Bitdeer Announces February 2024 Operations Updates

SINGAPORE, March 07, 2024 (GLOBE NEWSWIRE) -- 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 February 2024.

Linghui Kong, Chief Business Officer of Bitdeer, commented, “This month, we aggressively advanced our technology vertical-integration strategy with the successful testing of our first Bitcoin mining chip, the 4nm SEAL01. Boasting an exceptional power efficiency of 18.1 J/TH, the SEAL01 is designed to be seamlessly integrated into our new SEALMINER A1 mining machines. The cutting-edge SEAL01 delivers superior efficiency and stability, while adhering to the principles of sustainable mining. Our entry into the ASIC production space marks an exciting new chapter in our growth story and secures us significant cost and supply chain advantages.”

“In February, we once again made solid strides on the operational and infrastructure fronts. During the month, we mined 287 Bitcoins in total, an increase of 64.0% from the same period last year. We also saw an increase in our total hash rate and mining machines under management as we successfully added a new hosting customer. On a sequential basis, our production declined due to February’s shorter duration, the increase in total network hash rate, and lower average transaction fees.”

“Meanwhile, we continued to make positive progress on our infrastructure diversification and expansion initiatives. Land preparation for construction of our 221MW datacenter in Ohio, United States has begun, with tree-cutting underway and ground leveling expected to commence in April. The site is expected to enter operations in 2025. At the same time, construction of the 175MW immersion cooling datacenter at our Tydal mining facility in Norway remains on track to be completed by mid-2025.”

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.