Bitdeer Announces May 2023 Operations Updates
14 Juin 2023 - 2:00PM
Bitdeer Technologies Group (NASDAQ: BTDR)
(“
Bitdeer” or the “
Company”), a
world-leading technology company for the cryptocurrency mining
community, today announced its unaudited mining and operations
updates for May 2023.
Linghui Kong, Chief Executive Officer of Bitdeer, commented, “We
maintained stable operations during the month of May while
remaining dedicated to the continued growth of our business. At the
beginning of the month, we announced our strategic partnership with
Druk Holding & Investments, the commercial arm of the Royal
Government of Bhutan, to develop environmentally sustainable,
carbon-free digital asset mining operations in that country. This
collaboration will help diversify and expand our global mining
operations, and serves as a testament to our commitment to future
expansion and success. Meanwhile, our total managing hash rate held
steady at 18.0 EH/s, and our aggregate electricity capacity
remained at 795MW. I am proud of our consistent performance, and I
am confident that our business will continue to prosper going
forward.”
The Company primarily operates three distinct business
lines:
- Self-mining refers to cryptocurrency mining
for the Company’s own account, which allows it to directly capture
the high appreciation potential of cryptocurrency.
- Hash Rate Sharing currently primarily includes
Cloud Hash Rate, in which the Company offers hash rate subscription
plans and shares mining income with customers under certain
arrangements.
- Hosting encompasses a one-stop mining machine
hosting solution including deployment, maintenance, and management
services for efficient cryptocurrency mining.
Operations Update
- Total managing hash rate, which consists of proprietary hash
rate and hosting hash rate, was 18.0 EH/s as of May 31, 2023:
- Proprietary hash rate was 5.4 EH/s as of May 31, 2023, with 4.0
EH/s allocated to the Company’s self-mining business and 1.4 EH/s
to its Cloud Hash Rate business. Proprietary hash rate as of May
31, 2023 declined by approximately 0.3 EH/s from 5.7 EH/s as of
March 31, 2023, primarily attributable to optimization of the
Company’s deployed fleet of mining machines through disposal of
around 5,000 Antminer 17 Series mining machines that were no longer
profitable.
- Hosting hash rate was 12.6 EH/s as of May 31, 2023.
- Total deployed fleet was approximately 191,000 ASIC mining
machines as of May 31, 2023, including the following:
- Approximately 62,000 of the Company’s own mining machines for
its self-mining business and Cloud Hash Rate business
- Approximately 129,000 mining machines for the Company’s hosting
business
- Aggregate electricity capacity was 795MW across five mining
datacenters as of May 31, 2023.
- The Company mined 283 Bitcoins in the month of May through its
self-mining business.
Infrastructure Update
- The Company’s Gedu mining datacenter in Bhutan (the
“Gedu datacenter”) is expected to be delivered in
July 2023. Once in use, the Gedu datacenter will contribute an
additional 100MW to the Company’s aggregate electricity capacity,
and will support the operation of 30,000 mining machines which will
supply another 3.3 EH/s to the Company’s proprietary hash rate. The
Gedu datacenter will be the Company’s first datacenter in Asia, and
will operate at carbon neutrality as a result of Bhutan’s extensive
hydroelectric power generation.
About Bitdeer Technologies
Group
Bitdeer is a world-leading technology company for the
cryptocurrency mining community headquartered in Singapore.
Bitdeer has committed to providing comprehensive digital asset
mining solutions for its customers. Bitdeer handles complex
processes involved in mining such as miner procurement, transport
logistics, mining datacenter design and construction, mining
machine management and daily operations. Bitdeer has mining
datacenters deployed in the United
States and Norway. To learn more,
visit https://ir.bitdeer.com/.
Forward-Looking Statements
Statements in this press release about future expectations,
plans, and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
“forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. The words “anticipate,”
“look forward to,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” “would” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including factors discussed in the section
entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as
well as discussions of potential risks, uncertainties, and other
important factors in Bitdeer’s subsequent filings with
the U.S. Securities and Exchange Commission. Any
forward-looking statements contained in this press release speak
only as of the date hereof. Bitdeer specifically disclaims any
obligation to update any forward-looking statement, whether due to
new information, future events, or otherwise. Readers should not
rely upon the information on this page as current or accurate after
its publication date.
Contacts
Investor Relations
Robin Yang, PartnerICR, LLCEmail: Bitdeer.ir@icrinc.com Phone:
+1 (212) 537-5825
Public Relations
Brad Burgess, SVPICR, LLCEmail: Bitdeer.pr@icrinc.com Phone: +1
(212) 537-4056
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/149a1449-0f03-4c21-90d1-ca3223dac213
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