Bitdeer Technologies Group has announced a significant increase in its bitcoin production for April, reporting a remarkable 783 bitcoins mined, which marks a 372% increase compared to the same period last year. This surge not only highlights the company’s growing capabilities in the mining sector but also strengthens its foundation as it further explores opportunities in cloud computing and colocation.
The company, which specializes in mining and AI infrastructure, saw its self-mining hash rate increase to 65.5 EH/s. In addition, the integration of co-mining contributed an additional 8.4 EH/s, leading to a total hash rate under management of approximately 87.4 EH/s by the end of the month. Comparatively, Bitdeer mined only 166 bitcoins in April 2022 and 661 in March of this year.
Bitdeer’s focus on its AI Cloud business is also becoming increasingly significant, with its annualized recurring revenue climbing to roughly $69 million in April, a substantial rise from $43 million recorded in March. The number of deployed GPUs nearly doubled to 4,184, while utilization rates remained robust at over 90%. Furthermore, the GPUs available for external subscription grew to 3,323, indicating a thriving demand for AI Cloud services.
Matt Kong, Chief Business Officer, credited April’s performance to “disciplined execution” across the company’s integrated AI and bitcoin mining platform. He emphasized the momentum in the AI Cloud sector, along with improvements in self-mining hash rates, and mentioned ongoing discussions with potential colocation tenants at Bitdeer’s site in Tydal, Norway.
Colocation has emerged as a central focus in Bitdeer’s strategy, with management prioritizing the execution of lease agreements. Advanced negotiations are underway for the Tydal facility, and discussions are ongoing across various locations including Ohio and Rockdale, Texas. Bitdeer currently has a total global electrical capacity of approximately 3.0 gigawatts, which encompasses online capacity and projects in the pipeline.
Additionally, Bitdeer has initiated mass production of its SEALMINER A4 series, which includes both hydro and air-cooled models boasting an efficiency rating of 9.45 J/T. With proprietary mining hardware, dedicated data center capacity, and increasing demand for AI Cloud services, Bitdeer is strategically positioning itself to expand beyond traditional mining cycles.
While bitcoin remains the core engine of its operations, the recent updates signify Bitdeer’s efforts to leverage power access and infrastructure management to cultivate a broader computing business. At present, Bitdeer Technologies Group’s stock is trading at $12.60 per share, while bitcoin is valued at $80,799 per digital token.
