model, simplifies complex GPU infrastructure setups, and ensures reproducibility and environment consistency. Bitdeer AI plans to collaborate with NVIDIA to integrate NVIDIA AI Enterprise cloud services, enhancing the platform's capabilities for businesses to customize, test, and scale AI agents efficiently.
Bitdeer Technologies Group (NASDAQ: BTDR) reported strong Q2 2024 financial results, with revenue of $99.2 million, up 5.8% YoY, and gross profit of $24.4 million, up 50.6% YoY. The company's Adjusted EBITDA reached $24.9 million, a 33.2% YoY increase. Bitdeer made significant progress in its SEALMINER ASIC roadmap, energizing the first batch of A1 chips and advancing the SEAL02 chip production. The company expanded its global power capacity to 2.5 GW, including a new 570 MW lease in Ohio. Bitdeer's self-mining hash rate increased to 7.3 EH/s, contributing to improved financial performance despite the April 2024 halving. The company ended Q2 with a strong financial position, holding $228.8 million in cash and cryptocurrencies.
Bitdeer Technologies Group (NASDAQ: BTDR) announced its July 2024 production and operations update. Key highlights include:
- Mined 181 Bitcoins through self-mining
- On track for mass production of SEAL01 chips and SEALMINER A1 series mining rigs
- TSMC to deliver SEAL02 initial tape-out wafers in late September 2024
- AI cloud services powered by NVIDIA DGX SuperPOD reached 100% utilization
- Engaged TLM Group to advise on broader datacenter strategy
- Tydal, Norway expansion progressing; 40 MW energization expected in Q4 2024
- Planning to deploy 3.4 EH/s of SEALMINERs in Q4 2024, bringing total proprietary hashrate to 11.8 EH/s
- Infrastructure updates for Rockdale, Texas; Massillon, Ohio; and Jigmeling, Bhutan sites
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%.
Bitdeer Technologies Group (Nasdaq: BTDR) has announced a strategic partnership with the Monroe County Port Authority (MCPA) to lease land at Hannibal Industrial Park in Clarington, Ohio, increasing its power capacity pipeline by 570 MW. This deal raises Bitdeer's total global capacity to 2.5 GW, supporting their Bitcoin mining, high-performance computing, and AI operations. The site, a former aluminum processing facility, offers ready-to-use power infrastructure. The initial 266 MW will be available by Q3 2025, with the remaining 304 MW under review. Bitdeer emphasizes its commitment to expanding operational capabilities to better serve its customers and stakeholders.
Bitdeer Technologies Group (Nasdaq: BTDR) announced its management will participate in the 16th Annual CEO Investor Summit 2024 on July 10 at the St. Regis Hotel, San Francisco. The event will include a presentation by the company, which will be available on their website.
Bitdeer Technologies Group (Nasdaq: BTDR) has unveiled its R&D roadmap for the SEALMINER Bitcoin mining machine, reinforcing its commitment to transparency in the mining industry. The roadmap includes the mass production of ultra-efficient 5J/TH chips by Q4 2025. Key milestones include:
1. SEAL01 with 18.1J/TH energy efficiency, to be delivered in Q3 2024.
2. SEAL02 with 14J/TH energy efficiency, expected in Q4 2024.
3. SEAL03 with 10J/TH energy efficiency, slated for Q2 2025.
4. SEAL04 with breakthrough 5J/TH energy efficiency, planned for Q4 2025.
Bitdeer emphasizes the importance of providing data analytics for mining machine capabilities, equipment inventory, and collective purchasing behavior to mitigate financial uncertainties for miners. The company is dedicated to continuous R&D investments to enhance long-term competitiveness.
Bitdeer Technologies Group (NASDAQ: BTDR) has announced the acquisition of Desiweminer, a fabless crypto ASIC design company, in an all-stock transaction valued at 20 million Class A ordinary shares.
The acquisition, finalized on June 3, 2024, includes a vesting period of five to seven years for some shares and transfer restrictions for others for six to twelve months post-closing. This strategic move aims to enhance Bitdeer's ASIC design capabilities and accelerate product development, leveraging Desiweminer's advanced chip designs and experienced engineering team.
The integration is expected to strengthen Bitdeer's position in the high-performance computing sector, boosting innovation and market share in the multi-billion-dollar ASIC market.
Bitdeer Technologies Group has reported its unaudited mining and operations updates for May 2024. Key highlights include the successful trial production of Sealminer A1 ASICs, continued development of 1.1 GWs of new power infrastructure across the USA, Norway, and Bhutan, and the official launch of their AI cloud service. A $100 million private placement from Tether with an additional $50 million option demonstrates investor confidence. However, Bitcoin production decreased to 184 Bitcoins due to the Bitcoin halving event. The company's operational metrics showed a stable proprietary hash rate of 8.4 EH/s, with slight increases in managed mining machines and electrical capacity.
FAQ
What is the current stock price of Bitdeer Technologies Group (BTDR)?
What is the market cap of Bitdeer Technologies Group (BTDR)?
What is Bitdeer Technologies Group's main business?
Where are Bitdeer's data centers located?
What recent expansions has Bitdeer announced?
How did Bitdeer perform financially in 2023?
What is Bitdeer's hash rate capacity goal for 2025?
Who is Bitdeer's recent major investor?
What are Bitdeer's core services?
What role does Bitdeer play in the AI sector?
What new developments has Bitdeer made in ASIC technology?
How does Bitdeer contribute to the blockchain industry?
