bitdeer - Pwim.Net

Crypto Miner Bitdeer Buys Storage Facility Le Freeport for $28M

Bitdeer, a mining company owned by Bitman co-founder Wu Jihan, spent Singapore dollars $40 million (about US$28.4 million) in July to acquire Le Freeport, the highest-security storage facility in Singapore, according to Bloomberg.

Wu Jihan himself has confirmed the transaction.

Formerly known as Singapore Freeport, Le Freeport is highly secure storage and display facility in Singapore.

Wu, known as Asia’s Fort Knox, has acquired a repository of art, precious gems and bullion from Swiss art dealer and shareholders led by founder Yves Bouvier, people familiar with the matter said.

Le Freeport cost S$100 million (nearly US$71 million) to build and opened in 2010. About three-quarters of the purchase price went to creditors, including DBS, while Yves Bouvier, who once held a 70% stake in Le Freeport, and other shareholders received about S$5 million after paying down debt and paying costs, people familiar with the matter said. (nearly $3.55 million)

Last year, Bitman co-founder Wu Jihan officially announced that he would be stepping down from leading cryptocurrency mining firm Bitmain Technologies Limited as part of an effort to resolve a long-running internal power struggle with rival co-founder Zhan Mailei.

Bitman co-founder Wu Jihan has officially announced that he will be stepping down from leading cryptocurrency mining firm Bitmain Technologies Limited, as part of an effort to resolve a long-running internal power struggle with rival co-founder Zhan Mailei.

After the settlement, Wu will lead Bitdeer, a cloud mining company in Norway and the United States, which was spun out of Bitmain. He will serve as the company’s chairman and Kong Linghui will serve as the new company’s chief executive officer.

Bhutan Embraces Bitcoin Mining with Green Energy

Bhutan, the small Himalayan kingdom, has been quietly accumulating and mining Bitcoin since April 2019. The country of less than 800,000 people is leveraging its abundant hydroelectric power to power its Bitcoin mining operations. Known for its focus on “Gross National Happiness” and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential, which accounts for 30% of its gross domestic product.

According to an exposé in local Bhutanese news and inquiries from Forbes, Bhutanese officials have confirmed that mining began when the price of Bitcoin was around $5,000 in April 2019. The price per Bitcoin has since soared to roughly $28,000 per coin at the time of writing. While the scale of Bhutan’s mining operations remains a mystery, some Druk Holding and Investments (DHI) employees have listed “crypto mining” as their tasks and skills on their LinkedIn profiles.

It is worth noting that the state-owned holding company DHI has invested millions of dollars in cryptocurrency holdings, with the funds managed on behalf of its people. The government is reportedly exploring partnerships to expand its mining operations further. One such partnership is with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer’s mining capacity by about 12%.

It is unclear why the government chose not to disclose this project to its citizens or international partners. However, Bhutan’s focus on green energy and sustainability makes it an ideal destination for mining Bitcoin. Bitcoin mining is the world’s cleanest industry, with more than 50% of its energy sources being renewable or clean energy. Due to cheap, abundant hydroelectric power, DHI reported that Bhutan is an ideal destination for mining Bitcoin.

Bhutan adds to a long list of regions from East Africa to Scandinavia mining Bitcoin with hydropower, one of the cheapest clean energy sources. The country’s commitment to green energy and sustainability is commendable, and it sets an excellent example for other countries looking to adopt Bitcoin mining. With its vast hydroelectric potential, Bhutan has the potential to become a significant player in the Bitcoin mining industry.

Bitdeer Mined 220 Bitcoin in July

Bitdeer Technologies Group (NASDAQ: BTDR), a leading technology company in the cryptocurrency mining community headquartered in Singapore, announced its unaudited mining and operations updates for July 2023 on August 7, 2023.

The company, committed to providing comprehensive digital asset mining solutions, handles complex processes involved in mining, including miner procurement, transport logistics, mining data center design and construction, mining machine management, and daily operations. Bitdeer has mining data centers deployed in the United States and Norway.

The total hash rate under management reached 20.6 EH/s as of July 31, 2023, compared to 18.8 EH/s in June 2023 and 12.1 EH/s in July 2022. The proprietary hash rate increased to 7.9 EH/s from 6.2 EH/s as of June 30, 2023. Bitdeer mined 220 Bitcoins through its self-mining business in July, marking a 41% year-over-year increase.

However, this was a 7.9% decline compared to June 2023, primarily due to the decrease in the average transaction fee of mining activities and strategic curtailment of power usage at the company’s mining data center in Texas.

The number of mining machines under management increased to 215,000 in July 2023 from 199,000 in June 2023 and 138,000 in July 2022. This includes 385,000 self-owned and 130,000 hosted machines.

The construction of the Gedu Datacenter in Bhutan was completed, with power-on testing underway. An additional 15,000 mining machines arrived at the data center in July, and as of August 7, 2023, around 11,000 miners were running stably.

Bitdeer continued to curtail power usage at its mining data center in Texas to help stabilize the state’s electric power grid in response to extreme heat, generating power credit. The aggregate electrical capacity remained consistent at 795 MW across five mining data centers as of July 31, 2023.

Linghui Kong, Chief Executive Officer of Bitdeer, commented on the updates, stating, “We made significant strides on both the operational and infrastructure fronts during July. Our total hash rate under management saw steady year-over-year and monthly growth as we successfully expanded both our self-owned and hosted mining machines under management, underscoring our commitment to scaling our operations.”

He further added, “With the construction of our Gedu Datacenter in Bhutan now completed, and power-on testing underway, we have made notable progress in securing our future growth. I’m pleased to announce an additional 15,000 mining machines arrived at the data center in July, and as of today, we already have around 11,000 miners running stably. I am incredibly proud of the progress we have made, and look forward to continuing our momentum as we go forward.”

Mining Valuations in Focus: Bitdeer and Sphere 3D Lead November's Stock Insights

The November valuation analysis of public Bitcoin mining stocks uncovers notable disparities, pinpointing potential under and overvaluations in the sector. Bitdeer emerges as significantly undervalued when assessed through the EV-to-Sales lens, while companies like Marathon appear overvalued. Sphere 3D presents a low EV-to-Hashrate ratio, suggesting a bargain based on its hardware assets, although its growth prospects are limited.

The investment realm of Bitcoin mining stocks is a battlefield of valuations, where discerning the undervalued from the overvalued is key to strategic portfolio positioning. The November update on mining stock valuations offers investors a critical look into this sector, leveraging a suite of financial metrics to guide investment decisions.

A comprehensive view of the mining industry’s financial landscape reveals a spectrum of investment opportunities. The EV-to-Sales ratio, a straightforward yet potent indicator, singles out Sphere 3D as potentially undervalued, with Bitdeer also standing out for its profitability and growth potential.

The EV-to-Hashrate ratio, a metric bespoke to the Bitcoin mining industry, indicates the premium investors pay for mining efficiency. Sphere 3D’s low ratio suggests its hardware is nearly priced at market value, whereas Northern Data’s high ratio may not correlate with operational efficiency.

Investors often turn to the EV-to-EBITDA ratio to gauge a company’s cash flow capabilities. This metric places Bitdeer and DMG in a favorable light due to their low ratios, implying robust EBITDA performance against market valuation.

The Price-to-Book ratio, while subject to accounting variances, provides another angle to assess company valuations. Soluna and Sphere 3D exhibit low ratios, which could intrigue value investors, while Sato’s elevated ratio may be reflective of a conservative valuation of its assets.

This valuation update illustrates the stark contrasts within the mining stock market, with significant differences in valuation multiples across the board. Investors are encouraged to weigh these insights against their strategies, focusing on stocks like Bitdeer that offer quality at a lower valuation.

Bitdeer Reports Robust Operational Performance for October 2023

Singapore-based Bitdeer Technologies Group (NASDAQ: BTDR), a global frontrunner in the cryptocurrency mining industry, has released its unaudited operational metrics for October 2023, showcasing sustained robust performance and strategic advancements. Throughout the month of October, both the hash rate and the electrical capacity remained stable, which was praised by the CEO Linghui Kong. He brought out the fact that the Gedu Datacenter in Bhutan had contributed 3.3EH/s to the overall hash rate as well as 211 Bitcoins, which accounted for more than half of the entire Bitcoin production for the month. The ongoing construction of the Tydal Datacenter in Norway, which is anticipated to be completed in the year 2025, serves as an instance of the company’s devotion to the advancement of technology as well as the rise in shareholder value.

Bitdeer is a firm that operates in three key business areas, including self-mining for the goal of directly acquiring bitcoin, hash rate sharing including cloud hash rate plans, and complete hosting services for the maintenance of mining rigs. These three business sectors are all part of Bitdeer’s overall operations.

The most significant operational figures for the month of October 2023 indicated an unchanged total hash rate of 21.2 EH/s, with 221,000 mining machines under administration and an aggregate electrical capacity of 895MW across six datacenters. Despite the fact that Bitcoin mining slowed down somewhat from September to October, year-over-year production of the cryptocurrency increased by a significant 173.4%.

On the infrastructure front, Bitdeer is advancing its 175MW immersion cooling datacenter in Norway and will be actively participating in upcoming industry conferences, reinforcing its position in the digital assets landscape.

The fact that Bitdeer has operating presences in a variety of nations, including the United States of America, Norway, and Bhutan, is evidence of the company’s commitment to provide all-encompassing solutions for the mining of digital assets. Bitdeer is responsible for handling all aspects of the mining process, from procurement to day-to-day operations.

Bitdeer and NVIDIA Partner to Launch AI Cloud Service in Asia

Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing, has teamed up with NVIDIA to introduce a new cloud service in Asia, according to Globenewswire. Named Bitdeer AI Cloud, this service is poised to be powered by NVIDIA’s advanced DGX SuperPOD with DGX H100 systems, representing a major development in the region’s technological landscape.

The partnership comes at a time when the demand for powerful and efficient cloud computing solutions is at an all-time high, driven by rapid advancements in AI, machine learning, and large language models (LLMs). Industry analyst IDC reported a remarkable 32% annual growth in the public cloud platform-as-a-service (PaaS) market in 2022, a clear indicator of the sector’s burgeoning success. This growth is further amplified by the expanding realms of online gaming, livestreaming, and social media in Asia, which have significantly escalated the need for enhanced computing power.

Bitdeer’s strategic decision to collaborate with NVIDIA is seen as a move to consolidate its position in the Asian market. This partnership elevates Bitdeer to a Preferred member of the NVIDIA Partner Network, a status that highlights its technological capabilities and market influence. Matt Linghui Kong, CEO of Bitdeer, has expressed his excitement about this collaboration, seeing it as a stepping stone for advancing AI and LLM technologies in Asia.

Tony Paikeday, the Senior Director of the DGX platform at NVIDIA, emphasized the importance of generative AI in modern business environments. He pointed out that Bitdeer, utilizing NVIDIA’s DGX infrastructure, is well-equipped to provide the AI supercomputing and software necessary for developing and deploying advanced generative AI models and services.

Bitdeer’s approach to expanding its GPU cloud business is multifaceted. The company plans to provide a high-performance GPU cloud infrastructure that will serve as the cornerstone for various AI-driven projects. This move is expected to allow organizations to efficiently utilize GPUs for complex AI workloads. Additionally, Bitdeer is developing a GPU-as-a-Service platform, aiming to simplify AI application management and deployment. This is in line with global market projections that foresee significant growth in the PaaS market.

Furthermore, Bitdeer intends to offer AI software services to a diverse range of industries, thus democratizing access to AI technology and reducing the complexities associated with in-house development. The company is also preparing to launch API services to enable businesses to integrate AI more easily into their existing operations, in response to the anticipated growth of the Asia Pacific API market.

Bitdeer’s global operations, including datacenters in the United States, Norway, and Bhutan, underscore its expertise in managing complex computing processes. The company’s announcement of its NVIDIA DGX SuperPOD-based high-performance cloud service platform, expected to launch in Q1 2024, signals a significant step towards providing scalable and dynamic AI solutions across various industries.

Bitdeer Launches Innovative 4nm SEAL01 Bitcoin Mining Chip

Bitdeer has announced the successful testing of its latest innovation—the SEAL01 Bitcoin mining chip. Utilizing advanced 4-nanometer process technology, this chip marks a substantial leap forward in mining efficiency and sustainability.

The SEAL01 chip was developed by Bitdeer (NASDAQ: BTDR), a company renowned for its contributions to blockchain and high-performance computing. In the quest to enhance Bitcoin mining performance, the chip has demonstrated a remarkable power efficiency ratio of 18.1 J/TH during its tests. Such an impressive figure not only sets a new standard for mining capabilities but also aligns with the industry’s growing emphasis on reducing energy consumption and environmental impact.

Designed to integrate with the forthcoming SEALMINER A1 mining rig, the SEAL01 chip promises to lower operating costs for miners while providing a solution that can scale and maintain stability. As the Bitcoin network approaches its next halving event in 2024—a process that will reduce the reward for mining new blocks by half—efficiency and cost-effectiveness are becoming increasingly critical for miners.

Bitdeer’s strategic investment in research and development has culminated in the SEAL01 chip, a product of an international team of experts in chip design, firmware, and hardware engineering. By pushing the boundaries of what’s possible in chip efficiency, the company aims to support the Bitcoin mining community in adapting to the evolving landscape of crypto mining.

Anticipation had been building within the mining sector for detailed information on Bitdeer’s proprietary mining hardware, following a series of interviews and charts from Cantor Fitzgerald that circulated in mid-February. Questions about accompanying software developments have also surfaced, highlighting the sector’s interest in comprehensive solutions that extend beyond the physical hardware.

The introduction of the SEAL01 chip is a testament to Bitdeer’s mission to deliver a world-leading, one-stop Bitcoin mining solution on a global scale. The company is actively preparing for the mass production of mining rigs equipped with the SEAL01, underscoring its commitment to supporting the security and growth of the transformative Bitcoin network.

Bitdeer Reports Mining of 1,299 Bitcoins in Q4 2023

Bitdeer Technologies Group (NASDAQ: BTDR), a leading name in the world of blockchain and high-performance computing, releases its financial and operating results for Q4 2023, indicating a strong finish amidst the challenging landscape of the cryptocurrency market. The Singapore-based technology giant has reported significant growth in revenue and operational efficiency, underscoring its resilience and strategic acumen in navigating the crypto winter.

Financial Performance: A Surge in Revenue and EBITDA

The unaudited preliminary results for the quarter ending December 31, 2023, reveal Bitdeer’s total revenue at approximately US$114.8 million, marking a substantial increase from US$77.1 million in Q4 2022. This growth is attributed to the company’s diverse business lines, with self-mining revenue nearly quadrupling to US$46.9 million from US$10.6 million in the same period last year.

Bitdeer’s cloud hash rate revenue, general hosting revenue, and membership hosting revenue have also witnessed notable upticks. The company’s adjusted EBITDA is estimated to be between US$32.1 million and US$38.1 million, doubling from US$16.3 million in Q4 2022, which reflects efficient operational management and a strong business model.

Operational Milestones: Expanding Mining and Efficiency

The operational highlights of Q4 2023 include the mining of approximately 1,299 Bitcoins and the usage of about 1,336,000 MWH across six data centers. Bitdeer has achieved an average electricity cost of US$44/MWH and an impressive miner efficiency of approximately 31.7 J/TH, showcasing the company’s commitment to sustainability and operational excellence.

Commitment to Stakeholders: Transparency and Resilience

Linghui Kong, Chief Business Officer of Bitdeer, emphasizes the company’s dedication to providing investors with timely access to its performance data. The proactive release of preliminary financial and operational results ahead of the audited year-end 2023 financial reports exemplifies Bitdeer’s transparency and reliability as a publicly-traded entity.

Future Outlook: Leading the Blockchain Technology Space

As Bitdeer advances, it continues to focus on delivering comprehensive computing solutions, navigating complex processes such as equipment procurement, data center management, and advanced cloud services for artificial intelligence demand. With strategic deployments in the United States, Norway, and Bhutan, the company is poised to strengthen its global footprint in the blockchain industry.

The company’s forward-looking statements indicate cautious optimism, with a realistic acknowledgment of potential risks and uncertainties. Investors and industry observers eagerly await the complete full-year 2023 financial results, set to be released later in March.