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Bitdeer Technologies Group - BTDR STOCK NEWS

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.

News

Bitdeer Announces January 2024 Operations Updates

Rhea-AI Summary
Bitdeer Technologies Group (NASDAQ: BTDR) reported a 123.0% increase in Bitcoin mining in January 2024 compared to the same period last year. However, month-over-month production declined due to lower average transaction fees and curtailments at its datacenter in Bhutan. The company aims to minimize future curtailments and expand its infrastructure, including the construction of a 221MW datacenter in Ohio. Bitdeer is also making progress in the construction of a 175MW immersion cooling datacenter in Norway. The company was named one of Singapore’s Fastest Growing Companies 2024 and appointed Mr. Jihan Wu as its new Chief Executive Officer effective March 1, 2024.
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Bitdeer to Participate in a Fireside Chat Hosted by H.C. Wainwright

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Bitdeer Technologies Group (BTDR) announced its participation in a virtual fireside chat hosted by H.C. Wainwright & Co. to discuss the Company’s Bitcoin mining operations and expansion into high performance computing and AI. Haris Basit, Bitdeer’s Chief Strategy Officer, and Jeff LaBerge, Bitdeer’s Head of Capital Markets & Strategic Initiatives, will be the speakers at the event.
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Bitdeer Announces Appointment of Jihan Wu as New Chief Executive Officer as Linghui Kong Transitions to Chief Business Officer

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Bitdeer Technologies Group (BTDR) has announced the appointment of Mr. Jihan Wu as the new Chief Executive Officer, effective March 1, 2024. The current CEO, Mr. Linghui Kong, will transition to the role of Chief Business Officer. The company aims to focus on developing cutting-edge technologies, building a strong leadership team, and enhancing corporate culture under the new leadership.
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Bitdeer Named One of Singapore’s Fastest Growing Companies 2024

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Bitdeer Technologies Group (NASDAQ: BTDR) has been named as one of Singapore’s Fastest Growing Companies 2024, ranking 6th in the IT & Software category and 34th overall. The annual ranking by The Straits Times and Statista recognized the company for rapid growth and commitment to the local economy. Bitdeer achieved an absolute growth rate of 275.51% from 2019 to 2022.
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Bitdeer’s (NASDAQ: BTDR) Eco-Friendly Bet On Bhutan: How Balancing Growth With Environmental Impact Is Paying Off For The Company

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Singapore-based Bitdeer Technologies Group (NASDAQ:BTDR) reported a threefold increase in Bitcoin mining activities in September 2023, largely attributed to its newly operational mining data center in Gedu, Bhutan. The company mined a total of 434 Bitcoins in December, representing a 7.7% increase from the previous month and a substantial 149.4% surge compared to December 2022. Bitdeer plans to expand its global presence with the Tydal data center project in Norway and the construction of a 221MW data center in Ohio. The company has also placed an order with Taiwan Semiconductor Manufacturing Company Limited to purchase chips designed for Bitcoin mining.
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Bitdeer Announces December 2023 Operations Updates

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Bitdeer Technologies Group (BTDR) Announces Strong Mining and Operations Updates for December 2023
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Bitdeer Technologies Group (NASDAQ: BTDR) Q3 Earnings Highlights: Net Loss Slashed, Gross Profit And Gross Margin Up

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Bitdeer Technologies Group (NASDAQ:BTDR) reported strong financial performance in Q3 2023, with revenue growth, net loss reduction, and gross profit increase. The company's third-quarter revenue was $87.3 million, marking a 14% year-over-year increase. Bitdeer's net loss reduced to $1.8 million from $22.1 million in Q3 2022, and its gross profit for the quarter was $21.1 million with a gross margin of 24.2%. Adjusted profit stood at $10.5 million, and adjusted earnings rose to $28 million, a 221% increase from the same period last year. Bitdeer's operational achievements included reaching a total hash rate of 21.2 exahash per second (EH/s) and mining 1,085 Bitcoins in Q3 2023. The company also made strategic partnerships, positioning itself for future growth with the launch of Bitdeer AI Cloud, powered by the NVIDIA DGX SuperPod with DGX H100 systems.
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H.C. Wainwright Reiterated Its Buy Rating On Bitdeer Technologies (NASDAQ: BTDR) This Month Citing A "Compelling Buying Opportunity" - Here’s Why

Rhea-AI Summary
H.C. Wainwright released a comprehensive report on Bitdeer Technologies Group (NASDAQ:BTDR) with a buy rating. Bitdeer, a Nasdaq-listed Bitcoin mining pioneer, operates six global mining data centers and is expanding into the AI Cloud market. Despite a recent stock decline, the company's financial performance and strategic moves present an intriguing investment opportunity with a price target of $20, according to the report.
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Bitdeer Announces November 2023 Operations Updates

Rhea-AI Summary
Bitdeer Technologies Group (NASDAQ: BTDR) reported an 81.5% year-over-year increase in Bitcoin mining for November 2023, totaling 403 Bitcoins. The company's Gedu Datacenter achieved a hash rate of 3.3EH/s and mined 209 Bitcoins. Bitdeer also announced plans to launch Bitdeer AI Cloud, powered by NVIDIA’s DGX SuperPOD systems, aiming to tap into the growing demand for generative AI capabilities. The company's infrastructure update includes the construction of a 175MW immersion cooling datacenter in Norway, expected to be completed in 2025. Bitdeer has also been designated as a Preferred Cloud Service Provider in the NVIDIA Partner Network. The company will be presenting at the 26th Annual Needham Growth Conference on January 18, 2024.
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Bitdeer Joins Forces With Nvidia In Cloud Service Launch

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Bitdeer Technologies Group (NASDAQ:BTDR) Partners with NVIDIA Corporation to Launch Bitdeer AI Cloud, Aiming to Revolutionize Cloud Computing and AI Capabilities
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FAQ

What is the current stock price of Bitdeer Technologies Group (BTDR)?

The current stock price of Bitdeer Technologies Group (BTDR) is $20.49 as of December 20, 2024.

What is the market cap of Bitdeer Technologies Group (BTDR)?

The market cap of Bitdeer Technologies Group (BTDR) is approximately 3.0B.

What is Bitdeer Technologies Group's main business?

Bitdeer is primarily engaged in digital asset mining services, including proprietary mining, cloud hash rate sharing, and cloud hosting.

Where are Bitdeer's data centers located?

Bitdeer operates data centers in the United States and Norway, with ongoing projects in Ohio, USA, and Jigmeling, Bhutan.

What recent expansions has Bitdeer announced?

Bitdeer plans to install SEALMINER A1 miners at their Rockdale, Texas, and Norway data centers by Q4 2024, aiming to increase their hash rate capacity.

How did Bitdeer perform financially in 2023?

In 2023, Bitdeer reported a cost of revenue of US$290.7 million, a gross profit of US$77.8 million, and an adjusted profit of US$22.0 million.

What is Bitdeer's hash rate capacity goal for 2025?

Bitdeer aims to exceed a total hash rate of 46 EH/s by the end of 2025.

Who is Bitdeer's recent major investor?

Tether recently invested $100 million in Bitdeer, with an option to raise an additional $50 million.

What are Bitdeer's core services?

Bitdeer provides computing solutions, including equipment procurement, data center design, equipment management, and daily operations.

What role does Bitdeer play in the AI sector?

Bitdeer offers advanced cloud capabilities to customers with high demand for artificial intelligence.

What new developments has Bitdeer made in ASIC technology?

Bitdeer has integrated technologies from Desiweminer to enhance its ASIC design capabilities, accelerating time to market.

How does Bitdeer contribute to the blockchain industry?

Bitdeer is a leader in digital asset mining, providing comprehensive computing solutions and expanding its global data center capacity.

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Bitdeer Technologies Group

Nasdaq:BTDR

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#1645 Ranked by Market Cap
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BTDR Stock Data

3.03B
108.83M
64.38%
17.15%
6.4%
Software - Application
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United States of America
Singapore