Bitdeer reports 66% decline in self-mined Bitcoins YoY

Bitdeer reported a 66% year-over-year decline in self-mined Bitcoin production in September, while mining 164 BTC compared to 482 BTC in September 2023.

Bitcoin (BTC) mining firm Bitdeer reported a significant year-over-year decline in self-mined Bitcoin production; The company mined only 164 BTC in September, marking a 66% decrease compared to September 2023.

In a press release on October 3, Bitdeer said it was making progress in mining rig production and research and development efforts despite the decline in self-produced Bitcoins. The company confirmed that mass production of SEALMINER A1 machines is planned for Q4 and is expected to add 3.4 EH/s to the proprietary hashrate.

The company also continues its path with the SEAL02 chip, which recently completed its first production phase with an efficiency of 13.5 J/TH to meet changing market needs.

Bitdeer sees decline in total hash rate but hosting segment recovers

Bitdeer noted that with the operational update, the total hash rate under management dropped to 17.1 EH/s from 21.2 EH/h the previous year. However, the company’s hosting segment showed signs of improvement, with a sequential increase of 0.3 EH/s attributed by customers to the addition of newer, more efficient mining machines.

Bitdeer chief operating officer Linghui Kong said the firm believes Bitcoin miners are looking for “more diverse technology solutions and supply chain flexibility” and therefore Bitdeer’s second-generation chip will power the SEALMINER A2 mining machines, which are scheduled to go into mass production by the end. 2024.

The company stated that it remains committed to expanding its operational infrastructure with several important ongoing projects in Texas, Norway and Bhutan. Bitdeer aims to power its phase 1 expansion in Tydal, Norway, by December, while also planning to complete a hydro-cooling conversion in Rockdale, Texas, between December and February 2025.