エドガーで原本を確認する
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Exhibit
No.
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Description
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Press Release – Bitdeer Announces January 2025 Production and Operations Update
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Bitdeer Technologies Group
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By:
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/s/ Jihan Wu
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Name:
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Jihan Wu
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Title:
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Chief Executive Officer
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Date: February 12, 2025
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Self-mined Bitcoin: 126 Bitcoins, down from the previous month due to temporary curtailments at our Bhutan site related to higher seasonal electricity prices.
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Mining Rig Manufacturing and R&D:
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SEALMINER A1:
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Mass production of approximately 3.7 EH/s of mining rigs remains on track with 0.4 EH/s powered on, 0.5 EH/s delivered for installation, 0.4 EH/s in-transit to datacenters and 2.4 EH/s in production. The manufacture of SEALMINER A1 is
now expected to be completed at end of February or early March 2025.
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SEALMINER A2:
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Production of approximately 35 EH/s of mining rigs through October 2025, delayed by approximately one month due to 6.4 magnitude earthquake that struck Taiwan on January 21, 2025.
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First trial batch of air cooled rigs have been delivered to our mining datacenters for testing and are running stably.
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~29,000 units (~7 EH/s out of the 35 EH/s) of SEALMINER A2s allocated for external sales are expected to begin shipment in March through Q2 2025.
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SEALMINER A3:
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SEAL03 initial tape-out sample wafers with an expected chip efficiency of approximately 10 J/TH are expected in Q1 2025.
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SEALMINER A4:
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SEAL04 R&D remains on track to achieve an expected chip efficiency of approximately 5 J/TH with anticipated initial tape-out in Q3 2025.
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The Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce published a rule entitled “Implementation of Additional Due Diligence Measures for Advanced Computing Integrated Circuits”, in January 2025 (the “BIS
Rules”). Based on preliminary review, the Company does not expect that the application of the BIS Rules will have any impact on the delivery of SEAL chips, as the outsourced semiconductor assembly and test (“OSAT”) companies for SEAL
chips are Approved “OSAT” companies under BIS regulations.
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HPC/AI:
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Discussions are ongoing with multiple development partners and potential end users for select large scale sites in U.S. for HPC/AI.
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Bitdeer AI Cloud, powered by NVIDIA DGX SuperPOD with H100, saw its average utilization rate drop to ~60% in January 2025 due to an initial shift toward R&D in model inference and AI Agents. In the short term, some DGX H100 systems
will be allocated to deploying open-source models like DeepSeek, Llama, and Qwen, enhancing API support for AI Agents, optimizing platform services, and advancing related R&D.
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Hosting:
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Client-hosted machines increased by 2,000 units and overall hashrate increased by 0.5 EH/s as customers are replacing older mining rigs with high efficiency ones.
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Infrastructure:
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Tydal, Norway, 40 MW phase 1 expansion has completed installation of transformers, with delivery and installation of electrical equipment currently in progress. The energization application has entered into the fast track for final
regulatory approval.
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Rockdale, Texas, USA, 100 MW hydro-cooling conversion is on track for phased completion during Q1 2025.
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Clarington Phase 2, Ohio, USA, 304 MW is still pending approval and in negotiation with the landlord.
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Jigmeling, Bhutan, 500 MW construction is on track with the primary substation expected to be completed by Q1 2025.
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Fox Creek, Alberta, 101 MW gas-fired power plant and 99 MW datacenter of capacity for Bitcoin mining planned for energization in Q4 2026.
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Financing:
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Successfully executed a $17M supply chain financing facility with a 10.2% interest rate with a Singapore financial institution and completed the drawdown of facility in January 2025.
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Metrics
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Jan 2025
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Dec 2024
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Nov 2024
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Total hash rate under management1 (EH/s)
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22.4
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21.6
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20.7
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- Proprietary hash rate
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9.2
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8.9
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8.8
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• Self-mining
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8.7
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8.5
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8.2
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• Cloud Hash Rate
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0.0
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0.0
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0.2
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• Delivered but not hashing
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0.5
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0.4
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0.4
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- Hosting
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13.2
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12.7
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11.9
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Mining machines under management
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179,000
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175,000
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178,000
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- Self-owned2
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87,000
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85,000
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86,000
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- Hosted
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92,000
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90,000
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92,000
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Bitcoins mined (self-mining only)
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126
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145
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150
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Bitcoin held3
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724
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594
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443
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Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high
appreciation potential of cryptocurrency.
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Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The
Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end.
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Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services
for efficient cryptocurrency mining.
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Cooling system will be delivered and installed in phases in Q1 2025.
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Planning for phased energization by March 2025.
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Installation of the transformers has been completed, with the delivery and installation of electrical equipment currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and
drainage systems construction is ongoing.
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Tydal, Norway Phase 1 40 MW expansion pending regulatory approval. Energization of the full 175 MW site is expected to occur no later than mid-2025, subject to regulatory approval.
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Substation construction is underway and is expected to be completed in Q3 2025.
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Building design is completed and construction has begun earlier than expected, estimated to be completed in phases between Q3 and Q4 2025.
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Estimated energization timeline remains on track for mid-to-late 2025.
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Construction of transformer and container foundations in progress and will be completed in phases, with the last phase expected by the end of February 2025.
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132kv/140MW and 220kv/360MW substation designs are completed with construction anticipated to be finished by the end of Q1 2025.
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Orders for the procurement of transformers and electrical equipment have been placed, with delivery and installation work to be completed in phases over Q1 and Q2 2025.
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Procurement and delivery of containers and hydro-cooling systems are in progress, with completion expected in phases by the end of Q1 2025.
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Acquisition includes all permits and licenses to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”).
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Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.
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Site / Location
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Capacity (MW)
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Status
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Timing4
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Electrical capacity
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- Rockdale, Texas
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563
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Online
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Completed
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- Knoxville, Tennessee
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86
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Online
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Completed
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- Wenatchee, Washington
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13
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Online
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Completed
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- Molde, Norway
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84
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Online
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Completed
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- Tydal, Norway
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50
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Online
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Completed
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- Gedu, Bhutan
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100
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Online
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Completed
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Total electrical capacity
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8955
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Pipeline capacity
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- Tydal, Norway Phase 1
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40
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In progress
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Pending Regulatory Approval
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- Tydal, Norway Phase 2
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135
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In progress
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Mid 2025
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- Massillon, Ohio
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221
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In progress
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Mid-to-late 2025
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- Clarington, Ohio Phase 1
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266
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In progress
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Q3 2025
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- Clarington, Ohio Phase 2
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304
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Pending approval
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Estimate 2026
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- Jigmeling, Bhutan
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500
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In progress
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Mid-to-late 2025
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- Rockdale, Texas
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179
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In planning
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Estimate 2026
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- Alberta, Canada
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99
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In planning
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Q4 2026
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Total pipeline capacity
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1,744
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Total global electrical capacity
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2,639
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March 11 – 12, 2025: Cantor Global Technology Conference in New York City
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March 16 – 18, 2025: 37th Annual ROTH Growth Conference in Dana Point, California
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