Bitdeer Advances Bitcoin Mining and AI Datacenter Expansion

Bitcoin investors have shown remarkable resilience amid recent market volatility, with institutional investors buying the dip as $245 million flowed into spot Bitcoin ETFs over the summer. One company strategically positioning itself in this landscape is Bitdeer Technologies Group (NASDAQ: BTDR), which continues to advance its roadmap in 2024.

Bitdeer has published its production and operations update for July, hitting several key milestones. Notably, Bitdeer mined 181 Bitcoins, up from 179 in June. The company also solidified a key partnership with Tier 3 and 4 data center consultant TLM Group, moved closer to monetizing its power portfolio, and progressed in deploying its Bitcoin self-mining ASIC chips.

In July, Bitdeer’s total hashrate under management reached 21.2, up from 20.6 in the same month in 2023. The company aims to expand its hash rate by 3.4 EH/s by year-end, driven by the production of its SEALMINER A1 rigs. The mass production of Bitdeer’s new mining chip, SEAL01, remains on track, while preparations for the SEAL02 chip are underway for mass production by the end of 2024. R&D activities on the SEAL03 chip are also in progress.

Bitdeer’s AI cloud services, powered by technology from Nvidia (NASDAQ: NVDA), reached 100% utilization in July. The company plans to expand its AI cloud footprint while maintaining disciplined capital expenditures. With TLM Group on board, Bitdeer can leverage its expertise to evaluate current sites and collaborate on a broader datacenter strategy, potentially involving co-locations, joint ventures, and other monetization opportunities in the high-demand HPC and AI segments.

Bitdeer oversees several datacenters globally, including facilities in Rockdale, Texas, Tydal, Norway, Massillon, Ohio, and Jigmeling, Bhutan. In Norway, the Phase 1 and Phase 2 expansions are on track to deliver 40 MW in Q4 2024 and 135 MW by mid-2025. In Bhutan, Bitdeer targets completing a 500MW substation by Q1 2025. The Texas datacenter is undergoing an upgrade to hydro cooling, expected to finish by year-end 2024. In Ohio, a 221MW project is progressing as planned.

Bitdeer plans to deploy 3.4 EH/s of first-generation SEALMINERs into its Texas and Norwegian sites in Q4 2024, boosting its total proprietary hashrate to 11.8 EH/s.

As the company gears up for the final stretch of 2024, Bitdeer will participate in several events, including Rosenblatt’s virtual tech summit in August, H.C. Wainwright’s global investment conference in September, and the Canto Crypto conference in November. Investors are watching Bitdeer closely, given its involvement in Bitcoin ASIC chip mining, AI/HPC, and data center operations, supported by a consensus analyst rating of “buy.”