Bitdeer's Green Bet in Bhutan: A Bitcoin Mining Success Story

Bitdeer Technologies Group (NASDAQ: BTDR) is making headlines with its eco-friendly approach to Bitcoin mining in Bhutan. Despite being the largest publicly traded Bitcoin miner globally, the company's recent expansion, particularly in the Gedu data center, is drawing attention.

Mining Surge in Bhutan

Bitdeer reported a threefold increase in Bitcoin mining activities in September 2023, mainly attributed to its newly operational mining data center in Gedu, Bhutan. This unconventional choice has paid off, with the Gedu data center accounting for 45% of the company's remarkable 3x uptick in Bitcoin output. In December alone, Bitdeer mined 434 Bitcoins, marking a 7.7% monthly increase and a significant 149.4% surge compared to December 2022.

Gedu Data Center Milestone

The completion of the Gedu data center in August marked a crucial milestone in Bitdeer's expansion into the Asian market. With the addition of 30,000 mining machines, the center contributed 100MW to the company’s electrical capacity and 3.3EH/s to its overall hash rate. This strategic move was driven by Bhutan's digitalization efforts and abundant hydropower resources, aligning with Bitdeer's commitment to an eco-friendly mining approach.

Future Plans and Global Expansion

Bitdeer's expansion doesn't stop in Bhutan. The company is set to establish the Tydal data center project in Norway, featuring state-of-the-art technology and expected completion by mid-2025. Additionally, plans for a 221MW data center in Ohio, USA, are in progress, aiming for completion in 2025. Despite already having six data centers, Bitdeer plans to increase its total capacity to 1.524GW.

In-House Technological Advancements

Bitdeer's commitment to innovation is evident in its partnership with Taiwan Semiconductor Manufacturing Company Limited to purchase Bitcoin mining chips. Expected in the first quarter of 2024, these chips showcase Bitdeer's dedication to in-house technology development as part of its growth strategy in the Bitcoin mining sector.

Is Bitdeer Becoming a Mining Titan?

Since its inception in 2020, Bitdeer has strategically navigated the competitive Bitcoin mining industry. The success of the Gedu data center in Bhutan exemplifies the company's blend of environmental sustainability and business growth. As Bitdeer continues its expansion, it emerges as a noteworthy example of adaptation and innovation in the Bitcoin industry.

While Bitdeer's achievements are noteworthy, it's crucial to acknowledge the environmental impact of Bitcoin mining. As the industry evolves, addressing these concerns remains pivotal for sustainable growth.