09/05/2024 | Press release | Distributed by Public on 09/05/2024 07:23
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Self-mined Bitcoin: Mined 166 Bitcoins.
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Hosting:
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Client hosted mining machines decreased by 45,000 units in August due to the transition of hosting customers and Texas 100 MW hydro-cooling conversion. The released capacity will be steadily refilled with new customers' miners as well as Bitdeer's SEALMINERs for self-mining from Sep 2024 to Q1 2025.
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Mining Rigs Manufacturing and R&D:
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SEALMINER A1 mass production remains on track to be completed in Q4 2024 and is anticipated to contribute 3.4 EH/s to the Company's proprietary hashrate. The deployment of these SEALMINER A1 rigs is expected to happen concurrently with the energization of the Texas hydro-cooling conversion and Tydal, Norway phase 1 in Q4 2024 and Q1 2025.
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TSMC's delivery of SEAL02 initial tape-out wafers remains on track to be completed by mid-September 2024. Chip verification and prototype testing will start immediately following tape-out. If testing is successful, mass production is scheduled to commence near the end of 2024.
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R&D of SEAL03, our third-generation chip, is ongoing.
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HPC/AI:
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Bitdeer AI cloud services powered by NVIDIA GDX SuperPod with H100 systems remained near 100% average utilization for this month.
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TLM Group's comprehensive research and analysis of Bitdeer's global energy assets and datacenter sites remains ongoing.
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Mining Datacenters:
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Construction of the Tydal, Norway, phase 1 site 40 MW expansions remains on track to be energized in Q4 2024.
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Rockdale, Texas, U.S.A., 100 MW hydro-cooling conversion site is planned for phased completion between December 2024 and February 2025.
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Jigmeling, Bhutan, 500 MW construction remains on track with the primary substation expected to be completed by Q1 2025.
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Financing:
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The offering of US$172.5 million aggregate principal amount of 8.50% convertible senior notes due 2029 (the "Convertible Notes") was successfully completed in August 2024, including US$22.5 million aggregate principal amount of Convertible Notes pursuant to the exercise in full by the underwriters in that offering of their over-allotment option to purchase additional Convertible Notes. The Company intends to use the net proceeds from the offering of the Convertible Notes for datacenter expansion, ASIC based mining rig development as well as working capital and other general corporate purposes.
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The Company made a partial repayment of the outstanding principal balance of the senior secured notes issued to sellers in the Company's previously announced acquisition of TROLL HOUSING AS and TYDAL DATA CENTER AS in August 2024 in the amount of US$5 million.
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Metrics
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August 2024
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July 2024
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August 2023
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Total hash rate under management1 (EH/s)
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16.8
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21.2
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21.3
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- Proprietary hash rate
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8.6
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8.6
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8.7
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• Self-mining
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7.8
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7.5
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7.2
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• Cloud Hash Rate
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0.8
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1.1
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1.5
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- Hosting
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8.2
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12.6
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12.6
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Mining machines under management
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167,000
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212,000
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221,000
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- Self-owned2
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87,000
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87,000
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92,000
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- Hosted
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80,000
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125,000
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129,000
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Bitcoin mined (self-mining only)
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166
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181
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383
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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. However, throughout the month, the Cloud Hash Rate may transition to Self-mining hash rate if customers opt to not make their monthly electricity payments for various reasons.
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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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Demolition work started on August 1, 2024. Expected to be completed by the end of September.
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Cooling system design completed and waiting to begin construction.
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Equipment procurement is ongoing.
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Water Tower testing have been finished in August and met the expectation.
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Energization timeline to occur in phases between Q4 2024 and Q1 2025.
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Buildings and groundwork have been completed, along with the construction of the transformer foundation and housing.
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Orders for the procurement of the transformer and electrical equipment have been placed, with delivery and installation currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and the construction of drainage systems is ongoing.
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Construction of the substation is ongoing and expected to be completed by the end of October 2024.
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Tydal, Norway Expansion Phase 1 of 40 MW remains on track to be energized Q4 2024.
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Substation conceptual design is completed and long lead-time electrical equipment for the substation has been ordered.
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Engineering, Procurement, and Construction (EPC) contractor has been selected for the substation construction.
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Civil work is ongoing, with the majority expected to be completed by the end of Q4 2024 or Q1 2025.
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Building design is completed, and construction is anticipated to begin in Q1 2025.
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Estimated energization timeline remains on track for mid-to-late 2025.
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Civil work is nearly completed with an anticipated completion date by the end of September 2024. Construction of transformer and container foundations is 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 substation design is completed, 220kv/360MW substation design is in progress.
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Construction of the substations is anticipated to be ready 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 to be completed in phases over the next two quarters.
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Procurement and delivery of containers and hydro-cooling systems are in progress, with completion in phases by the end of Q1 2025.
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Site / Location
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Capacity (MW)
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Status
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Timing3
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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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895
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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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Q4 2024
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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-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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Total pipeline capacity
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1,645
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Total global electrical capacity
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2,540
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Sept. 5: Needham 4th Annual Virtual Crypto Conference
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Sept. 9 - 11: H.C. Wainwright 26th Annual Global Investment Conference in New York City
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Nov. 14: Cantor Crypto, Digital Assets & AI Infrastructure Conference in Miami
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