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 July 2023.
Linghui Kong, Chief Executive Officer of
Bitdeer, commented, “We made significant strides on both the
operational and infrastructure fronts during July. Our total hash
rate under management saw steady year-over-year and monthly growth
as we successfully expanded both our self-owned and hosted mining
machines under management, underscoring our commitment to scaling
our operations. Importantly, we mined 220 Bitcoins through our
self-mining business in July, a 41% year-over-year increase. At the
same time, we continued to curtail the power usage at our mining
datacenter in Texas to help stabilize Texas’ electric power grid in
response to the state’s extreme heat this summer, through which we
continued to generate power credit.”
“With the construction of our Gedu Datacenter in
Bhutan now completed, and power-on testing underway, we have made
notable progress in securing our future growth. I’m pleased to
announce an additional 15,000 mining machines arrived at the
datacenter in July, and as of today, we already have around 11,000
miners running stably. I am incredibly proud of the progress we
have made, and look forward to continuing our momentum as we go
forward.”
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 |
July 2023 |
June 2023 |
July 2022 |
Total hash rate under management1
(EH/s) |
20.6 |
18.8 |
12.1 |
- Proprietary hash rate2 |
7.9 |
6.2 |
4.2 |
• Self-mining |
3.8 |
3.8 |
2.3 |
• Cloud Hash Rate |
1.6 |
1.6 |
1.9 |
• Delivered but not yet energized |
2.5 |
0.8 |
- |
- Hosting |
12.7 |
12.6 |
7.9 |
Mining machines under management |
215,000 |
199,000 |
138,000 |
- Self-owned3 |
85,000 |
70,000 |
54,000 |
- Hosted |
130,000 |
129,000 |
84,000 |
Aggregate electrical capacity4
(MW) |
795 |
795 |
584 |
Bitcoin mined (self-mining
only)5 |
220 |
239 |
156 |
1 Total hash rate
under management as of July 31, 2023 across the
Company’s primary business lines: Self-mining, Cloud Hash Rate and
Hosting.
2 Proprietary hash rate as of
July 31, 2023 increased by approximately 1.7 EH/s from 6.2 EH/s as
of June 30, 2023, primarily attributable to the arrival of
approximately 15,000 newly-purchased mining machines at the
Company’s Gedu mining datacenter in Bhutan (the “Gedu
Datacenter”) in July 2023. As of the end of July,
approximately 23,000 newly-purchased mining machines had arrived at
the Gedu Datacenter, but are yet to be energized. When all are
energized, these new machines will provide a hash rate of
approximately 2.5 EH/s.
3 Self-owned mining
machines are for the Company’s self-mining
business and Cloud Hash Rate business, including approximately
23,000 newly-purchased mining machines at the Gedu Datacenter as of
July 31, 2023.
4 Aggregate electrical
capacity remained consistent across five mining
datacenters as of July 31, 2023.
5 Bitcoin mined in July 2023 increased by 41.0%
compared to July 2022. Bitcoin mined in July 2023 declined by 7.9%
compared to June 2023, primarily attributable to the decrease of
the average transaction fee of mining activities in July 2023 and
the Company’s strategic curtailment of power usage at the Company’s
mining datacenter in Texas.
Infrastructure Update
As of the end of July, approximately 23,000 newly-purchased
mining machines had been delivered to the Company’s Gedu
Datacenter, with approximately 7,000 additional machines currently
in transit to the Gedu Datacenter. Construction of the Gedu
Datacenter has been completed, and the Company is currently
conducting power-on testing. As of August 7, 2023, approximately
11,000 mining machines were running stably.
About Bitdeer Technologies
Group
Bitdeer 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 and Norway. To learn more,
visit https://ir.bitdeer.com/.
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.
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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