Bitdeer Announces January 2024 Operations Updates
SINGAPORE, Feb. 06, 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 January 2024.
Linghui Kong, Chief Executive Officer of Bitdeer, commented, “During January, we made important progress towards building for the future while delivering solid results in our core business. We mined 330 Bitcoins in total in January, an increase of 123.0% from the same period last year. At the same time, our month-over-month production declined as a result of lower average transaction fees and the curtailments at our Gedu datacenter in Bhutan due to seasonally higher electricity costs, which may continue through the remainder of the first quarter. We are actively exploring strategies to minimize future curtailments and we have already secured fixed-price, carbon-free electricity for the Gedu datacenter from April through the end of the year. In January, we continued our efforts to further diversify and expand our infrastructure. We expect to start land preparation for construction of our 221MW datacenter in Ohio, United States in February. This site will serve as a key component of our ongoing expansion initiatives, and is expected to be completed in 2025. We also continued to advance the construction of our 175MW immersion cooling datacenter at our Tydal mining facility in Norway, which is set to be completed by mid-2025.”
“Meanwhile, we continued to reach tangible milestones for our long-term growth plans. On the AI cloud service front, our NVIDIA DGX H100-powered SuperPOD is currently undergoing setup and validation with NVIDIA and digital tech firm PTC. We remain on schedule, and expect to launch our SuperPOD-based high-performance cloud service platform during the first quarter of 2024. Looking ahead, we will remain focused on creating sustainable value for our shareholders and exploring emerging strategic growth opportunities.”
The Company primarily operates three distinct business lines:
1 Total hash rate under management as of January 31, 2024 across the Company’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.
2 Proprietary hash rate as of January 31, 2024 was 8.4 EH/s, equivalent to proprietary hash rate as of December 31, 2023.
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 January 31, 2024.
5 Bitcoin mined in January 2024 increased by 123.0% compared to January 2023. Bitcoin mined in January 2024 declined by 24.0% compared to December 2023, primarily as a result of a temporary curtailment of power at the Company’s mining facilities in Bhutan due to a seasonal increase in electricity costs during the month, and lower average transaction fees for mining activities compared to the prior month. The Company generally does not hold cryptocurrencies obtained through its self-mining business, and promptly converts them into fiat currency.
The Company expects to commence land preparation for the construction of a 221MW datacenter in Ohio, United States (the “Ohio Datacenter”) during February 2024. The land and power resources required for the Ohio Datacenter had been secured during 2023. Construction of the Ohio Datacenter is expected to be completed in 2025.
On January 29, 2024, the Company announced the appointment of Mr. Jihan Wu, the Company’s Founder and Chairman of its Board of Directors (the “Board”), as Chief Executive Officer of the Company, effective on March 1, 2024. In addition to his new role as Chief Executive Officer, Mr. Jihan Wu will remain as Chairman of the Company’s Board. The Company’s current Chief Executive Officer Mr. Linghui Kong will transition to the role of Chief Business Officer and will continue to serve as a member of the Company’s Board, also effective on March 1, 2024.
About Bitdeer Technologies Group