In a pivotal stride that echoes the increasing relevance of eco-friendly energy sources in the realm of Bitcoin mining, Bitdeer Technologies Group, hailing from Singapore and publicly listed as BTDR on NASDAQ, has announced the completion of an innovative mining facility in the heart of Bhutan. Nestled in Gedu, this facility is currently undergoing final tests, with a substantial portion of its mining hardware already in operation, according to a recent tweet by the company.

Embracing Sustainability in Bitcoin Mining

With an eye toward sustainable practices, Bitdeer’s Chief Executive Officer, Linghui Kong, highlighted the company’s recent advancements. Kong expressed, “July witnessed significant progress on both operational and infrastructural fronts. Our management of the total hash rate exhibited steady growth year-over-year and month-over-month.” He further emphasized Bitdeer’s steadfast commitment to expanding its operations, underscoring a remarkable feat of mining 220 Bitcoins within their self-mining venture in July, marking a notable 41% increase compared to the previous year.

Illustrating operational vitality, around 15,000 brand-new mining machines made their way to the Gedu Datacenter last month. Impressively, a significant chunk of these machines, approximately 11,000, are already seamlessly engaged in mining activities as of August 7, 2023.

Harnessing Bhutan’s Natural Energy Resources

The emergence of the Gedu Datacenter not only exemplifies Bitdeer’s strategic expansion but also highlights its utilization of Bhutan’s abundant energy resources, tucked amidst the breathtaking Himalayan landscapes. Earlier this year, Bitdeer forged a partnership with Bhutan’s state-owned investment entity, Druk Holding and Investments, aiming to raise a substantial sum of up to $500 million for a crypto mining fund.

This partnership further solidified with the launch of the Bitdeer Green Bitcoin Fund in the previous month. The fund, structured for a span of six years, is exclusively focused on Bitcoin mining within Bhutan. The fund aims to procure $80 million for its inaugural construction phase, targeting a hash rate nearing 20 EH/s.

Bitdeer’s Ascendance in the Crypto Realm

Bitdeer, originating as a spinoff from the esteemed Chinese mining hardware titan Bitmain, co-founded by Jihan Wu, is making remarkable strides within the competitive domain of Bitcoin mining. The company successfully went public on the prestigious NASDAQ exchange in April, facilitated through a merger with a special purpose acquisition company. This strategic move propelled Bitdeer’s valuation to an impressive $1.18 billion. Following the revelation of the completion of their Bhutan facility, Bitdeer’s stock price has experienced a notable surge, marking a 3.71% increase.

Delving into Bitdeer’s operational metrics, the company showcases robust growth. As of July 2023, the total hash rate under Bitdeer’s management stands at an impressive 20.6 EH/s. This encompasses 7.9 EH/s from proprietary hash rate, 3.8 EH/s from self-mining, 1.6 EH/s from Cloud Hash Rate, and an additional 2.5 EH/s from machines delivered, though not yet operational. Hosting hash rate registers at 12.7 EH/s.

With an increase in managed mining machines, currently totaling 215,000, and an aggregate electrical capacity of 795 MW, Bitdeer positions itself as a noteworthy player in the Bitcoin mining arena.

Amidst a global call for sustainable practices, Bitdeer’s Bhutan project shines as a beacon of eco-conscious mining endeavors. The move stands as a testament to the potential of crypto operations to coexist harmoniously with green energy solutions, fostering a new chapter in the journey toward a greener and more responsible digital future.