Benzinga - Singapore-based Bitdeer Technologies Group (NASDAQ: BTDR) reports having the largest global footprint of any publicly traded Bitcoin miner, but it is still making strides in its expansion. As just one facet of its growth, the company reported a threefold increase in Bitcoin mining activities in September 2023, a surge that was largely attributed to its newly operational mining data center in Gedu, Bhutan. This data center, while seen as an unconventional choice, has proven to be a substantial part of Bitdeer's success in expanding its mining operations.
Surge in Mining Activities
The Road To The Gedu Data Center
Bitdeer's move to establish a mining center in Bhutan was a strategic decision driven by the country's digitalization journey since 2005 and its ample hydropower resources. Bhutan is also the world’s first carbon-negative country, with lush forests covering 70% of its territory. The venture was realized through a partnership with Druk Holding & Investments, which involved creating a $500 million fund dedicated to building sustainable, hydropower-based mining facilities – reflecting Bitdeer's eco-friendly approach to enhancing the company's operational capacity and balancing growth with its environmental impact.
Future Expansion Plans
Bitdeer has also placed an order with Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) to purchase chips designed for Bitcoin mining, which are expected to be delivered in the first quarter of 2024 for design approval and testing. These expansion efforts underscore Bitdeer's dedication to developing technology in-house as a facet of its growth strategy in the Bitcoin mining sector.
A Mining Titan In The Making?
Featured photo by Aaron Santelices on Unsplash.
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