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 May 2024.
Linghui Kong, Chief Business Officer of Bitdeer, commented,
“During May, we made solid progress on our key initiatives at
Bitdeer. We successfully completed the initial trial production run
of our Sealminer A1 ASICs and we will begin shipping samples to our
data centers for testing. Concurrently, we continued to make
progress on the development of our nearly 1.1 GWs of new power
infrastructure across the U.S.A., Norway, and Bhutan, with the
first 40 MWs of capacity in Norway slated to come online by the end
of 2024. We plan to fill this new capacity as well as existing
capacity with our proprietary Sealminer A1s, enhancing our
proprietary hash rate by approximately 3.4 EH/s to 11.8 EH/s in
total. Meanwhile, our AI cloud service has officially launched, and
customers have begun to take advantage of our cloud service
offerings. We are in the process of expanding user coverage for
this business as we seek to build on our initial success in the
coming months. Moreover, we successfully closed a $100 million
private placement from Tether, along with an option to raise an
additional $50 million through exercise of a warrant. This
investment by Tether demonstrates their confidence in our vision,
strategy and our robust global operations. Regarding our
self-mining Bitcoin production, our output decreased to 184
Bitcoins in total during May, primarily as a result of the recent
Bitcoin halving.”
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 |
May 2024 |
April 2024 |
May 2023 |
Total hash rate under management1
(EH/s) |
22.4 |
22.3 |
18.0 |
- Proprietary hash rate2 |
8.4 |
8.4 |
5.4 |
• Self-mining |
6.9 |
6.7 |
4.0 |
• Cloud Hash Rate |
1.5 |
1.7 |
1.4 |
- Hosting |
14.0 |
13.9 |
12.6 |
Mining machines under management |
225,000 |
224,000 |
191,000 |
- Self-owned3 |
86,000 |
86,000 |
62,000 |
- Hosted |
139,000 |
138,000 |
129,000 |
Aggregate electrical capacity4
(MW) |
895 |
895 |
795 |
Bitcoin mined (self-mining
only)5 |
184 |
265 |
286 |
1 Total hash rate under management as of May
31, 2024 across the Company’s primary business lines: Self-mining,
Cloud Hash Rate, and Hosting.
2 Proprietary hash rate as of
May 31, 2024 was 8.4 EH/s, equivalent to proprietary hash rate as
of April 30, 2024.
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 May 31,
2024.
5 Bitcoin mined in May 2024 declined by 35.7%
compared to May 2023 and by 30.6% compared to April 2024, primarily
as a result of the impacts of the Bitcoin “halving” event that
occurred in April 2024. Currently, the Company promptly converts
the cryptocurrencies it obtains into fiat currency.
Infrastructure UpdateThe Company has continued
to make progress in the construction of a 175MW datacenter at its
mining facility in Tydal, Norway (the “Tydal
Datacenter”). The full datacenter expansion is expected to
be completed in mid-2025; however, the Company expects to deliver
approximately 40MW of capacity by the end of the fourth quarter of
2024.
The Company has continued to make progress in the construction
of a 221MW datacenter in Ohio, United States (the “Ohio
Datacenter”). The land and power resources required for
the Ohio Datacenter were secured during 2023. Construction of the
Ohio Datacenter is expected to be completed in 2025.
The Company has made progress in the construction of a 500MW
datacenter in Jigmeling, Bhutan (the “Jigmeling
Datacenter”), which began construction in March 2024. The
ground leveling work for the project substation area has been
completed and construction of the project substation has commenced.
The procurement of the substation’s electrical equipment is
currently progressing as scheduled. The Jigmeling Datacenter is
expected to be completed in mid-2025.
Manufacturing UpdateThe Company’s mining
machines project is progressing as planned. The Company started to
conduct small batch trial production in May 2024, and this process
will continue through the second and third quarters of 2024.
Approximately 200 mining machines that have been produced during
the trial production are scheduled for imminent delivery to the
Company’s own mining datacenters in Texas, U.S.A. and Norway for
testing.
Recent Developments On May 31, 2024, the
Company announced that it entered into a subscription agreement
with Tether International Limited for a private placement of
18,587,360 Class A ordinary shares of the Company (the
“Ordinary Shares”) and a warrant to purchase up to
5,000,000 Ordinary Shares (the “Warrant”) at an
exercise price at $10.00 per Ordinary Share. The closing of the
private placement occurred on May 30, 2024. The Company has
received $100 million in proceeds from the private placement of
Ordinary Shares, and will receive an additional $50 million if the
Warrant is fully exercised.
On June 3, 2024, the Company announced that it entered into a
share purchase agreement with Bitdeer Technologies Holding Company
(“BTHC”), FreeChain Inc.
(“FreeChain”) and other parties, pursuant to which
BTHC agreed to acquire all the issued and outstanding shares of
FreeChain (the “Acquisition”) and the Company
agreed to issue 20,000,000 Ordinary Shares as the closing
consideration for the Acquisition, subject to certain price
adjustment pursuant to the share purchase agreement. The
acquisition serves to further consolidate Bitdeer’s position in the
technology sector and bolster the Company’s research and
development efforts.
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 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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