Bitdeer pushes crypto mining expansion with new Norway, Bhutan data centers Bitdeer pushes crypto mining expansion with new Norway, Bhutan data centers
Bitdeer to focus on ambitious growth strategies with new data centers and increased managed hash rate
2 min read
Updated: Jul. 10, 2023 at 12:38 pm UTC
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Bitcoin cloud mining and mining services company, Bitdeer Technologies Group, has released operational updates for June 2023, highlighting continued efforts to expand infrastructure and increase the managed hash rate.
Linghui Kong, Chief Executive Officer of Bitdeer, stated,
“During June, we pushed ahead with our efforts to augment and develop our business… We also made significant progress towards expanding our infrastructure by initiating construction of a 175MW immersion cooling datacenter at our Tydal mining facility in Norway, which is expected to be completed in 2025.“
Bitdeer’s operations span three core areas, delivering a broad spectrum of services in the cryptocurrency mining industry. These include self-mining, allowing the company to capture the high appreciation potential of cryptocurrency directly; hash rate sharing, which primarily consists of the company’s cloud hash rate, where it offers hash rate subscription plans and share mining income with customers; and hosting, which covers a one-stop mining machine hosting solution, including deployment, maintenance, and management services for effective and efficient cryptocurrency mining.
Operations report highlights
Kong elaborated on the company’s expansion plans, stating that its 100MW Gedu mining data center in Bhutan is set to commence operations in July, while another significant project involving the construction of a 175MW immersion cooling data center at the Tydal mining facility in Norway is underway, with completion expected in 2025.
Bitdeer’s aggregate electricity capacity remained steady at 795MW in June, and the total managing hash rate increased, reaching 18.8 EH/s. The company also initiated a share repurchase program of up to $1 million to add “additional shareholder value.”
Bitdeer also reported a slight improvement in its operations metrics. The total managed hash rate increased from 18.0 EH/s in May 2023 to 18.8 EH/s in June 2023. The number of driven mining machines also increased, reaching 199,000 in June from 191,000 in May.
According to the update, by the end of June 2023, approximately 10,000 mining machines, which included about 8,000 new units, had arrived at Bitdeer’s Gedu Datacenter. An additional 22,000 devices are reportedly in transit to the data center, which is expected to contribute an additional 100MW to the company’s aggregate electricity capacity upon its operation in July 2023.
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Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitdeer
Bitdeer is a provider of digital mining services for popular PoW cryptocurrencies.