In a significant move underscoring the growing importance of sustainable energy sources in Bitcoin mining, Singapore-based Bitdeer Technologies Group (NASDAQ: BTDR) has announced the completion of its state-of-the-art mining facility in the Kingdom of Bhutan. The facility, located in Gedu, is currently undergoing power-on testing, with a significant portion of its mining machines already operational, the company announced via Twitter.
Bitcoin Mining Facility In Bhutan Is Set To Launch
Linghui Kong, Chief Executive Officer of Bitdeer, remarked on the company’s progress, 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.” He further highlighted the company’s commitment to scaling its operations, noting the mining of 220 Bitcoins through their self-mining business in July, marking a 41% year-over-year increase.
Bitdeer’s recent operational update reveals that approximately 15,000 new mining machines arrived at the Gedu Datacenter in July. Impressively, as of August 7, 2023, around 11,000 of these machines are already running stably.
The company anticipates that once all the newly-purchased mining machines are energized, they will contribute a hash rate of approximately 2.5 EH/s. For comparison, the hash rate of the entire Bitcoin network averaged around 380 EH/s yesterday according to Ycharts, which means the Bhutan Mining Facility will take up around 0.66% of the global hash rate.
The Gedu Datacenter’s development is a testament to Bitdeer’s strategic expansion in Bhutan, leveraging the Himalayan nation’s abundant energy resources. Earlier this year, Bitdeer announced a partnership with Bhutan’s state-owned investment company, Druk Holding and Investments, aiming to raise up to $500 million for a crypto mining fund.
This collaboration further solidified with the launch of the Bitdeer Green Bitcoin Fund last month, dedicated to mining bitcoin in Bhutan. The fund, with a six-year duration, aims to raise $80 million for its first-phase construction project, targeting a total hash rate nearing 20 EH/s (at current levels, 5.2% of the global hash rate).
Bitdeer Becomes One Of The Biggest BTC Miners
Bitdeer, originally a spinoff from Chinese mining rig giant Bitmain co-founded by Jihan Wu, has been making waves in the Bitcoin mining community. The company went public on Nasdaq in April through a special purpose acquisition company merger, boasting a valuation of $1.18 billion. Following the announcement of the Bhutan facility’s completion, Bitdeer’s stock price is seeing a 3.71% uptick.
Diving deeper into Bitdeer’s recent performance metrics, the company has showcased impressive growth in its operations. As of July 2023, the total hash rate under Bitdeer’s management stands at a robust 20.6 EH/s. Breaking this down, the proprietary hash rate accounts for 7.9 EH/s, with self-mining contributing 3.8 EH/s, Cloud Hash Rate at 1.6 EH/s, and a significant 2.5 EH/s from machines that have been delivered but are not yet energized. In addition to this, the hosting hash rate is recorded at 12.7 EH/s.
In terms of mining equipment, Bitdeer manages a total of 215,000 mining machines, marking a notable increase from 199,000 in the previous month and a significant jump from 138,000 a year ago. Of these, 85,000 are self-owned, while 130,000 are hosted. The company’s aggregate electrical capacity across its operations is 795 MW.
At press time, the BTC price stood at $29,202.
Featured image from Aaron Santelices / Unsplash, chart from TradingView.com