Bitdeer Technologies Group 6-K, filed Feb 6, 2024
Bitdeer Technologies Group (BTDR)
6-K
2024-02-06
For: 2024-02-06
View Original
Added on
April 10, 2026
About this 6-K
Bitdeer Technologies Group filed this 6-K on February 6, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission file number: 001-41687
BITDEER TECHNOLOGIES GROUP
08 Kallang Avenue
Aperia tower 1, #09-03/04
Singapore 339509
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
EXHIBITS
|
Exhibit
No.
|
Description
|
|
Press Release – Bitdeer Announces January 2024 Operations Updates
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Bitdeer Technologies Group
|
||
|
By:
|
/s/ Linghui Kong
|
|
|
Name:
|
Linghui Kong
|
|
|
Title:
|
Chief Executive Officer
|
|
|
Date: February 6, 2024
|
||
Exhibit 99.1
Bitdeer Announces January 2024 Operations Updates
SINGAPORE, February 6, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for
blockchain and high-performance computing, today announced its unaudited mining and operations updates for January 2024.
Linghui Kong, Chief Executive Officer of Bitdeer, commented, “During January, we made important progress towards building for the future while delivering solid results in our core business. We mined 330 Bitcoins in total in January, an increase
of 123.0% from the same period last year. At the same time, our month-over-month production declined as a result of lower average transaction fees and the curtailments at our Gedu datacenter in Bhutan due to seasonally higher electricity costs,
which may continue through the remainder of the first quarter. We are actively exploring strategies to minimize future curtailments and we have already secured fixed-price, carbon-free electricity for the Gedu datacenter from April through the end
of the year. In January, we continued our efforts to further diversify and expand our infrastructure. We expect to start land preparation for construction of our 221MW datacenter in Ohio, United States in February. This site will serve as a key
component of our ongoing expansion initiatives, and is expected to be completed in 2025. We also continued to advance the construction of our 175MW immersion cooling datacenter at our Tydal mining facility in Norway, which is set to be completed by
mid-2025.”
“Meanwhile, we continued to reach tangible milestones for our long-term growth plans. On the AI cloud service front, our NVIDIA DGX H100-powered SuperPOD is currently undergoing setup and validation with NVIDIA and digital tech firm PTC. We
remain on schedule, and expect to launch our SuperPOD-based high-performance cloud service platform during the first quarter of 2024. Looking ahead, we will remain focused on creating sustainable value for our shareholders and exploring emerging
strategic growth opportunities.”
The Company primarily operates three distinct business lines:
| • |
Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
|
| • |
Hash Rate Sharing currently primarily includes Cloud Hash Rate, in which the Company offers hash rate subscription plans and shares mining income with
customers under certain arrangements.
|
| • |
Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
|
Operations Update
|
Metrics
|
January 2024
|
December 2023
|
January 2023
|
|
|
Total hash rate under management1 (EH/s)
|
21.0
|
21.0
|
16.2
|
|
|
- Proprietary hash rate2
|
8.4
|
8.4
|
4.1
|
|
|
• Self-mining
|
6.7
|
6.7
|
2.5
|
|
|
• Cloud Hash Rate
|
1.7
|
1.7
|
1.6
|
|
|
- Hosting
|
12.6
|
12.6
|
12.1
|
|
|
Mining machines under management
|
214,000
|
215,000
|
175,000
|
|
|
- Self-owned3
|
86,000
|
86,000
|
51,000
|
|
|
- Hosted
|
128,000
|
129,000
|
124,000
|
|
|
Aggregate electrical capacity4 (MW)
|
895
|
895
|
775
|
|
|
Bitcoin mined (self-mining only)5
|
330
|
434
|
148
|
1 Total hash rate under management as of January 31, 2024 across the Company’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.
2 Proprietary hash rate as of January 31, 2024 was 8.4 EH/s, equivalent to proprietary hash rate as of December 31, 2023.
3 Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business.
4 Aggregate electrical capacity remained steady, totaling 895MW across six mining datacenters as of January 31, 2024.
5 Bitcoin mined in January 2024 increased by 123.0% compared to January 2023. Bitcoin mined in January 2024 declined by 24.0% compared to December 2023, primarily as a result of a temporary
curtailment of power at the Company’s mining facilities in Bhutan due to a seasonal increase in electricity costs during the month, and lower average transaction fees for mining activities compared to the prior month. The Company generally does not
hold cryptocurrencies obtained through its self-mining business, and promptly converts them into fiat currency.
Infrastructure Update
The Company has continued to make progress in the construction of a 175MW immersion cooling datacenter at its mining facility in Tydal, Norway (the “Tydal Datacenter”). The expansion of the Tydal
Datacenter is expected to be completed in mid-2025.
The Company expects to commence land preparation for the construction of a 221MW datacenter in Ohio, United States (the “Ohio Datacenter”) during February 2024. The land and power resources required for
the Ohio Datacenter had been secured during 2023. Construction of the Ohio Datacenter is expected to be completed in 2025.
Recent Developments
On January 24, 2024, the Company announced that it had been named as one of Singapore’s Fastest Growing Companies 2024. The annual ranking is conducted by The Straits Times and Statista and recognizes a wide range of firms notable for rapid
growth and commitment to Singapore's local economy. Bitdeer is also the first blockchain company in Singapore to receive the honor, ranked 6th of 18 companies in the IT & Software category and 34th of 100 overall of Singapore’s Fastest Growing
Companies 2024.
On January 29, 2024, the Company announced the appointment of Mr. Jihan Wu, the Company’s Founder and Chairman of its Board of Directors (the “Board”), as Chief Executive Officer of the Company, effective
on March 1, 2024. In addition to his new role as Chief Executive Officer, Mr. Jihan Wu will remain as Chairman of the Company’s Board. The Company’s current Chief Executive Officer Mr. Linghui Kong will transition to the role of Chief Business
Officer and will continue to serve as a member of the Company’s Board, also effective on March 1, 2024.
Conference Schedule
The Company will take part in a fireside chat hosted by H.C. Wainwright on February 7, 2024.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex
processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand
for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar
expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result
of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent
filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement,
whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
Contacts
Investor Relations
Robin Yang, Partner
ICR, LLC
Email: Bitdeer.ir@icrinc.com
Phone: +1 (212) 537-5825
Public Relations
Brad Burgess, SVP
ICR, LLC
Email: Bitdeer.pr@icrinc.com
Phone: +1 (212) 537-4056