The three major deployments of Bitdeer in recent years are worth noting behind the record high stock price.
Author: Leek, Foreisght News
In addition to the micro-strategy, there is a stock in the blockchain stock market that is worth paying attention to recently.
On December 10, the closing price of the US-listed company Bitdeer (code: BTDR) reached $20.6, and it once stood above $22 during the session, setting a historical high.
In mid-May, Bitdeer's stock price had fallen to the $5 mark, a drop of more than 50% compared to the IPO price. With the arrival of the cryptocurrency bull market, its stock price has rebounded all the way, with a surge of as much as 300% since November alone. Cryptocurrency-related stocks are relatively niche, and Bitdeer has emerged as an outstanding performer.
According to Bitdeer's latest financial report released in August, the company's revenue reached $99.2 million in the second quarter of 2024, an increase of 5.8% year-on-year; Q2 gross profit was $24.4 million, but it did not make a profit, with a net loss narrowing to $17.7 million, and cloud computing revenue down 32.2% year-on-year. As of June 30, 2024, Bitdeer had $203.9 million in cash and cash equivalents.
It is worth noting that as a listed company related to the Bit mining industry, a major impact on the industry in which Bitdeer is located this year is the new round of Bit halving in April 2024, with the mining reward changing to 3.125 Bit per block.
Bitdeer was founded in 2021 by Bit Continental co-founder Wu Jihan, and is headquartered in Singapore, with a main business in cryptocurrency mining farms and cloud computing. It went public on the Nasdaq in 2023 through a SPAC, with an opening price of around $10.
Behind the stock price performance, Bitdeer's three major deployments in recent years are worth noting:
Entering the mining machine market
Since this year, Bitdeer has been continuously strengthening its efforts in mining machine product R&D, releasing the SEALMINER A1 model in March this year and the second-generation A2 series in October.
The SEALMINER A2 series is divided into the air-cooled A2 and the water-cooled A2 Hyd, both of which use the self-developed SEAL02 chip. The air-cooled model is suitable for well-ventilated mining farms, while the water-cooled model is designed for better heat dissipation and noise control, suitable for high-density mining farms or noise-sensitive environments.
In terms of product parameters, the theoretical energy efficiency of SEALMINER A2 is 16.5J/TH, with a computing power of 226TH/S; the energy efficiency of SEALMINER A2 Hyd is also 16.5J/TH, with a computing power of 446TH/S.
Compared to the mainstream brand products in the market, its various data are at the top level, and in the actual machine test videos, the computing power of both models is even better than the theoretical data.
From the product roadmap, Bitdeer plans to complete the iteration of four generations of products within five quarters, with the energy efficiency target of the SEAL chip reduced from 18.1J/TH to 5J/TH, which is quite aggressive, and it also faces challenges in terms of production capacity, market competition and user feedback. Currently, its website data shows that the pre-order volume of SEALMINER has reached 1.38 million units.
Tether becomes a major shareholder
In June this year, Bitdeer announced a $150 million private placement, selling $100 million worth of shares to the stablecoin issuer Tether, and granting Tether an additional $50 million warrant to be exercised within 12 months. According to the information, Bitdeer has 118 million shares in circulation, and this private placement to Tether sold 18,587,360 Class A ordinary shares, accounting for 15% of its total shares, making Tether the largest shareholder of Bitdeer. Tether CEO Paolo Ardoino said Tether is pleased to partner with Bitdeer, believing Bitdeer is one of the most powerful vertically integrated operators in the Bit mining industry.
Cooperation with the Kingdom of Bhutan to operate mining farms
As early as May 2023, Bitdeer announced a partnership with the commercial entity Druk Holding & Investments (DHI) of the Kingdom of Bhutan government to develop environmentally sustainable, zero-carbon digital asset mining business in the country.
The two parties plan to launch the partnership through the establishment of a closed-end fund, with an estimated fund size of up to $500 million. In July 2023, the Gedu mining data center in Bhutan was completed and put into use, adding 100MW of total power capacity to the company and supporting the operation of 30,000 mining machines, providing Bitdeer with a dedicated hash rate of 3.3EH/s.
Currently, the Bhutanese government holds approximately 11,790 BTC, worth $1.16 billion, at the marked address.
