Tag: Bitdeer

Bitdeer Mined 220 Bitcoin in July

by Blockchain News

Bitdeer Technologies Group (NASDAQ: BTDR), a leading technology company in the cryptocurrency mining community headquartered in Singapore, announced its unaudited mining and operations updates for July 2023 on August 7, 2023.

The company, committed to providing comprehensive digital asset mining solutions, handles complex processes involved in mining, including miner procurement, transport logistics, mining data center design and construction, mining machine management, and daily operations. Bitdeer has mining data centers deployed in the United States and Norway.

The total hash rate under management reached 20.6 EH/s as of July 31, 2023, compared to 18.8 EH/s in June 2023 and 12.1 EH/s in July 2022. The proprietary hash rate increased to 7.9 EH/s from 6.2 EH/s as of June 30, 2023. Bitdeer mined 220 Bitcoins through its self-mining business in July, marking a 41% year-over-year increase.

However, this was a 7.9% decline compared to June 2023, primarily due to the decrease in the average transaction fee of mining activities and strategic curtailment of power usage at the company’s mining data center in Texas.

The number of mining machines under management increased to 215,000 in July 2023 from 199,000 in June 2023 and 138,000 in July 2022. This includes 385,000 self-owned and 130,000 hosted machines.

The construction of the Gedu Datacenter in Bhutan was completed, with power-on testing underway. An additional 15,000 mining machines arrived at the data center in July, and as of August 7, 2023, around 11,000 miners were running stably.

Bitdeer continued to curtail power usage at its mining data center in Texas to help stabilize the state’s electric power grid in response to extreme heat, generating power credit. The aggregate electrical capacity remained consistent at 795 MW across five mining data centers as of July 31, 2023.

Linghui Kong, Chief Executive Officer of Bitdeer, commented on the updates, 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 as we successfully expanded both our self-owned and hosted mining machines under management, underscoring our commitment to scaling our operations.”

He further added, “With the construction of our Gedu Datacenter in Bhutan now completed, and power-on testing underway, we have made notable progress in securing our future growth. I’m pleased to announce an additional 15,000 mining machines arrived at the data center in July, and as of today, we already have around 11,000 miners running stably. I am incredibly proud of the progress we have made, and look forward to continuing our momentum as we go forward.”

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Bhutan Embraces Bitcoin Mining with Green Energy

by Blockchain News

Bhutan, the small Himalayan kingdom, has been quietly accumulating and mining Bitcoin since April 2019. The country of less than 800,000 people is leveraging its abundant hydroelectric power to power its Bitcoin mining operations. Known for its focus on “Gross National Happiness” and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential, which accounts for 30% of its gross domestic product.

According to an exposé in local Bhutanese news and inquiries from Forbes, Bhutanese officials have confirmed that mining began when the price of Bitcoin was around $5,000 in April 2019. The price per Bitcoin has since soared to roughly $28,000 per coin at the time of writing. While the scale of Bhutan’s mining operations remains a mystery, some Druk Holding and Investments (DHI) employees have listed “crypto mining” as their tasks and skills on their LinkedIn profiles.

It is worth noting that the state-owned holding company DHI has invested millions of dollars in cryptocurrency holdings, with the funds managed on behalf of its people. The government is reportedly exploring partnerships to expand its mining operations further. One such partnership is with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer’s mining capacity by about 12%.

It is unclear why the government chose not to disclose this project to its citizens or international partners. However, Bhutan’s focus on green energy and sustainability makes it an ideal destination for mining Bitcoin. Bitcoin mining is the world’s cleanest industry, with more than 50% of its energy sources being renewable or clean energy. Due to cheap, abundant hydroelectric power, DHI reported that Bhutan is an ideal destination for mining Bitcoin.

Bhutan adds to a long list of regions from East Africa to Scandinavia mining Bitcoin with hydropower, one of the cheapest clean energy sources. The country’s commitment to green energy and sustainability is commendable, and it sets an excellent example for other countries looking to adopt Bitcoin mining. With its vast hydroelectric potential, Bhutan has the potential to become a significant player in the Bitcoin mining industry.

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Crypto Miner Bitdeer Acquires Singapore Storage Facility Le Freeport for S$40M

by Blockchain News

Bitdeer, a mining company owned by Bitman co-founder Wu Jihan, spent Singapore dollars $40 million (about US$28.4 million) in July to acquire Le Freeport, the highest-security storage facility in Singapore, according to Bloomberg.

Wu Jihan himself has confirmed the transaction.

Formerly known as Singapore Freeport, Le Freeport is a highly secure storage and display facility in Singapore.

Wu, known as Asia’s Fort Knox, has acquired a repository of art, precious gems and bullion from Swiss art dealer and shareholders led by founder Yves Bouvier, people familiar with the matter said.

Le Freeport cost S$100 million (nearly US$71 million) to build and opened in 2010. About three-quarters of the purchase price went to creditors, including DBS, while Yves Bouvier, who once held a 70% stake in Le Freeport, and other shareholders received about S$5 million after paying down debt and paying costs, people familiar with the matter said. (nearly $3.55 million)

Last year, Bitman co-founder Wu Jihan officially announced that he would be stepping down from leading cryptocurrency mining firm Bitmain Technologies Limited as part of an effort to resolve a long-running internal power struggle with rival co-founder Zhan Mailei.

Bitman co-founder Wu Jihan has officially announced that he will be stepping down from leading cryptocurrency mining firm Bitmain Technologies Limited, as part of an effort to resolve a long-running internal power struggle with rival co-founder Zhan Mailei.

After the settlement, Wu will lead Bitdeer, a cloud mining company in Norway and the United States, which was spun out of Bitmain. He will serve as the company’s chairman and Kong Linghui will serve as the new company’s chief executive officer.

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Industrial Bitcoin mining breathes new life into tiny Texan town

by Cointelegraph

Two Bitcoin mining giants are duking it out for cheap electricity in the tiny town in Texas.

Both Bitdeer, a mining firm that spun out from Chinese giant Bitmain, and Riot Blockchain, one of leading publicly traded Bitcoin mining firms in the United States, are operating data centers hosted at a former aluminium smelting facility in the Texan town of Rockdale.

The town’s aluminium smelting plant was previously the world’s largest, until the company that ran it, Alcoa, began winding up operations in 2008. According to Lee Bratcher, president of the Texas Blockchain Council, the facility’s energy capacity was wasted from Alcoa’s departure until the miners set up shop.

Despite Rockdale comprising a tiny rural town of just 5,600 people, it exhibits all the benefits sought after by industrial-scale miners — crypto-friendly politicians, large plots of land hosting abandoned industrial infrastructure rip for repurposing, and dirt-cheap electricity prices thanks to Texas’ deregulated market.

Rockdale Mayor John King describes the relationship between local grid operator, the Electric Reliability Council of Texas (ERCOT), and miners as mutually beneficial. He emphasized that miners regularly consume electricity power that would otherwise be wasted, and they can also shut down operations instantly should power be needed elsewhere. He added:

“Miners are committed to buying a certain amount of power and what they do is they sell it back at market [value] and make a profit. They have a contract of two cents or three cents…and they can sell it for $9 a kilowatt hour.”

As reported by Cointelegraph on Oct. 7, Riot has more than tripled its Bitcoin production this year.

The firm now estimates that the facility is producing more than 500 BTC per month from its facility in Rockdale. At current prices, the mined coins equate to $30 million per month. Riot says the site hosts 100,000 mining rigs.

Related: Crypto cowboys: Texas counties welcome Bitcoin miners with open arms

Texan lawmakers are pushing for a further expansion in the state’s Bitcoin mining embrace, with Senator Ted Cruz describing mining as a means to capture natural gas that the state currently flares.

Speaking during the Oct. 10 Texas Blockchain Summit, Cruz argued that natural gas is currently being flared in West Texas because “there is no transmission equipment to get that natural gas where it could be used the way natural gas would ordinarily be employed.”

“Use that power to mine Bitcoin. Part of the beauty of that is the instant you’re doing it you’re helping the environment enormously because rather than flaring the natural gas you’re putting it to productive use,” he added.