Bitdeer Technologies Group (NASDAQ: BTDR), a global leader in blockchain and high-performance computing technology, today released its unaudited mining and operations update for July 2024.
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Partnered with TLM Group, a top consultant in HPC/AI datacenter engineering and construction, to speed up the monetization of Bitdeer’s 2.5 GW power portfolio
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On schedule to deploy 3.4 EH/s of SEALMINER ASICs for self-mining by the end of the year
Operational Highlights
- Self-mined Bitcoin: Mined 181 Bitcoins.
- Mining Rigs R&D:
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- Mass production is on track for SEAL01 chips and SEALMINER A1 series mining rigs, including both air cooling and hydro cooling.
- Taiwan Semiconductor Manufacturing Company (TSMC)’s delivery of SEAL02 initial tape-out wafers is anticipated for late September 2024. If the testing is successful, mass production is scheduled to commence by the end of 2024.
- R&D of SEAL03, our third-generation chip, is ongoing.
- HPC/AI:
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- AI cloud services powered by NVIDIA DGX SuperPOD with H100 system reached 100% utilization during the month of July. We will expand our AI cloud operation carefully to capture the opportunities while avoiding over investment.
- Engaged with TLM Group, a leading consultant in HPC/AI datacenter engineering and construction, to conduct comprehensive research on Bitdeer’s sites and advise on a broader datacenter strategy, including co-location, joint-ventures and other monetization options.
- Mining datacenters
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- Tydal, Norway phase 1 and phase 2 site expansions remain on track to energize 40 MW in Q4 2024 and 135 MW by mid-2025.
- Bhutan Jigmeling 500MW substation is expected to be completed by Q1 2025.
- We commenced upgrading a portion of the Rockdale, Texas mining datacenter into hydro cooling, which we expect to be complete in Q4 2024. We believe such investment will not only benefit our Bitcoin mining business but also can be used for HPC/AI infrastructure in the future.
- Ohio Edison 221MW project is in the design and long lead time equipment procurement stage.
- Planning to deploy 3.4 EH/s of first generation Bitdeer SEALMINERs into Texas, U.S.A. and Tydal, Norway sites in Q4 2024, bringing total proprietary hashrate to 11.8 EH/s.
Management Commentary
“In July, we continued to advance our strategic initiatives in Bitcoin mining and HPC/AI,” stated Linghui Kong, Chief Business Officer of Bitdeer. “Our first-generation SEALMINERs, energized last month, have been performing within our expectations and we remain on track to energize 3.4 EH/s by year end, bringing our total proprietary hashrate to 11.8 EH/s. For our second-generation chip, SEAL02, initial tape-out wafer delivery from TSMC remains on track for late September. Upon successful testing, we anticipate ramping mass production by the end of the year.”
Mr. Kong continued, “Building on our existing AI Cloud Services powered by NVIDIA GDX SuperPODs, in July, we engaged a leading consultant in HPC/AI datacenter engineering and construction, TLM Group, to conduct a comprehensive due diligence on all of our sites worldwide and to advise us on our global HPC/AI strategy. This assessment will determine the best monetization options of our massive 2.5 GW global power portfolio for HPC and AI applications.”
Production and Operations Summary
Total hash rate under management as of July 31, 2024 across the Company’s three primary business lines: Self-mining, Cloud Hash Rate, and Hosting.
- Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
- Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end. However, throughout the month, the Cloud Hash Rate may transition to Self-mining hash rate if customers opt to not make their monthly electricity payments for various reasons.
- Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business.
Infrastructure Construction Update
Rockdale, Texas – Hydro-cooling conversion
Rockdale, Texas 100 MW hydro-cooling conversion key milestones achieved:
- Demolition work started on August 1, 2024.
- Cooling system design completed and waiting to begin construction.
- Equipment procurement is ongoing.
- Water Tower testing will begin in August 2024.
- Energization timeline to occur in phases throughout Q4 2024.
Tydal, Norway
Tydal, Norway 175 MW site expansion is progressing well, with several key milestones achieved:
- Buildings and groundwork have been completed, along with the construction of the transformer foundation and housing.
- Orders for the procurement of the transformer and electrical equipment have been placed, with delivery and installation currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and the construction of drainage systems is ongoing.
- Construction of the substation is ongoing and expected to be completed by the end of October 2024.
- Energization timeline for the Tydal, Norway Expansion Phase 1 of 40 MW remains on track for Q4 2024.
Massillon Ohio
Ohio, U.S.A. 221 MW site is also making progress:
- Substation conceptual design is complete and long lead-time electrical equipment for the substation has been ordered.
- Engineering, Procurement, and Construction (EPC) contractor selected for the substation construction.
- Civil work is ongoing, with the majority expected to be completed by the end of Q4 2024.
- Building design is complete, and construction is anticipated to begin in Q1 2025.
- Estimated energization timeline remains on track for mid-to-late 2025.
Jigmeling, Bhutan
Jigmeling, Bhutan 500MW site is progressing well, with the following key milestones achieved:
- Civil work is nearly completed with an anticipated completion date by the end of September 2024. Construction of transformer and container foundations is in progress and will be completed in phases, with the last phase expected by the end of February 2025.
- 132kv/140MW substation design completed, 220kv/360MW substation design in progress.
- Construction of the substation is anticipated to be ready by the end of Q1 2025.
- Procurement of transformers and electrical equipment has been completed, with delivery and installation to be completed in phases over the next two quarters.
- Procurement and delivery of containers and hydro-cooling systems are in progress, with completion in phases by the end of Q1 2025.
Upcoming Conferences and Events
- Aug 19 – 20: Rosenblatt 4th Annual Technology Summit: The Age of AI (Virtual)
- Sep 9 – 11: H.C. Wainwright 26th Annual Global Investment Conference in New York City
- Nov 14: Cantor Crypto, Digital Assets & AI Infrastructure Conference in Miami
