Bitdeer Technologies Group, a Singapore-based crypto mining company, reported increased hash rate, successful mining, and expanded machine count.
Key Points
- Bitdeer Technologies Group, a Singapore-based crypto mining tech company, released July 2023 updates.
- Achieved 20.6 EH/s hash rate, up from 18.8 EH/s in June, with 7.9 EH/s proprietary hash rate.
- Mined 220 Bitcoins in July, 41% YoY growth, though 7.9% drop from June, due to lower fees and power cuts.
- Managed 215,000 mining machines, completed Gedu Datacenter, aiding Texas power grid stability; CEO positive about progress and future growth.
Bitdeer Technologies Group, a prominent technology company in the cryptocurrency mining community based in Singapore, has recently released its unaudited mining and operations updates for July 2023.
The company specializes in offering comprehensive digital asset mining solutions, managing various aspects of the mining process, including procurement, logistics, data center design and construction, machine management, and daily operations.
Bitdeer operates mining data centers in the United States and Norway.
NEW – Bitdeer announces the completion of its new #Bitcoin mining facility in the Kingdom of Bhutan 🇧🇹
They obtained an additional 15,000 miners for it last month alone 🤯 pic.twitter.com/jerrJgdeOI
— Bitcoin Magazine (@BitcoinMagazine) August 8, 2023
Increasing Hash Rate and Self-Mining Success
As of July 31, 2023, Bitdeer’s total hash rate under management reached 20.6 EH/s, which represents a significant increase compared to 18.8 EH/s in June 2023 and 12.1 EH/s in July 2022.
The company’s proprietary hash rate also experienced growth, reaching 7.9 EH/s by the end of June, compared to 6.2 EH/s in the previous month.
In July, Bitdeer successfully mined 220 Bitcoins through its self-mining business, showcasing a remarkable 41% year-over-year increase.
However, this figure did show a 7.9% decline compared to June 2023, primarily due to the reduced average transaction fee of mining activities and the strategic curtailment of power usage at the company’s mining data center in Texas.
Expansion of Mining Machines Under Management
Bitdeer demonstrated substantial growth in the number of mining machines under its management.
In July 2023, the total count reached 215,000, surpassing the previous month’s figure of 199,000 and marking a considerable increase from 138,000 in July 2022. This includes both self-owned machines (385,000) and hosted machines (130,000).
Completion of Gedu Datacenter Construction
The construction of Bitdeer’s Gedu Datacenter in Bhutan has been successfully completed, with power-on testing currently underway. In July, an additional 15,000 mining machines arrived at the data center, and as of August 7, 2023, approximately 11,000 miners were running reliably.
Bitdeer has been actively curtailing power usage at its mining data center in Texas to aid in stabilizing the state’s electric power grid during extreme heat conditions. This initiative has resulted in power credits for the company.
As of July 31, 2023, the aggregate electrical capacity of Bitdeer’s five mining data centers remained constant at 795 MW.
CEO’s Comments on Progress and Future Growth
Linghui Kong, the Chief Executive Officer of Bitdeer, expressed satisfaction with the company’s achievements and progress during July.
He highlighted the steady growth in total hash rate under management, as well as the expansion of their self-owned and hosted mining machine base.
Kong emphasized the completion of the Gedu Datacenter construction and the arrival of 15,000 mining machines, which will further contribute to future growth.
He concluded by expressing his pride in the company’s progress and enthusiasm for maintaining momentum going forward.
Concluding Thoughts
In conclusion, Bitdeer Technologies Group has showcased notable advancements in its operations and infrastructure during July 2023.
With a substantial increase in hash rate, successful self-mining activities, expansion of the mining machine count, completion of the Gedu Datacenter construction, and efforts to stabilize the power grid, Bitdeer is positioned for continued growth and success in the cryptocurrency mining industry.
