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:

• 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.