Bitdeer Announces August 2023 Operations Updates
September 07 2023 - 8:30AM
Bitdeer Technologies Group (NASDAQ: BTDR)
(“
Bitdeer” or the “
Company”), a
world-leading technology company for the cryptocurrency mining
community, today announced its unaudited mining and operations
updates for August 2023.
Linghui Kong, Chief Executive Officer of
Bitdeer, commented, “During August, we continued to deliver on our
commitment to diversify and scale our global mining business, as
our Gedu Datacenter entered full operations with approximately
30,000 mining machines energized. This represents a major milestone
in our infrastructure expansion, boosting our aggregate electrical
capacity by 100MW and adding approximately 3.3EH/s to our
proprietary hash rate. Our development initiatives are already
bearing fruit, as we mined 383 Bitcoins through our self-mining
business in August, representing annual and monthly increases of
124.0% and 74.1%, respectively. Meanwhile, we curtailed the power
usage at our mining datacenter in Texas to help stabilize Texas’
electric power grid in response to the state’s extreme heat in
August, through which we continued to earn power credits. Going
forward, we will continue to prudently execute on our operational
and infrastructure strategies to generate long-term shareholder
value.”
The Company primarily operates three distinct business
lines:
- Self-mining refers to cryptocurrency mining
for the Company’s own account, which allows it to directly capture
the high appreciation potential of cryptocurrency.
- Hash Rate Sharing currently primarily includes
Cloud Hash Rate, in which the Company offers hash rate subscription
plans and shares mining income with customers under certain
arrangements.
- Hosting encompasses a one-stop mining machine
hosting solution including deployment, maintenance, and management
services for efficient cryptocurrency mining.
Operations Update
Metrics |
August 2023 |
July 2023 |
August 2022 |
Total hash rate under management1
(EH/s) |
21.3 |
20.6 |
12.2 |
- Proprietary hash rate2 |
8.7 |
7.9 |
4.3 |
• Self-mining |
7.2 |
3.8 |
2.5 |
• Cloud Hash Rate |
1.5 |
1.6 |
1.8 |
• Delivered but not yet energized |
- |
2.5 |
- |
- Hosting |
12.6 |
12.7 |
7.9 |
Mining machines under management |
221,000 |
215,000 |
139,000 |
- Self-owned3 |
92,000 |
85,000 |
55,000 |
- Hosted |
129,000 |
130,000 |
84,000 |
Aggregate electrical capacity4
(MW) |
895 |
795 |
689 |
Bitcoin mined (self-mining
only)5 |
383 |
220 |
171 |
1 Total hash
rate under management as of August 31,
2023 across the Company’s primary business lines: Self-mining,
Cloud Hash Rate and Hosting.
2 Proprietary hash
rate as of August 31, 2023 increased by
approximately 0.8 EH/s from 7.9 EH/s as of July 31 2023, primarily
attributable to the arrival of approximately 7,000 additional
mining machines at the Company’s Gedu mining datacenter in Bhutan
(the “Gedu Datacenter”). As of the end of August,
the Gedu Datacenter’s entire 100MW electrical capacity had been
deployed. Approximately 30,000 newly-purchased mining machines at
the Gedu Datacenter have been fully energized and are under stable
operation, providing a total hash rate of approximately 3.3 EH/s
for the Company’s self-mining business.
3 Self-owned mining
machines are for the Company’s self-mining
business and Cloud Hash Rate business.
4 Aggregate electrical
capacity across six mining datacenters increased
by 100MW from July 31, 2023, to 895MW as of August 31, 2023.
5 Bitcoin mined in August 2023
increased by 124.0% compared to August 2022. Bitcoin mined in
August 2023 increased by 74.1% compared to July 2023, primarily
attributable to the energization and full operation of the Gedu
Datacenter by the end of August. The Company generally does not
hold cryptocurrencies obtained through its self-mining business,
and promptly converts them into fiat currency.
Infrastructure UpdateThe Company’s Gedu
Datacenter was energized and became fully operational in August
2023. The Gedu Datacenter contributes an additional 100MW to the
Company’s aggregate electrical capacity and supports the operation
of approximately 30,000 mining machines that supply approximately
3.3EH/s to the Company’s proprietary hash rate. The Gedu Datacenter
is the Company’s first datacenter in Asia and operates at carbon
neutrality thanks to Bhutan’s abundant hydroelectric power
generation.
About Bitdeer Technologies
GroupBitdeer is a world-leading technology company for the
cryptocurrency mining community headquartered in Singapore.
Bitdeer has committed to providing comprehensive digital asset
mining solutions for its customers. Bitdeer handles complex
processes involved in mining such as miner procurement, transport
logistics, mining datacenter design and construction, mining
machine management and daily operations. Bitdeer has mining
datacenters deployed in the United States, Norway, and
Bhutan. To learn more, visit https://ir.bitdeer.com/.
Forward-Looking StatementsStatements 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.
Contacts
Investor RelationsRobin Yang, PartnerICR, LLCEmail:
Bitdeer.ir@icrinc.com Phone: +1 (212) 537-5825
Public RelationsBrad Burgess, SVPICR, LLCEmail:
Bitdeer.pr@icrinc.com Phone: +1 (212) 537-4056
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