Bitdeer's (NASDAQ: BTDR) Eco-Friendly Bet On Bhutan: How Balancing Growth With Environmental Impact Is Paying Off For The Company
SINGAPORE / ACCESSWIRE / January 23, 2024 / 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 & Investments, which involved creating a $500 million fund dedicated to building sustainable, hydropower-based mining facilities - reflecting Bitdeer's eco-friendly approach to enhancing the company's operational capacity and balancing growth with its environmental impact.
Future Expansion Plans
Looking ahead, Bitdeer is poised to expand its global presence with the Tydal data center project in Norway. This 175MW center features state-of-the-art immersion cooling technology and is slated to be completed by mid-2025. Alongside this development, Bitdeer plans to expand its presence in the United States with the construction of a 221MW data center in Ohio that is also expected to finish sometime in 2025. The company already has six data centers in the United States, Norway and Bhutan with a combined capacity of 895MW, but it plans to increase its total capacity to 1.524GW.
Bitdeer has also placed an order with Taiwan Semiconductor Manufacturing Company Limited to purchase chips designed for Bitcoin mining, which are expected to be delivered in the first quarter of 2024 for design approval and testing. These expansion efforts underscore Bitdeer's dedication to developing technology in-house as a facet of its growth strategy in the Bitcoin mining sector.
A Mining Titan In The Making?
Bitdeer's evolution since its inception in 2020 illustrates the company's strategic approach and growth in the competitive Bitcoin mining industry. The Gedu data center in Bhutan is a prime example of this strategy, blending environmental sustainability with business growth. As Bitdeer continues to expand its operations and capabilities, it stands as a notable example of adaptation and innovation in the Bitcoin industry that may be worth watching.
Featured photo by Aaron Santelices on Unsplash.
Contact:
Robin Yang
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SOURCE: Bitdeer Technologies Group
View the original press release on accesswire.com