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 November 2024.
Operational Update
- Self-mined Bitcoin: 150 Bitcoins.
- Mining Rig Manufacturing and R&D:
- SEALMINER A1: Mass production of approximately 3.7 EH/s of
mining rigs is on track with 0.1 EH/s powered on, 0.4 EH/s
delivered for installation, 0.3 EH/s in-transit to data centers and
2.6 EH/s in production.
- SEALMINER A2:
- Secured wafer capacity as of this report date is expected to
generate approximately 35 EH/s hashrate in 2025, increased from 18
EH/s.
- Initial allocation of ~30,000 units (~7 EH/s out of the 35
EH/s) of SEALMINER A2s for external sale has been fully reserved by
customers. This allocation is subject to further increase depending
on market conditions.
- HPC/AI:
- Discussions are ongoing with multiple development partners and
potential end users for selected sites.
- Bitdeer AI cloud services deployed an early batch of NVIDIA
H200 in the Company’s Tier 3 datacenter.
- Expanded AI cloud services to United States and Holland. AI
cloud services are now hosted from Singapore, Canada, United States
and Holland.
- Hosting:
- Client-hosted machines increased by 11,000 units or 2.6
EH/s.
- Infrastructure:
- Tydal, Norway, 40 MW phase 1 expansion was expected to be ready
for use by December 2024. Energization pending regulatory
approval.
- Rockdale, Texas, USA, 100MW hydro-cooling conversion is on
track for phased completion during Q1 2025.
- Jigmeling, Bhutan, 500 MW construction is on track with the
primary substation expected to be completed by Q1 2025.
- 1.1 GW of new power capacity is on track to come online in
2025.
Management Commentary
“2025 is going to be a transformative year for Bitdeer,” stated
Linghui Kong, Chief Business Officer of Bitdeer. “The launch of our
SEALMINER A2 last month has generated tremendous interest. Our
initial plan of selling ~30,000 units to external customers has
been fully reserved by customers, signaling the industry’s strong
demand for cutting-edge technology and a diversified supply chain.
Further, at the end of November, we increased our SEALMINER A2
production through Q3 2025 to 35 EH/s, up from 18 EH/s, based on
the secured wafer capacity, significantly increasing our ability to
ramp our self-mining hashrate and sales inventory.”
Mr. Kong continued, “Further, we are extremely pleased with the
closing of our US$400 million convertible note offering in
November. Net proceeds from this offering will be used for
datacenter expansion, ASIC-based mining rigs development and
manufacture, as well as working capital and other general corporate
purposes.”
Production and Operations Summary
Metrics |
Nov 2024 |
Oct 2024 |
Nov 2023 |
Total hash rate under management1 (EH/s) |
20.7 |
18.0 |
21.1 |
- Proprietary hash rate |
8.8 |
8.7 |
8.7 |
• Self-mining |
8.2 |
8.4 |
7.1 |
• Cloud Hash Rate |
0.2 |
0.3 |
1.6 |
• Delivered but not hashing |
0.4 |
- |
- |
- Hosting |
11.9 |
9.3 |
12.4 |
Mining machines under management |
178,000 |
168,000 |
220,000 |
- Self-owned2 |
86,000 |
87,000 |
92,000 |
- Hosted |
92,000 |
81,000 |
128,000 |
Bitcoins mined
(self-mining only) |
150 |
174 |
403 |
Bitcoins held3 |
443 |
372 |
28 |
|
|
|
|
1 Total hash rate under management as of
November 30, 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.3
Bitcoins held do not include the Bitcoins from
deposits of the customers.
Infrastructure Construction Update
Rockdale, Texas - 100 MW Hydro-cooling
conversion underway:
- Demolition work
completed.
- Cooling system will
be delivered and installed in phases from Q4 2024 to Q1 2025.
- Due to supply chain
delays from the US dock workers strike in early October, the
expected phased energization timeline is expected to occur one
month later, now between January and March 2025.
Tydal, Norway - 175 MW site expansion is
progressing well, with several key milestones achieved:
- Buildings and
groundwork completed, along with the construction of the
transformer foundation and housing.
- Orders for
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 drainage systems construction is ongoing.
- Construction of the
substation completed.
- Tydal, Norway Phase
1 of 40 MW Expansion had been expected to be ready for use by
December 2024 but could be delayed for a few months due to
regulatory approval application issues, which are now under close
monitoring of the management team. Energization of the full 175 MW
site is reasonably expected to be no later than mid-2025.
Massillon, Ohio - 221 MW site is also making
progress:
- Substation
conceptual design is completed and long lead-time electrical
equipment for the substation have been ordered.
- Engineering,
Procurement, and Construction (EPC) contractor has been selected
for the substation construction.
- Civil work is
ongoing, with the majority expected to be completed by the end of
Q4 2024 or Q1 2025.
- Building design is
completed, and construction is anticipated to begin in Q4 2024,
earlier than expected.
- Estimated
energization timeline remains on track for mid-to-late 2025.
Jigmeling, Bhutan - 500MW site is progressing
well, with the following key milestones achieved:
- Civil work is
finished. 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 and
220kv/360MW substation designs are completed with construction
anticipated to be ready by the end of Q1 2025.
- Orders for the
procurement of transformers and electrical equipment have been
placed, with delivery and installation work 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.
Site / Location |
Capacity (MW) |
Status |
Timing4 |
Electrical 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 electrical capacity |
8955 |
|
|
Pipeline capacity |
|
|
|
- Tydal, Norway Phase 1 |
40 |
In progress |
Pending Regulatory Approval |
- 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-to-late 2025 |
- Rockdale, Texas |
179 |
In planning |
Estimate 2026 |
Total pipeline capacity |
1,645 |
|
|
Total global electrical capacity |
2,540 |
|
|
|
|
|
|
4 Indicative timing. All timing references are to calendar
quarters and years.5 Figures may not add up due to rounding.
Upcoming Conferences and Events
- December 4, 2024: B. Riley Crypto & Energy Infrastructure
Conference in New York City
- January 14-17, 2025: 27th Annual Needham Growth Conference
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 RelationsBlocksBridge ConsultingNishant
Sharmabitdeer@blocksbridge.com
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