Bitdeer Technologies Group, a leading Bitcoin cloud mining and mining services company, has provided an update on its operations for June 2023, highlighting its ongoing efforts to expand infrastructure and increase the managed hash rate.
Linghui Kong, the Chief Executive Officer of Bitdeer, emphasized the company’s commitment to augmenting and developing its business during June. He also highlighted significant progress in expanding infrastructure, specifically mentioning the initiation of construction for a 175MW immersion cooling data center at the Tydal mining facility in Norway. The data center is expected to be completed by 2025.
Bitdeer operates in three core areas, offering a comprehensive range of services in the cryptocurrency mining industry. These areas include self-mining, which allows the company to directly benefit from the high appreciation potential of cryptocurrency; hash rate sharing, where customers can subscribe to hash rate plans and share mining income; and hosting, which provides a complete mining machine hosting solution, encompassing deployment, maintenance, and management services for efficient cryptocurrency mining.
Kong further elaborated on Bitdeer’s expansion plans, disclosing that the company’s 100MW Gedu mining data center in Bhutan is set to commence operations in July. Additionally, the construction of a 175MW immersion cooling data center at the Tydal mining facility in Norway is currently underway, with anticipated completion in 2025. Bitdeer’s aggregate electricity capacity remained steady at 795MW in June, and the total managed hash rate increased to 18.8 EH/s. The company also announced a share repurchase program of up to $1 million aimed at enhancing shareholder value.
Bitdeer’s operations also showed improvement in several key metrics. The total managed hash rate rose from 18.0 EH/s in May 2023 to 18.8 EH/s in June 2023. Additionally, the number of mining machines in operation increased to 199,000 in June, compared to 191,000 in May.
According to the update, as of the end of June 2023, approximately 10,000 mining machines had arrived at Bitdeer’s Gedu Datacenter, with 8,000 of them being new units. Furthermore, an additional 22,000 devices are in transit to the data center, expected to contribute an additional 100MW to the company’s aggregate electricity capacity upon their operation in July 2023.