Bitdeer in July completed construction of the Gedu Bitcoin mining facility in Bhutan, according to a press release.
CEO Matt Linhuei Kun said that 15,000 miners arrived at the site during the month, and about 11,000 devices are currently operating stably.
In July, Bitdeer mined 220 BTC, up 41% from the same period in 2022, but below the June figure of 239 BTC.
“We continued to reduce energy consumption at our Texas data center to help stabilise the grid amid the state’s extreme heat this summer, which allowed us to continue receiving energy credits,” said Linhuei Kun.
The company-controlled hashrate rose to 20.6 EH/s, own capacity increased from 6.2 EH/s to 7.2 EH/s. The growth is largely due to equipment deployment in Gedu.
In total Bitdeer delivered 23,000 miners to the site. Their connection to the network is expected to add about 2.5 EH/s to the company’s hashrate.
The company-managed equipment fleet reached 215,000 devices. Of the total, 85,000 units are used for the company’s own Bitcoin mining and the Cloud Hash Rate cloud mining service. The remaining installations belong to hosting clients.
In May Bitdeer signed an agreement with the state-owned Druk Holding & Investments of Bhutan to develop cryptocurrency mining operations in the country with a budget of $500 million. The Gedu data center is expected to have a capacity of 600 MW with a hashrate of around 20 EH/s.
In July, media reported that the mining company began raising funds for the Green Bitcoin Fund to invest in Bhutan’s cryptocurrency mining industry.
In early 2021 cofounder of Bitmain Jihan Wu gained control of Bitdeer as part of severance for leaving the mining giant. The package also included $600 million, the BTC.com pool and data centers for mining cryptocurrencies outside China. The deal put an end to the long-running feud between the entrepreneur and former partner Micree Zhan.
Wu almost immediately sold BTC.com to online lottery provider 500.com Limited (now a mining company BIT Mining Limited).
In April 2023, Bitdeer went public, listing on Nasdaq via a reverse merger with SPAC Blue Safari Group Acquisition Corp.