In a significant move highlighting the increasing significance of sustainable energy sources in Bitcoin mining, Bitdeer Technologies Group has completed its state-of-the-art mining facility in the Kingdom of Bhutan. Located in Gedu, the facility is currently undergoing power-on testing, with a substantial number of mining machines already operational.
Linghui Kong, Bitdeer’s CEO, commented on the company’s progress, stating that they have made significant strides on both the operational and infrastructure fronts during July. Their total hash rate under management experienced steady year-over-year and monthly growth. In July alone, they mined 220 Bitcoins through their self-mining business, marking a 41% increase from the previous year.
Bitdeer revealed that approximately 15,000 new mining machines arrived at their Gedu Datacenter in July. Impressively, as of August 7, 11,000 of these machines are already running stably.
It is anticipated that once all the newly-purchased mining machines are energized, they will contribute a hash rate of approximately 2.5 EH/s. The entire Bitcoin network’s hash rate averaged around 380 EH/s, according to Ycharts, which means the Bhutan Mining Facility will occupy approximately 0.66% of the global hash rate.
The development of the Gedu Datacenter is evidence of Bitdeer’s strategic expansion in Bhutan, taking advantage of the country’s abundant energy resources. Bitdeer previously announced a partnership with Bhutan’s state-owned investment company, Druk Holding and Investments, to raise up to $500 million for a crypto mining fund.
In line with this collaboration, Bitdeer launched the Bitdeer Green Bitcoin Fund last month, dedicated to mining bitcoin in Bhutan. The fund, with a six-year duration, aims to raise $80 million for its first-phase construction project, targeting a total hash rate nearing 20 EH/s (equivalent to 5.2% of the global hash rate).
Bitdeer, originally a spinoff from Chinese mining rig giant Bitmain co-founded by Jihan Wu, has been making notable progress in the Bitcoin mining community. The company went public on Nasdaq in April and currently boasts a valuation of $1.18 billion. Following the announcement of the Bhutan facility’s completion, Bitdeer’s stock price has seen a 3.71% increase.
Bitdeer’s recent performance metrics highlight impressive growth in its operations. As of July 2023, the total hash rate under Bitdeer’s management stands at 20.6 EH/s. This includes their proprietary hash rate of 7.9 EH/s, self-mining hash rate of 3.8 EH/s, cloud hash rate of 1.6 EH/s, and a significant 2.5 EH/s from machines that are yet to be energized. Additionally, the hosting hash rate is recorded at 12.7 EH/s.
In terms of mining equipment, Bitdeer now manages a total of 215,000 machines, a considerable increase from 199,000 the previous month and a substantial jump from 138,000 a year ago. Of these, 85,000 are self-owned, while 130,000 are hosted. The aggregate electrical capacity across their operations is 795 MW.
At the time of writing this article, the price of BTC stands at $29,202.