Bitdeer completes testing of SEAL02 mining chip

Bitdeer Technologies Group has tested the SEAL02 chip, which achieves its efficiency target in Bitcoin mining.

Bitdeer Technologies Group announced the successful testing of its latest (BTC) mining chip, SEAL02, via a press release on September 26.

The chip achieved a power efficiency rating of 13.5 joules per terahash (J/TH), marking a significant step forward in the company’s SEALMINER technology roadmap set for June 2024.

The SEAL02 chip was developed in partnership with TSMC, a leading semiconductor manufacturer, using one of the latest technologies available. The chip’s performance was verified during prototype tests and demonstrated its effectiveness in power-saving mode.

At press time, Bitdeer’s stock (ticker BTDR) is up over 8%. Yesterday, the closing price was $7.54 per share.

Bitdeer’s mining plans

The SEAL02 chip will be integrated into Bitdeer’s upcoming SEALMINER A2 mining machines, with mass production expected to begin in November 2024.

Bitdeer is also developing its next chip, the SEAL03, as its planned launch date approaches.

In May, Tether (USDT) signed a subscription agreement with Bitdeer to purchase up to $150 million worth of shares in a private placement. The deal included 18.6 million Class A shares and an option for an additional 5 million shares, raising $100 million, with the potential to raise an additional $50 million if the option is exercised.

Bitdeer’s engineering team focuses on various areas such as ASIC design, algorithm development, and platform architecture as part of their broader efforts to contribute to the security of the Bitcoin network.

Bitcoin mining involves using computers to solve complex problems that verify transactions on the blockchain. The more efficient a mining chip is, the less power it uses to mine Bitcoins, which can save costs for miners and reduce energy consumption.