SINGAPORE - Bitdeer Technologies Group (NASDAQ: BTDR), a global technology company specializing in blockchain and high-performance computing, has released its unaudited mining and operations updates for January 2024. The company achieved a significant increase in Bitcoin mining, reporting a total of 330 Bitcoins mined, which marks a 123% increase from the same period in the previous year. However, this figure represents a month-over-month decline due to lower transaction fees and higher electricity costs at their Gedu datacenter in Bhutan.
Despite the temporary setbacks, Bitdeer has secured fixed-price, carbon-free electricity for its Bhutan datacenter starting in April, which is expected to mitigate future curtailments. The company is also expanding its infrastructure with preparations to begin in February for a new 221MW datacenter in Ohio, United States, scheduled for completion in 2025. Additionally, construction of a 175MW immersion cooling datacenter in Norway is underway and is expected to be completed by mid-2025.
Bitdeer's current CEO, Linghui Kong, will transition to the role of Chief Business Officer on March 1, 2024, while the company's founder, Mr. Jihan Wu, will take over as CEO. The company was also recently recognized as one of Singapore's Fastest Growing Companies 2024, a testament to its growth and commitment to the local economy.
The company operates three primary business lines: self-mining, hash rate sharing, and hosting. As of January 31, 2024, the total hash rate under management was 21 EH/s, with an aggregate electrical capacity of 895MW across six datacenters. Despite a decrease in Bitcoin mined in comparison to December 2023, due to power curtailments and lower transaction fees, Bitdeer maintains a strategy of converting mined cryptocurrency into fiat currency promptly.
Bitdeer is set to participate in a fireside chat hosted by H.C. Wainwright on February 7, 2024. The company's ongoing initiatives and operational updates are based on a press release statement, and it emphasizes its focus on creating sustainable value for shareholders and exploring strategic growth opportunities.
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