Bitdeer grows Bitcoin production by 195% YoY with a 35% September increase in BTC mined

cyptouser2 months agoCryptocurrencies News53

Singapore-based Bitdeer Technologies Group revealed a notable surge in mined Bitcoins in September 2023.

482 Bitcoins were mined, nearly tripling the numbers from the same time last year. Additionally, the Gedu mining data center alone produced 217 Bitcoins, accounting for approximately 45% of the total mined Bitcoins in September.

The increase is primarily attributed to the company’s operational efficiency, strategic business focus, and the stable operations of its newly constructed Gedu mining data center in Bhutan.

Bitdeer CEO Linghui Kong emphasized the company’s operational strength, which yielded robust results, with Bitcoin mining through their self-mining business experiencing an impressive 25.8% increment compared to the previous month.

According to Kong, the firm’s self-mining success is due to Bitdeer maintaining its aggregate electrical capacity at a steady 895MW. Highlighting the broader implications of these operational efficiencies, Kong stated,

“As we move into the remainder of the year, we are confident that our emphasis on strategic business development will bolster our results and help us generate long-term value for our shareholders.”

Beyond self-mining, Bitdeer’s operations span across three main business lines. These include Hash Rate Sharing, primarily involving Cloud Hash Rate, where Bitdeer offers hash rate subscription plans and shares mining income with customers. Hosting is a comprehensive mining machine hosting solution inclusive of deployment, maintenance, and management services for efficient cryptocurrency mining.

Bitdeer’s operations update indicated that the total hash rate under management as of Sep. 30 was 21.2 EH/s across the three primary business lines, with the proprietary hash rate at 8.7 EH/s. Bitdeer has 221,000 mining machines under management.

Bitdeer is not only expanding its Bitcoin mining capabilities but also its infrastructure. The company is steadily constructing a 175MW immersion cooling data center at its mining facility in Tydal, Norway. This expansion is part of Bitdeer’s concerted efforts to enhance its infrastructure and expand capacity. Completion of the Tydal Datacenter is expected in 2025.

As an industry player, Bitdeer’s operational updates offer an insightful glimpse into the dynamics of the cryptocurrency mining industry. The firm’s focus on optimizing operations, expanding infrastructure, and engaging in strategic business development is the backbone of its growth, offering valuable lessons for other organizations in the crypto space.

With mining data centers deployed in the United States, Norway, and Bhutan, Bitdeer continues providing its customers with comprehensive digital asset mining solutions.

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