Bitdeer reports 64% increase in Bitcoin mined Morinda News compared to last year

© Reuters

SINGAPORE – Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing technology, has announced its unaudited mining and operations updates for February 2024.

The company reported a significant 64% year-on-year increase in mines mined to a total of 287 for the month. Despite a seasonal decline in production compared to January due to the shorter month and increased network hash rate, the total hash rate managed by Bitdeer increased to 22 EH/s.

Chief Business Officer Linghui Kong highlighted the testing of Bitdeer’s first Bitcoin mining chip, the 4nm SEAL01, as a significant technological advance. The SEAL01 chip, known for its energy efficiency of 18.1 J/TH, is planned to be integrated into the new SEALMINER A1 mining machines. This development is expected to provide Bitdeer with cost and supply chain advantages.

In infrastructure, the company has begun site preparation for a new 221 MW data center in Ohio, expected to begin operations in 2025. In addition, the construction of the 175 MW immersion cooling data center in Norway is scheduled to be completed by mid-2025.

Bitdeer operates in three business areas: self-mining, hash rate sharing and hosting. As of February 29, 2024, the company’s proprietary hash rate remained stable at 8.4 EH/s and the total number of miners under management increased to 222,000. Total power capacity remained constant at 895 MW in six data centers.

The information in this article is based on a press release from Bitdeer Technologies Group.

Investing Pro Insights

As Bitdeer Technologies Group (NASDAQ: BTDR) continues to expand its mining operations and develop new technologies, investors are keeping a close eye on the company’s financial health and market performance. According to InvestingPro, Bitdeer has more cash than debt on its balance sheet, which could provide a cushion for the company’s ambitious growth plans. Additionally, analysts expect the company to be profitable this year, which could represent a potential turning point for Bitdeer’s financial prospects.

According to market data, Bitdeer’s market capitalization is around $733.14 million. Despite recent successes, the company has faced profitability challenges, reflected in a negative P/E ratio of -838.23. However, the company’s revenue showed signs of growth, with a quarterly increase of 14.0% in the first quarter of 2023. This could indicate a positive response to the company’s strategic initiatives, including the development of the SEAL01 chip and expansion the data center infrastructure.

Investors interested in a deeper dive into Bitdeer’s financial and market performance can find additional InvestingPro tips that provide a comprehensive analysis of the company’s strengths, challenges and opportunities. If you are considering an InvestingPro subscription, use the coupon code PRONEWS24 to receive an additional 10% discount on an annual or two-year Pro and Pro+ subscription. With more than 10 additional InvestingPro

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This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.

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