Bitdeer ramps up mining operations and secures Norway site approval

SINGAPORE - Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing with a market capitalization of $1.4 billion, reported significant progress in its mining operations for March 2025. According to InvestingPro analysis, the company currently trades below its Fair Value, despite facing recent market pressure with a 22.6% decline in the past week. The company announced the completion of mass production for its SEALMINER A1 rigs, achieving an energized hashrate of 2.8 EH/s out of a total 3.8 EH/s produced. The company maintains a strong liquidity position, with InvestingPro data showing a healthy current ratio of 14.58 and more cash than debt on its balance sheet.

In addition to manufacturing milestones, Bitdeer revealed the successful energization of 1.4 EH/s of SEALMINER A1 hydro mining rigs in Rockdale, Texas, and expects to commission 70 MW of its Tydal, Norway site in early April, with an additional 105 MW slated for completion by mid-2025. The company also signed an agreement for a new 50 MW mining datacenter in Ethiopia, aiming for energization by Q4 2025.

On the financial side, Bitdeer has engaged Northland Capital Markets to advise on its HPC/AI data center development strategy, focusing on large-scale sites in the U.S. The company remains confident in meeting and potentially exceeding its predicted hashrate targets for the second half of 2025.

Bitdeer's operational update also includes the launch of the SEALMINER A2 Pro series, which features advanced efficiency and noise reduction. The company mined 114 Bitcoins for its own account in March, increasing its self-mining hashrate to 11.5 EH/s.

The company's strategic moves in infrastructure include the expansion of its Tydal, Norway site and the acquisition of a new site in Ethiopia. The Norway site has received regulatory approval, and the Ethiopia project involves a $7.5 million investment for a mining datacenter with a 4-year power purchase agreement. While analysts project sales growth and profitability for 2025, InvestingPro data reveals the company's overall financial health score as "WEAK," with rapid cash burn being a key concern. Get access to 12+ additional ProTips and comprehensive analysis through InvestingPro's detailed research reports.

Bitdeer's global electrical capacity stands at 895 MW, with a pipeline capacity of 1,794 MW, aiming for a total global capacity of 2,689 MW. The company continues to participate in industry conferences and events to engage with stakeholders. With revenue of $349.8 million in the last twelve months and analyst price targets ranging from $15 to $31, investors seeking deeper insights can access comprehensive analysis through InvestingPro's research reports, available for over 1,400 US stocks.

This operational update is based on a press release statement from Bitdeer Technologies Group.

In other recent news, Bitdeer Technologies Group announced its new SEALMINER A2 Pro series of Bitcoin mining machines, featuring models with advanced power efficiency and cooling systems. This launch underscores Bitdeer's commitment to innovation in the mining industry. Meanwhile, Needham analysts have adjusted their outlook on Bitdeer, lowering the stock target to $15 from $18 but maintaining a Buy rating. The revision reflects changes in Bitdeer's ASIC production and sales forecasts, as well as adjusted revenue expectations for 2025. Similarly, Rosenblatt Securities reduced its price target for Bitdeer to $25 from $30, while still recommending the stock as a Buy. This adjustment was influenced by Bitdeer's recent operational updates, including a decrease in managed hash rate and an increase in self-mining capacity. Additionally, Bitdeer has announced a new $20 million share repurchase program, following the completion of a previous $10 million buyback. This strategy aims to enhance long-term shareholder value through gradual share repurchases. These developments highlight Bitdeer's ongoing strategic initiatives and adjustments in response to market conditions.

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