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Bitcoin Mining Bhutan

Bitcoin Mining Facility In Bhutan Is Completed, Confirms Bitdeer

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant move underscoring the growing importance of sustainable energy sources in Bitcoin mining, Singapore-based Bitdeer Technologies Group (NASDAQ: BTDR) has announced the completion of its state-of-the-art mining facility in the Kingdom of Bhutan. The facility, located in Gedu, is currently undergoing power-on testing, with a significant portion of its mining machines already operational, the company announced via Twitter.

Bitcoin Mining Facility In Bhutan Is Set To Launch

Linghui Kong, Chief Executive Officer of Bitdeer, remarked on the company’s progress, stating, “We made significant strides on both the operational and infrastructure fronts during July. Our total hash rate under management saw steady year-over-year and monthly growth.” He further highlighted the company’s commitment to scaling its operations, noting the mining of 220 Bitcoins through their self-mining business in July, marking a 41% year-over-year increase.

Related Reading: Bitdeer Launches Fund For Bitcoin Mining Operations In Bhutan

Bitdeer’s recent operational update reveals that approximately 15,000 new mining machines arrived at the Gedu Datacenter in July. Impressively, as of August 7, 2023, around 11,000 of these machines are already running stably.

The company anticipates that once all the newly-purchased mining machines are energized, they will contribute a hash rate of approximately 2.5 EH/s. For comparison, the hash rate of the entire Bitcoin network averaged around 380 EH/s yesterday according to Ycharts, which means the Bhutan Mining Facility will take up around 0.66% of the global hash rate.

The Gedu Datacenter’s development is a testament to Bitdeer’s strategic expansion in Bhutan, leveraging the Himalayan nation’s abundant energy resources. Earlier this year, Bitdeer announced a partnership with Bhutan’s state-owned investment company, Druk Holding and Investments, aiming to raise up to $500 million for a crypto mining fund.

This collaboration further solidified with the launch of the Bitdeer Green Bitcoin Fund last month, dedicated to mining bitcoin in Bhutan. The fund, with a six-year duration, aims to raise $80 million for its first-phase construction project, targeting a total hash rate nearing 20 EH/s (at current levels, 5.2% of the global hash rate).

Bitdeer Becomes One Of The Biggest BTC Miners

Bitdeer, originally a spinoff from Chinese mining rig giant Bitmain co-founded by Jihan Wu, has been making waves in the Bitcoin mining community. The company went public on Nasdaq in April through a special purpose acquisition company merger, boasting a valuation of $1.18 billion. Following the announcement of the Bhutan facility’s completion, Bitdeer’s stock price is seeing a 3.71% uptick.

Related Reading: Bitcoin Mining Mitigates 6% Of Emissions: Timeline To CO2 Negativity

Diving deeper into Bitdeer’s recent performance metrics, the company has showcased impressive growth in its operations. As of July 2023, the total hash rate under Bitdeer’s management stands at a robust 20.6 EH/s. Breaking this down, the proprietary hash rate accounts for 7.9 EH/s, with self-mining contributing 3.8 EH/s, Cloud Hash Rate at 1.6 EH/s, and a significant 2.5 EH/s from machines that have been delivered but are not yet energized. In addition to this, the hosting hash rate is recorded at 12.7 EH/s.

In terms of mining equipment, Bitdeer manages a total of 215,000 mining machines, marking a notable increase from 199,000 in the previous month and a significant jump from 138,000 a year ago. Of these, 85,000 are self-owned, while 130,000 are hosted. The company’s aggregate electrical capacity across its operations is 795 MW.

At press time, the BTC price stood at $29,202.

Bitcoin price
Bitcoin sees a slight uptick, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from Aaron Santelices / Unsplash, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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