Bitdeer reports 64% YOY increase in Bitcoin mined By Investing.com

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 substantial 64% year-over-year increase in mined, totaling 287 for the month. Despite a seasonal dip in production compared to January due to the shorter month and increased network hash rate, Bitdeer’s overall hash rate under management grew 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 advancement. The SEAL01 chip, noted for its power efficiency of 18.1 J/TH, is set to be integrated into the new SEALMINER A1 mining machines. This development is expected to provide Bitdeer with cost and supply chain advantages.

On the infrastructure front, the company has begun land preparation for a new 221MW datacenter in Ohio, with operations anticipated to start in 2025. Additionally, construction of the 175MW immersion cooling datacenter in Norway is on track for completion by mid-2025.

Bitdeer operates across three business lines: 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 mining machines under management increased to 222,000. The aggregate electrical capacity held steady at 895MW across six datacenters.

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

InvestingPro 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 holds more cash than debt on its balance sheet, which could provide a cushion for the company’s ambitious growth plans. Moreover, analysts predict that the company will be profitable this year, a potential turning point for Bitdeer’s financial outlook.

In terms of market data, Bitdeer’s market cap stands at approximately $733.14 million. Despite recent achievements, the company has been facing challenges with profitability, as reflected by a negative P/E ratio of -838.23. However, the company’s revenue has shown signs of growth, with a quarterly increase of 14.0% in Q1 2023. This could indicate a positive response to the company’s strategic initiatives, including the development of the SEAL01 chip and expansion of datacenter infrastructure.

Investors interested in a deeper dive into Bitdeer’s financial and market performance can find additional InvestingPro Tips, offering a comprehensive analysis of the company’s strengths, challenges, and opportunities. For those considering an InvestingPro subscription, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With more than 10 additional InvestingPro Tips available, subscribers can gain valuable insights to inform their investment decisions.

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