Bitdeer Announces September 2023 Operations Updates
October 05 2023 - 5:00PM
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 September 2023.
Linghui Kong, Chief Executive Officer of Bitdeer, commented, “We
remained focused on maintaining our operational strength during the
month of September, and continued to deliver robust results. The
number of Bitcoin mined through our self-mining business increased
by 25.8% from the previous month, and almost tripled from the same
period of the previous year, to 482 Bitcoins. This increase came as
our recently constructed 100MW Gedu mining datacenter in Bhutan
maintained stable operations during the full month of September.
During September, 217 Bitcoins were mined at the Gedu mining
datacenter, which was approximately 45% of our total Bitcoin being
mined for the month. Our success in self-mining is a testament to
our ability to optimize our operations, and came as our aggregate
electrical capacity held steady at 895MW. Meanwhile, we continued
to make progress in the construction of a 175MW immersion cooling
datacenter at our mining facility in Tydal, Norway, as part of our
ongoing efforts to enhance our infrastructure and expand our
capacity. As we move into the remainder of the year, we are
confident that our emphasis on strategic business development will
bolster our results and help us generate long-term value for our
shareholders.”
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 |
September 2023 |
August 2023 |
September 2022 |
Total hash rate under management1
(EH/s) |
21.2 |
21.3 |
12.9 |
- Proprietary hash rate2 |
8.7 |
8.7 |
4.4 |
• Self-mining |
7.2 |
7.2 |
2.6 |
• Cloud Hash Rate |
1.5 |
1.5 |
1.8 |
- Hosting |
12.5 |
12.6 |
8.5 |
Mining machines under management |
221,000 |
221,000 |
143,000 |
- Self-owned3 |
92,000 |
92,000 |
56,000 |
- Hosted |
129,000 |
129,000 |
87,000 |
Aggregate electrical capacity4
(MW) |
895 |
895 |
755 |
Bitcoin mined (self-mining
only)5 |
482 |
383 |
163 |
1 Total hash rate under management as of
September 30, 2023 across the Company’s primary business lines:
Self-mining, Cloud Hash Rate, and Hosting.
2 Proprietary hash rate as of
September 30, 2023 was 8.7 EH/s, equivalent to proprietary hash
rate as of August 31, 2023.
3 Self-owned mining
machines are for the Company’s self-mining
business and Cloud Hash Rate business.
4 Aggregate electrical capacity remained
steady, totaling 895MW across six mining datacenters as of
September 30, 2023.
5 Bitcoin mined in September 2023 increased by
195.7% compared to September 2022. Bitcoin mined in September 2023
increased by 25.8% compared to August 2023, primarily attributable
to the stable operation of the Company’s 100MW Gedu mining
datacenter in Bhutan (the “Gedu
Datacenter”) through the full month of September.
The Company generally does not hold cryptocurrencies obtained
through its self-mining business, and promptly converts them into
fiat currency.
Infrastructure UpdateThe Company has continued
to make progress in the construction of a 175MW immersion cooling
datacenter at its mining facility in Tydal, Norway (the
“Tydal Datacenter”). The expansion of the Tydal
Datacenter is expected to be completed in 2025.
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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