Bitdeer Technologies Group (NASDAQ: BTDR)
(“
Bitdeer” or the “
Company”), a
world-leading technology company for blockchain and
high-performance computing, today announced its unaudited mining
and operations updates for July 2024.
Operational Highlights
- Self-mined Bitcoin: Mined 181 Bitcoins.
- Mining Rigs R&D:
- Mass production is on track for SEAL01 chips and SEALMINER A1
series mining rigs, including both air cooling and hydro
cooling.
- Taiwan Semiconductor Manufacturing Company (TSMC)’s delivery of
SEAL02 initial tape-out wafers is anticipated for late September
2024. If the testing is successful, mass production is scheduled to
commence by the end of 2024.
- R&D of SEAL03, our third-generation chip, is ongoing.
- HPC/AI:
- AI cloud services powered by NVIDIA DGX SuperPOD with H100
system reached 100% utilization during the month of July. We will
expand our AI cloud operation carefully to capture the
opportunities while avoiding over investment.
- Engaged with TLM Group, a leading consultant in HPC/AI
datacenter engineering and construction, to conduct comprehensive
research on Bitdeer’s sites and advise on a broader datacenter
strategy, including co-location, joint-ventures and other
monetization options.
- Mining datacenters
- Tydal, Norway phase 1 and phase 2 site expansions remain on
track to energize 40 MW in Q4 2024 and 135 MW by mid-2025.
- Bhutan Jigmeling 500MW substation is expected to be completed
by Q1 2025.
- We commenced upgrading a portion of the Rockdale, Texas mining
datacenter into hydro cooling, which we expect to be complete in Q4
2024. We believe such investment will not only benefit our Bitcoin
mining business but also can be used for HPC/AI infrastructure in
the future.
- Ohio Edison 221MW project is in the design and long lead time
equipment procurement stage.
- Planning to deploy 3.4 EH/s of first generation Bitdeer
SEALMINERs into Texas, U.S.A. and Tydal, Norway sites in Q4 2024,
bringing total proprietary hashrate to 11.8 EH/s.
Management Commentary
“In July, we continued to advance our strategic initiatives in
Bitcoin mining and HPC/AI,” stated Linghui Kong, Chief Business
Officer of Bitdeer. “Our first-generation SEALMINERs, energized
last month, have been performing within our expectations and we
remain on track to energize 3.4 EH/s by year end, bringing our
total proprietary hashrate to 11.8 EH/s. For our second-generation
chip, SEAL02, initial tape-out wafer delivery from TSMC remains on
track for late September. Upon successful testing, we anticipate
ramping mass production by the end of the year.”
Mr. Kong continued, “Building on our existing AI Cloud Services
powered by NVIDIA GDX SuperPODs, in July, we engaged a leading
consultant in HPC/AI datacenter engineering and construction, TLM
Group, to conduct a comprehensive due diligence on all of our sites
worldwide and to advise us on our global HPC/AI strategy. This
assessment will determine the best monetization options of our
massive 2.5 GW global power portfolio for HPC and AI
applications.”
Production and Operations Summary
Metrics |
July 2024 |
June 2024 |
July 2023 |
Total hash rate under management1
(EH/s) |
21.2 |
22.3 |
20.6 |
- Proprietary hash rate |
8.6 |
8.5 |
7.9 |
• Self-mining |
7.5 |
7.3 |
3.8 |
• Cloud Hash Rate |
1.1 |
1.2 |
1.6 |
- Hosting |
12.6 |
13.8 |
12.7 |
Mining machines under management |
212,000 |
223,000 |
215,000 |
- Self-owned2 |
87,000 |
86,000 |
85,000 |
- Hosted |
125,000 |
137,000 |
130,000 |
Bitcoin mined (self-mining only) |
181 |
179 |
220 |
1 Total hash rate under management as of July
31, 2024 across the Company’s three primary business lines:
Self-mining, Cloud Hash Rate, and Hosting.
- Self-mining refers to cryptocurrency mining
for the Company’s own account, which allows it to directly capture
the high appreciation potential of cryptocurrency.
- Cloud Hash Rate offers hash rate subscription
plans and shares mining income with customers under certain
arrangements. The Cloud Hash Rate stated above reflects the
contracted hash rate with customers at month-end. However,
throughout the month, the Cloud Hash Rate may transition to
Self-mining hash rate if customers opt to not make their monthly
electricity payments for various reasons.
- Hosting encompasses a one-stop mining machine
hosting solution including deployment, maintenance, and management
services for efficient cryptocurrency mining.
2 Self-owned mining machines are for the
Company’s self-mining business and Cloud Hash Rate business.
Infrastructure Construction Update
Rockdale, Texas - Hydro-cooling
conversionRockdale, Texas 100 MW hydro-cooling conversion
key milestones achieved:
- Demolition work started on August 1, 2024.
- Cooling system design completed and waiting to begin
construction.
- Equipment procurement is ongoing.
- Water Tower testing will begin in August 2024.
- Energization timeline to occur in phases throughout Q4
2024.
Tydal, NorwayTydal, Norway 175 MW site
expansion is progressing well, with several key milestones
achieved:
- Buildings and groundwork have been completed, along with the
construction of the transformer foundation and housing.
- Orders for the procurement of the transformer and electrical
equipment have been placed, with delivery and installation
currently in progress. Additionally, the procurement and delivery
of containers and hydro-cooling systems are underway, and the
construction of drainage systems is ongoing.
- Construction of the substation is ongoing and expected to be
completed by the end of October 2024.
- Energization timeline for the Tydal, Norway Expansion Phase 1
of 40 MW remains on track for Q4 2024.
Massillon OhioOhio, U.S.A. 221 MW site is also
making progress:
- Substation conceptual design is complete and long lead-time
electrical equipment for the substation has been ordered.
- Engineering, Procurement, and Construction (EPC) contractor
selected for the substation construction.
- Civil work is ongoing, with the majority expected to be
completed by the end of Q4 2024.
- Building design is complete, and construction is anticipated to
begin in Q1 2025.
- Estimated energization timeline remains on track for
mid-to-late 2025.
Jigmeling, Bhutan Jigmeling, Bhutan 500MW site
is progressing well, with the following key milestones
achieved:
- Civil work is nearly completed with an anticipated completion
date by the end of September 2024. Construction of transformer and
container foundations is in progress and will be completed in
phases, with the last phase expected by the end of February
2025.
- 132kv/140MW substation design completed, 220kv/360MW substation
design in progress.
- Construction of the substation is anticipated to be ready by
the end of Q1 2025.
- Procurement of transformers and electrical equipment has been
completed, with delivery and installation to be completed in phases
over the next two quarters.
- Procurement and delivery of containers and hydro-cooling
systems are in progress, with completion in phases by the end of Q1
2025.
Power Infrastructure Summary
|
|
|
|
Site / Location |
Capacity (MW) |
Status |
Timing3 |
Energized capacity |
|
|
|
Rockdale, Texas |
563 |
Online |
Completed |
Knoxville, Tennessee |
86 |
Online |
Completed |
Wenatchee, Washington |
13 |
Online |
Completed |
Molde, Norway |
84 |
Online |
Completed |
Tydal, Norway |
50 |
Online |
Completed |
Gedu, Bhutan |
100 |
Online |
Completed |
Total energized capacity |
895 |
|
|
Pipeline capacity |
|
|
|
Tydal, Norway Phase 1 |
40 |
In progress |
Q4 2024 |
Tydal, Norway Phase 2 |
135 |
In progress |
Mid 2025 |
Massillon, Ohio |
221 |
In progress |
Mid-to-late 2025 |
Clarington, Ohio Phase 1 |
266 |
In progress |
Q3 2025 |
Clarington, Ohio Phase 2 |
304 |
Pending approval |
Estimate 2026 |
Jigmeling, Bhutan |
500 |
In progress |
Mid-Late 2025 |
Rockdale, Texas |
179 |
In planning |
Estimate 2026 |
Total pipeline capacity |
1,645 |
|
|
Total global contracted capacity |
2,540 |
|
|
3 Indicative timing. All timing references are to calendar
quarters and years.
Upcoming Conferences and Events
- Aug 19 – 20: Rosenblatt 4th Annual Technology Summit: The Age
of AI (Virtual)
- Sep 9 – 11: H.C. Wainwright 26th Annual Global Investment
Conference in New York City
- Nov 14: Cantor Crypto, Digital Assets & AI Infrastructure
Conference in Miami
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://ir.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.
For investor and media inquiries, please
contact:
Investor RelationsOrange GroupYujia
ZhaiBitdeerIR@orangegroupadvisors.com
Public RelationsWachsmanBee Shinbitdeer@wachsman.com
Bitdeer Technologies (NASDAQ:BTDR)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Bitdeer Technologies (NASDAQ:BTDR)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024