Bitdeer Technologies has reported significant growth in its self-mined Bitcoin production for March, totaling 661 BTC—a remarkable 480% increase compared to the same month last year. This surge highlights the company’s ambitious strategy to cement its position as a leader in the global cryptocurrency market.
In its latest operations update, Bitdeer revealed that it operates 225,000 self-owned Bitcoin mining rigs and is working towards scaling its energy capacity to three gigawatts. The company has also reported a striking boost in its mining capability, achieving approximately 70 exahashes per second (EH/s), which signifies a 504% year-over-year increase in hash rate. This advancement solidifies Bitdeer’s status as the largest Bitcoin miner in terms of compute power, surpassing MARA Holdings, which reports a hashrate of 66.4 EH/s.
Despite the rise in individual mining outputs, the global Bitcoin hashrate experienced a slight decline this year, currently sitting at 855 EH/s. This drop marks the largest intra-quarter decline in approximately five years, attributed to depressed market prices and intensified competition among miners. The landscape has led numerous crypto mining firms to explore alternative avenues, such as shifting resources towards artificial intelligence (A.I.) computing and data centers.
In line with these trends, Bitdeer is also expanding its A.I. computing endeavors, reporting a utilization rate of 94%, which has significantly increased from 64% in February. The company is actively rolling out advanced mining technology, including the latest SEALMINER A4 series, as part of its strategy to enhance both its Bitcoin mining and A.I. compute operations.
Investors have responded positively, as evidenced by Bitdeer’s stock performance—up 69% in the past year, trading at approximately $12.14 per share. This growth trajectory underscores the increasing confidence in Bitdeer as it navigates the evolving cryptocurrency landscape while expanding its technological capabilities.
