SINGAPORE - Bitdeer Technologies Group (NASDAQ: BTDR), a prominent technology company specializing in Bitcoin mining with a market capitalization of $2.66 billion, has announced substantial updates to its mining operations for April 2025. The company reported a 45.6% increase in self-mined Bitcoin compared to March 2025, totaling 166 Bitcoins. This surge is attributed to the energization of new SEALMINER rigs, which have significantly boosted the average self-mining hashrate. The stock has shown remarkable momentum, delivering a 23.43% return in the past week alone. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value metrics.
The operational update highlighted the deployment of SEALMINER A1 and A2 rigs, with 3.7 EH/s already energized and an additional 0.1 EH/s scheduled for activation in Q2 2025. SEALMINER A2 rigs have reached a manufacturing milestone of 3.3 EH/s, with 1.2 EH/s currently in assembly. Of the manufactured A2 rigs, 1.3 EH/s have been shipped to external customers, while 0.5 EH/s are enhancing Bitdeer’s self-mining capabilities in Texas and Tydal, Norway.
Bitdeer also reported progress in its SEALMINER A3 and A4 models, with successful testing of prototypes and anticipated chip efficiency improvements. The company’s hosting services grew, with an increase of 3,000 client-hosted mining rigs in April 2025.
In infrastructure development, Bitdeer has energized 70 MW of power capacity at its Tydal, Norway site and 132 MW at the Jigmeling, Bhutan site. These enhancements contribute to Bitdeer’s global power capacity, which is nearing 1.1 GW. By the end of June 2025, the remaining 473 MW at Tydal and Jigmeling are expected to be energized, pushing the global capacity to 1.6 GW.
However, Bitdeer has paused Bitcoin mining-related construction at its 570 MW Clarington, Ohio site due to ongoing discussions with potential partners for High-Performance Computing (HPC) and Artificial Intelligence (AI) applications. Despite this, the company maintains the flexibility to resume Bitcoin mining operations at this location in the future.
Bitdeer’s Chief Business Officer, Matt Kong, emphasized the strategic advantages of the company’s international expansion and its focus on deploying SEALMINER A2 rigs in Norway and Bhutan to drive self-mining hashrate growth.
The company’s financial moves include entering a loan agreement with Matrixport Group for up to $200 million, with variable interest rates and a 24-month repayment term, secured by a pledge of SEALMINERs.
This operational and financial update is based on a press release statement from Bitdeer Technologies Group.
In other recent news, Bitdeer Technologies Group has reported significant developments in its operations and financial outlook. Bitdeer announced the completion of mass production for its SEALMINER A1 rigs, achieving an energized hashrate of 2.8 EH/s. The company mined 114 Bitcoins in March, increasing its self-mining hashrate to 11.5 EH/s, and is on track to meet its ambitious year-end hash rate target of 40 EH/s. Bitdeer has also secured regulatory approval for its Tydal, Norway site, with plans to commission 70 MW in early April and an additional 105 MW by mid-2025. Analysts have revised their price targets for Bitdeer, with Needham and Cantor Fitzgerald both setting a target of $13, while Rosenblatt Securities has set it at $12, all maintaining a Buy or Overweight rating. These adjustments reflect updated financial forecasts and market conditions, including declining peer multiples and softening demand for mining rigs. Bitdeer continues to expand its infrastructure, with a new 50 MW mining data center in Ethiopia and ongoing projects in Ohio and Bhutan. The company has engaged Northland Capital Markets for advice on its HPC/AI data center development strategy, highlighting its focus on large-scale sites in the U.S. These developments signal Bitdeer’s ongoing efforts to enhance its mining technology and operational efficiency amidst market uncertainties.
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