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By Gerelyn Terzo, Benzinga
Bitcoin investors showed their resilience when the flagship cryptocurrency got caught up in recent broader market volatility that sent the BTC price below $60,000. Investors rotated out of Big Tech recently amid economic and market uncertainty, but they may still have their eye on the AI and data center prize, which could bode well for Bitcoin miners and other companies operating in this arena.
Institutional investors reportedly bought the Bitcoin dip as $245 million in inflows moved into spot Bitcoin ETFs during the summer doldrums. While Bitcoin ETFs only recently made their debut, many investors seem to have proven their willingness to endure market swings. One company strategically positioning itself in the Bitcoin space is Bitdeer Technologies Group (NASDAQ: BTDR), which continues to advance its roadmap in 2024.
Bitdeer has published its production and operations update for July, during which time it hit several key milestones. Among the highlights was the fact that Bitdeer mined 181 Bitcoins compared with 179 in June. Additionally, the company reports that it solidified a key engagement with Tier 3 and 4 data center consultant TLM Group, inched closer to the monetization of its power portfolio and proved to be on pace for the deployment of its Bitcoin self-mining ASIC chips.
Investors looking to gain exposure to Bitcoin but not prepared to directly buy into the asset class may want to investigate Bitdeer’s stock, which they can learn more about here.
Bitdeer’s Computational Power On The Rise
In July, Bitdeer’s total hashrate – a reflection of the computational power a network possesses to mine BTC – under management was 21.2, up from 20.6 in the same month in 2023. The company is targeting the expansion of its hash rate by 3.4EH/s by year-end, growth that will be fueled by the manufacturing of its SEALMINER A1 rigs.
In July, mass production of Bitdeer’s new mining chip, dubbed SEAL01, the powerhouse for the SEALMINER A1 mining rig series, remained on track while the company implemented air cooling and hydro cooling capabilities.
Bitdeer is preparing for mass production of its second-generation chip, SEAL02, by year-end 2024. Meanwhile, R&D activities on its third-generation chip, dubbed SEAL03, are also underway.
High-Performance Computing And AI
Bitdeer’s AI cloud services are powered by technology from AI leader Nvidia (NASDAQ: NVDA), the systems for which attained 100% utilization in July. The company has plans to expand its AI cloud footprint to seize opportunities as they present themselves while remaining disciplined on capital expenditures.
With TLM Group on board, which is out front for high-performance computing (HPC) and AI datacenter engineering and construction, the company can harness the consultant’s expertise to evaluate the suitability of its current sites while collaborating with them on a broader datacenter strategy. Bitdeer says this partnership may involve co-locations, joint ventures and other ways to monetize the high-demand HPC and AI segments.
Bitdeer’s Global Datacenter Expansion
Datacenters make up the key infrastructure where AI magic takes place, and Bitdeer oversees several facilities strategically located around the world, including Rockdale, Texas, Tydal, Norway, Massillon, Ohio and Jigmeling, Bhutan, the construction of which progressed in July.
In July, the Phase 1 and Phase 2o expansions of Bitdeer’s Norway datacenter remained on pact to deliver 40 MW in Q4 2024 and 135 MW by mid-2025.
In Bhutan, Bitdeer is targeting the completion of a 500MW substation by Q1 2025.
An upgrade of the Texas mining datacenter to hydro cooling is underway and should be complete by year-end 2024.
In Ohio, Bitdeer said the 221MW project is proceeding as expected in the design and long lead time equipment procurement stage.
Bitdeer plans to deploy 3.4 EH/s of first-generation Bitdeer SEALMINERs into its Texas and Norwegian sites in Q4 2024, catapulting its total proprietary hashrate to 11.8 EH/s.
Bitdeer’s Year-End Push
With roots in Bitcoin mining that date back to 2013, Bitdeer has been among early movers in this market, including ASIC technology, which is used by the toughest mining rigs on the planet. As the company gears up for the final stretch of 2024, Bitdeer has no plans of slowing down and will participate in several events.
Among them is Rosenblatt’s virtual tech summit, which will be held in August and will focus on “The Age of AI.” In September, Bitdeer will be featured at H.C. Wainwright’s global investment conference in New York before heading to Miami for the Canto Crypto conference in November, which will similarly focus on AI infrastructure.
Investors considering becoming part of the Bitdeer growth story cite the company’s participation in the Bitcoin ASIC chip mining, AI/HPC and data center story. With a consensus analyst rating of “buy,” Bitdeer shareholders may be in good company.
Featured photo by satheeshsankaran on Pixabay.
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