Bitdeer Mining Insights

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Block, Inc. has announced a strategic shift toward expanding its presence in bitcoin mining, emphasizing its commitment to cryptocurrency infrastructure. The shareholder letter detailed how Block’s focus on bitcoin mining aligns with its broader vision of decentralized financial services. The company’s deeper involvement in mining is seen as a natural extension of its existing cryptocurrency ventures, including investments through Cash App and Bitkey wallet. By entering the mining space, Block aims to improve capital efficiency, diversify its funding, and meet the rising demand for mining infrastructure. The move signals a calculated effort to allocate resources toward high-growth opportunities, potentially delivering strong returns for shareholders.

Hodler Investments from the UAE and China’s GCL Energy Investment have partnered to develop a distributed energy infrastructure project in Ethiopia aimed at powering advanced data centers. The collaboration involves joint investments in energy projects that utilize Ethiopia’s underused electricity resources. GCL Energy Investment, a subsidiary of Golden Concord Group, will build the infrastructure needed to support data center operations. This initiative aligns with Ethiopia's plan to expand its data center market from $95 million in 2022 to an estimated $226 million by 2028.

Bitdeer launched its SEALMINER A2 models with air-cooling and hydro-cooling versions, delivering 226 TH/s and 446 TH/s, respectively, at 16.5 J/TH efficiency. Mass production has started, targeting a total of 21.7 EH/s. The company mined 174 Bitcoin and completed the SEAL03 chip design with an expected efficiency of 10 J/TH. An additional 3,000 client-hosted mining machines were deployed, adding 0.8 EH/s. Expansion at Norway’s Tydal and Texas’s Rockdale sites remains on schedule, with completions expected by late 2024 and early 2025. AI cloud services reported a 90% utilization rate.

Deutsche Telekom, Europe’s largest telecommunications provider, has announced plans to enter Bitcoin mining using surplus renewable energy that would otherwise go to waste. The new initiative, named “Digital Monetary Photosynthesis,” is a collaboration between Deutsche Telekom’s subsidiary MMS and Bankhaus Metzler. The Bitcoin mining rigs will be installed in Backnang, Germany, at the facilities of metal and glass manufacturer Riva, with Metis Solutions managing the operations. This venture marks a significant step towards broader adoption of Bitcoin, coming shortly after the 16th anniversary of the Bitcoin white paper.

CleanSpark announced it is on track to reach 400 megawatts (MW) of Bitcoin mining capacity after completing the acquisition of U.S.-based infrastructure company GRIID. On October 31, CEO Zach Bradford confirmed shareholder approval for the strategic move, highlighting plans to expand in Tennessee. The acquisition allows CleanSpark to develop over 400MW of capacity, increasing power supply diversity within the Tennessee Valley Authority service area. Bradford noted this expansion would provide greater operational flexibility. GRIID had previously hosted 50MW of mining capacity for CleanSpark, and the integration of GRIID’s team is expected to further enhance operations.