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Bitdeer to Expand 3.4 EH/s with Self-Designed Bitcoin Miners

Bitdeer's stock is down 18% year-to-date, underperforming that of bitcoin

Singapore-headquartered bitcoin mining firm Bitdeer plans to expand its proprietary hashrate by 3.4 EH/s with its self-designed SEALMINER A1 equipment.

The firm announced on Tuesday that it intends to install 4.8 EH/s of the A1 miners at its mining sites in Rockdale, Texas, and in Norway during the second half of this year and retire 1.4 EH/s of older rigs.

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The plan comes weeks after Bitdeer revealed the SEAL01 bitcoin ASIC chip that was said to have an efficiency of 18.1 J/TH. Bitdeer said with the upgrade, its proprietary hashrate is expected to grow to 11.8 EH/s by the year’s end.

Bitdeer is the latest public mining firm to announce imminent growth plans, demonstrating to investors its efforts in maintaining and potentially increasing its production market share after bitcoin’s halving event.

Since the New Year, other public mining companies like Iris Energy, Bitfarms, CleanSpark and Marathon have made similar infrastructure and equipment expansion plans.

Bitdeer said it will conduct similar expansions for its proprietary hashrate fleet until the end of 2025, installing newly produced A1 miners while replacing older equipment.

“We have full faith in the capability of the SEALMINER A1 and are demonstrating this trust by installing it in volume at our own facilities first,” Bitdeer chief business officer Linghui Kong said. “We can ensure the quality of our products sold to customers by field testing the mining rigs first in our mining data centers.”

Year-to-date, most of the public mining stocks have underperformed bitcoin’s market rally including that of Bitdeer, which is down 18% as of Monday.

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