Singapore-based Bitdeer Technologies Group (NASDAQ: BTDR) reports having the largest global footprint of any publicly traded Bitcoin miner, but it is still making strides in its expansion. As just one facet of its growth, the company reported a threefold increase in Bitcoin mining activities in September 2023, a surge that was largely attributed to its newly operational mining data center in Gedu, Bhutan. This data center, while seen as an unconventional choice, has proven to be a substantial part of Bitdeer’s success in expanding its mining operations.
Surge in Mining Activities
Bitdeer’s mining ventures have seen growth over the past years, with the Gedu data center playing a crucial role – accounting for 45% of its 3x uptick in Bitcoin output. The company mined a total of 434 Bitcoins in December, representing a 7.7% increase from the previous month and a substantial 149.4% surge compared to December 2022. This achievement is particularly notable considering Bitdeer retired around 6,000 legacy mining machines during this period. As mentioned previously, much of this success was driven by the Gedu data center, which has only been fully operational for a few months. In that short time, Bhutan has been responsible for mining 211 Bitcoins in September, 209 Bitcoins in November and 230 Bitcoins in December (over half of the total mined for that month).
The Road To The Gedu Data Center
The completion of the Gedu data center in August marked a significant milestone in Bitdeer’s expansion into the Asian market. In July, Bitdeer announced the acquisition of 30,000 mining machines intended to join the 11,000 already in operation at the Bhutan location. Through this aggressive expansion, the ambitious carbon-free data center has added 100MW to the company’s electrical capacity and 3.3EH/s to its overall hash rate. Bitdeer plans to begin developing the remaining 500 MW of electrical capacity in 2024, which could add up to 60 EH/s of hash rate.
Bitdeer’s move to establish a mining center in Bhutan was a strategic decision driven by the country’s digitalization journey since 2005 and its ample hydropower resources. Bhutan is also the world’s first carbon-negative country, with lush forests covering 70% of its territory. The venture was realized through a partnership with Druk Holding &…
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