© Reuters
SINGAPORE – Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing technology, has announced its unaudited mining and operations updates for February 2024.
The company reported a substantial 64% year-over-year increase in the number of mines mined, totaling 287 for the month. Despite a seasonal drop in production compared to January due to the shorter month and increased network hash rate, Bitdeer's overall hash rate under management grew to 22 EH/s.
Chief Business Officer Linghui Kong highlighted the testing of Bitdeer's first Bitcoin mining chip, the 4nm SEAL01, as a significant technological breakthrough. The SEAL01 chip, known for its energy efficiency of 18.1 J/TH, will be integrated into the new SEALMINER A1 mining machines. This development is expected to provide Bitdeer with cost and supply chain advantages.
On the infrastructure front, the company has begun groundbreaking for a new 221 MW data center in Ohio, with operations expected to begin in 2025. Additionally, construction of the 175 MW immersion cooling data center MW in Norway is on track for completion by mid-2025.
Bitdeer operates in three lines of business: self-mining, Hash Rate Sharing and hosting. As of February 29, 2024, the company's proprietary hash rate remained stable at 8.4 EH/s and the total number of mining machines under management increased to 222,000. Added electrical capacity remained stable at 895 MW across six data centers.
The information in this article is based on a press release from Bitdeer Technologies Group.
InvestingPro Insights
As Bitdeer Technologies Group (NASDAQ: BTDR) continues to expand its mining operations and develop new technologies, investors are closely monitoring the company's financial health and market performance. According to InvestingPro, Bitdeer has more cash than debt on its balance sheet, which could provide a cushion for the company's ambitious growth plans. Additionally, analysts predict that the company will become profitable this year, a potential turning point for Bitdeer's financial prospects.
In terms of market data, Bitdeer's market capitalization is approximately $733.14 million. Despite recent achievements, the company has faced challenges with profitability, as reflected by a negative P/E ratio of -838.23. However, the company's revenue has shown signs of growth, with a quarterly increase of 14.0% in the first quarter of 2023. This could indicate a positive response to the company's strategic initiatives, including the development of the SEAL01 chip and the expansion of data center infrastructure.
Investors interested in delving deeper into Bitdeer's financial and market performance can find additional InvestingPro tips, which offer a comprehensive analysis of the company's strengths, challenges, and opportunities. For those considering subscribing to InvestingPro, use the coupon code FORECASTS24 to get an additional 10% discount on an annual or bi-annual Pro and Pro+ subscription. With over 10 additional InvestingPro tips available, subscribers can gain valuable insights to inform their investment decisions.
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