Bitdeer Mining Insights

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Hive Digital, a leading data center infrastructure provider, reported a strong performance for the final quarter of 2024, fueled by record Bitcoin reserves and growth in its high-performance computing (HPC) sector. The company achieved $29.2 million in revenue for the quarter ending Dec. 31, with $2.5 million coming from its HPC business, setting an annualized run rate of $10 million. Hive’s adjusted earnings stood at $17.3 million, and net income after tax amounted to $1.3 million. At the close of the quarter, the company held $270.7 million in cash and crypto holdings, according to CFO Darcy Daubaras.

CleanSpark, a prominent cryptocurrency mining company, reported significant revenue and profit growth for the December quarter, driven by lower production costs and rising Bitcoin prices. In its first fiscal quarter of 2025, CleanSpark posted $162.3 million in revenue, marking a 120% year-over-year increase. The company’s profits surged to $241.7 million, or $0.85 per share, compared to just $25.9 million in the same quarter last year. The company also reported holding 10,556 self-mined Bitcoin at the end of 2024, showcasing the effectiveness of its Bitcoin treasury strategy.

Bitdeer has successfully completed the acquisition of a 101 MW site and gas-fired power project located near Fox Creek, Alberta, in a deal valued at $21.7 million. This fully licensed site sits on 19 acres of land and has the potential to scale to 1 GW of power, benefiting from Alberta’s rich energy resources and favorable business environment. The acquisition includes all necessary permits for the development of an on-site natural gas power plant and approval for a 99 MW grid interconnection with Alberta Electric System Operator (AESO). In addition to the power generation project, Bitdeer plans to build 99 MW of data center capacity for Bitcoin mining, with the power plant set to be operational by Q4 2026. This acquisition positions Bitdeer to become the world’s first fully vertically integrated Bitcoin miner at scale, enabling the company to achieve some of the lowest production costs in the industry.

The Arkansas Senate’s City, County, and Local Affairs Committee voted 5 to 1 to reject a bill that proposed banning cryptocurrency mining operations within a 30-mile radius of military facilities in the state. The bill argued that mining could pose national security risks, particularly if near U.S. military installations. Concerns highlighted included potential threats to security, noise pollution, and sustainability. Similar efforts to restrict mining operations or enforce zoning requirements have been seen across the U.S. in response to these issues.

Bitfarms has agreed to sell its largest mining facility in Yguazu, Paraguay, to Hive Digital Technologies for $85 million. This move marks Bitfarms’ shift towards expanding its Bitcoin and AI infrastructure in the U.S. The sale includes the 200 MW Yguazu farm, which has been the company’s most significant operation in Paraguay. The funds from the sale will be reinvested into Bitfarms’ U.S. expansion strategy. Hive Digital Technologies, a competitor in the mining and AI sectors, signed a binding letter of intent on Jan. 28 to finalize the purchase.