Bitdeer Mining Insights

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Argo Blockchain has begun a court-supervised restructuring process aimed at reorganizing its debt and equity after years of financial strain. According to its published practice statement letter, the company will hold a convening hearing on Nov. 5, followed by creditor and shareholder meetings on Nov. 28, and a court sanction hearing on Dec. 8. If approved, Argo’s delisting from the London Stock Exchange will take effect at 8 a.m. on Dec. 9, relieving it from most U.K. regulatory and disclosure obligations under the Market Abuse Regulation and Takeover Code.

The government of British Columbia (BC) has announced a permanent ban on new crypto mining connections to the province’s hydroelectric power grid, citing record-high electricity demand. Under the new legislation taking effect in fall 2025, the province will also impose limits on electricity access for data centers and AI facilities. BC officials said the move aims to ensure sufficient clean and affordable energy for traditional industries such as mining, natural gas, and LNG, as well as for emerging sectors with “greater long-term economic value.”

Bitcoin’s network computing power has surged to a record-breaking 1,157 exahash per second (EH/s), marking the highest level in history. Despite recent price declines and tightening profit margins for miners, the network’s hashrate continues to rise, reflecting strong investment in next-generation ASIC equipment and large-scale data center expansions. Analysts note that the steady growth underscores the resilience of the Bitcoin ecosystem and miners’ long-term confidence in the industry’s fundamentals.

Decentralized solar infrastructure project Daylight has secured $75 million in funding to expand its distributed solar grid across the United States. The DePIN startup offers solar power through a subscription model, eliminating the need for costly panel installations that can exceed $30,000. Launched in 2024, Daylight’s testnet enables users to earn “sun points” by contributing energy back to the grid, with plans for a future token launch. Investors include a16z Crypto, Framework Ventures, Lerer Hippeau, M13, Room40 Ventures, EV3, and Turtle Hill Capital.

Bitdeer announced that it allowed its LOI with a development partner to expire in September, signaling a strategic shift toward directly managing its HPC/AI data center expansion. The company is now engaging with potential tenants, EPC partners, and in-house experts to develop proprietary AI data centers across sites in Clarington, Tydal, and Wenatchee. Meanwhile, Bitdeer completed the tape-out of its first SEAL04 chip, achieving notable efficiency gains, and began mass production of SEALMINER A3 rigs with 12.5 J/TH efficiency. The company’s self-mining hashrate reached 35 EH/s, remaining on track for 40 EH/s by the end of October.