Bitdeer: Jihan Wu mined 283 BTC in May

In May 2023, the Bitdeer mining-services provider mined 283 BTC. The hash rate controlled by the company remained at 18 EH/s, according to a press release.

Three main lines of business for the firm are:

• independent cryptocurrency mining;
• Cloud Hash Rate cloud-mining subscription services;
• hosting.

As of May 31, the company's deployed fleet of equipment stood at about 191,000 ASIC miners. Of the total, about 62,000 devices are owned by Bitdeer, and about 129,000 belong to hosting clients.

The company’s own hash rate for the month declined from 5.7 EH/s to 5.4 EH/s. The firm decommissioned around 5,000 Antminer S17 units from Bitmain due to unprofitability. These capacities are used for independent mining and to support Cloud Hash Rate users.

Bitdeer, headquartered in Singapore, operates data centres located in the United States and Norway.

In May, the company signed a deal with the Bhutanese government-owned Druk Holding & Investments to develop cryptocurrency mining operations in the country with a budget of $500 million.

It is expected that the Gedu data centre will come online in July 2023. In the first phase, the facility will add an additional 100 MW to Bitdeer’s current installed capacity of 795 MW. The 30,000 miners deployed at the site will increase the company’s own hash rate by about 3.3 EH/s.

According to the company, thanks to Bhutan's hydroelectric overabundance, Gedu will become Asia's first zero-carbon mining operation.

In early 2021, Bitmain co-founder Jihan Wu gained ownership of Bitdeer as part of a payout for leaving the mining giant. The package also included $600 million, the BTC.com pool, and data centres for cryptocurrency mining outside China. The deal closed a long-running dispute between the entrepreneur and former partner Micree Zhan.

Wu almost immediately sold BTC.com to the online lottery operator 500.com Limited (now a mining company BIT Mining Limited).

In April 2023, Bitdeer became public, listing on Nasdaq through a reverse merger with SPAC Blue Safari Group Acquisition Corp.