Bitdeer Technologies, the Singapore-based bitcoin mining firm founded by Jihan Wu, has made significant strides in expanding its operations in Bhutan, harnessing the country’s abundant energy resources. The company recently completed the construction of a new mining facility in Bhutan and is currently conducting power-on testing at the site.
As of the end of July, Bitdeer reported the arrival of around 23,000 newly-purchased mining rigs at its Gedu data center in Bhutan. However, these rigs are yet to be energized, and the mining firm is eagerly awaiting the moment when all machines are fully operational. According to Linghui Kong, the CEO of Bitdeer, approximately 11,000 miners are currently running stably, providing a hash rate of about 2.5 EH/s.
This expansion has bolstered Bitdeer’s proprietary hash rate, which surged to 7.9 EH/s by the end of July, up from 6.2 EH/s at the end of June. The boost in hash rate is primarily attributed to the deployment of new mining machines in Bhutan, highlighting the success of their investment in the region.
Notably, Bitdeer has continued its commitment to curtail power usage at its Texas facility, a prudent move in response to the local heat conditions. Despite the challenges, Bitdeer mined an impressive 220 bitcoins in July through its self-mining business, marking a substantial 41% year-on-year increase in mining productivity.
The company’s focus on Bhutan extends beyond mining operations. In May, Bitdeer announced a strategic partnership with Bhutan’s state-owned investment company, Druk Holding and Investments, with the aim of raising up to $500 million for a crypto mining fund. This fund, known as the Bitdeer Green Bitcoin Fund, seeks to construct mining projects in Bhutan with a combined hash rate of nearly 20 EH/s.
Bitdeer’s success and expansion haven’t gone unnoticed, as the company went public on Nasdaq in April through a special purpose acquisition company merger, achieving a remarkable valuation of $1.18 billion. Investors have shown confidence in the firm, with the stock price closing 3.71% higher on Monday, further solidifying Bitdeer’s position as a key player in the crypto mining industry.
With its strategic moves in Bhutan and continuous efforts to enhance mining capabilities, Bitdeer Technologies remains at the forefront of the rapidly evolving bitcoin mining landscape. As the company energizes its newly-acquired mining rigs in Bhutan and pushes forward with its ambitious mining fund, Bitdeer is set to carve a prominent path in the world of cryptocurrency mining.