Bitdeer Announces August 2024 Production And Operations Update; Mined 166 Bitcoins

Author: Benzinga Newsdesk | September 05, 2024 08:22am

Bitdeer Technologies Group (NASDAQ:BTDR) ("Bitdeer" or the "Company"), a world-leading technology company for blockchain and high-performance computing, today announced its unaudited mining and operations updates for August 2024.

 

Operational Update

• Self-mined Bitcoin: Mined 166 Bitcoins.
• Hosting:
  • Client hosted mining machines decreased by 45,000 units in August due to the transition of hosting customers and Texas 100 MW hydro-cooling conversion. The released capacity will be steadily refilled with new customers' miners as well as Bitdeer's SEALMINERs for self-mining from Sep 2024 to Q1 2025.
• Mining Rigs Manufacturing and R&D:
  • SEALMINER A1 mass production remains on track to be completed in Q4 2024 and is anticipated to contribute 3.4 EH/s to the Company's proprietary hashrate. The deployment of these SEALMINER A1 rigs is expected to happen concurrently with the energization of the Texas hydro-cooling conversion and Tydal, Norway phase 1 in Q4 2024 and Q1 2025.
  • TSMC's delivery of SEAL02 initial tape-out wafers remains on track to be completed by mid-September 2024. Chip verification and prototype testing will start immediately following tape-out. If testing is successful, mass production is scheduled to commence near the end of 2024.
  • R&D of SEAL03, our third-generation chip, is ongoing.
• HPC/AI:
  • Bitdeer AI cloud services powered by NVIDIA GDX SuperPod with H100 systems remained near 100% average utilization for this month.
  • TLM Group's comprehensive research and analysis of Bitdeer's global energy assets and datacenter sites remains ongoing.
• Mining Datacenters:
  • Construction of the Tydal, Norway, phase 1 site 40 MW expansions remains on track to be energized in Q4 2024.
  • Rockdale, Texas, U.S.A., 100 MW hydro-cooling conversion site is planned for phased completion between December 2024 and February 2025.
  • Jigmeling, Bhutan, 500 MW construction remains on track with the primary substation expected to be completed by Q1 2025.
• Financing:
  • The offering of US$172.5 million aggregate principal amount of 8.50% convertible senior notes due 2029 (the "Convertible Notes") was successfully completed in August 2024, including US$22.5 million aggregate principal amount of Convertible Notes pursuant to the exercise in full by the underwriters in that offering of their over-allotment option to purchase additional Convertible Notes. The Company intends to use the net proceeds from the offering of the Convertible Notes for datacenter expansion, ASIC based mining rig development as well as working capital and other general corporate purposes.
    • The Company made a partial repayment of the outstanding principal balance of the senior secured notes issued to sellers in the Company's previously announced acquisition of TROLL HOUSING AS and TYDAL DATA CENTER AS in August 2024 in the amount of US$5 million.

Posted In: BTDR