Bitdeer Completes Construction of Mining Facility in Bhutan, Testing Underway
Bitcoin mining firm Bitdeer Technologies, founded by Jihan Wu, has finished building a mining facility in Bhutan and is currently conducting power-on testing. According to CEO Linghui Kong, 15,000 additional mining machines arrived at the Gedu data center in July, with 11,000 already running smoothly. The company also stated that 23,000 newly-purchased rigs had arrived at the facility by the end of July, but some are still awaiting activation. Once all machines are energized, they will provide a hash rate of around 2.5 EH/s. Bitdeer has also been actively reducing power usage at its Texas facility due to local heat. In July, the company self-mined 220 bitcoin, a 41% increase compared to the previous year.
Key Points:
- Bitdeer has completed construction of a mining facility in Bhutan.
- 15,000 additional mining machines have arrived, with 11,000 already operational.
- 23,000 newly-purchased rigs have arrived, but some are not yet energized.
- Once all machines are activated, the hash rate will reach approximately 2.5 EH/s.
- Bitdeer has been reducing power usage at its Texas facility due to local heat.
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Betting Big in Bhutan
Bitdeer is expanding its presence in Bhutan to leverage the country’s ample energy resources. The company recently partnered with Bhutan’s state-owned investment company to raise up to $500 million for a crypto mining fund. Additionally, Bitdeer launched the Bitdeer Green Bitcoin Fund, a closed-end fund dedicated to mining bitcoin in Bhutan. The fund aims to raise $80 million for its first-phase construction project, with a minimum investment threshold of $5 million. Bitdeer went public on Nasdaq in April, valuing the company at $1.18 billion.
Hot Take:
Bitdeer’s completion of its mining facility in Bhutan and its partnership with the country’s investment company demonstrate its commitment to expanding its mining operations. By tapping into Bhutan’s energy resources, Bitdeer aims to increase its hash rate and secure its position in the crypto mining industry. The company’s successful self-mining business and continuous efforts to optimize power usage showcase its dedication to efficiency and profitability. With its recent achievements, Bitdeer is poised for further growth and success in the evolving crypto landscape.
