Bitdeer

What is Bitdeer in Crypto?

Bitdeer Technologies Group is a Singapore-based company specializing in blockchain and high-performance computing (HPC) solutions. Founded in 2018 by Jihan Wu, co-founder of Bitmain, Bitdeer offers a comprehensive suite of services, including cryptocurrency mining, cloud hash rate sharing, and mining machine hosting. The company operates multiple data centers across the United States, Norway, and Bhutan, and is publicly traded on the Nasdaq under the ticker symbol BTDR. 

Core Business and Services

Bitdeer's primary offerings include:

• Proprietary Mining: Operating its own mining facilities to mine cryptocurrencies like Bitcoin.
• Cloud Hash Rate Sharing: Providing customers with access to mining power without the need to manage hardware.
• Mining Machine Hosting: Offering infrastructure and maintenance services for clients' mining equipment.
• High-Performance Computing (HPC): Expanding into AI and HPC services, leveraging its infrastructure for broader computing applications.

Financial Performance and Growth

In the first quarter of 2025, Bitdeer reported a revenue of $70.1 million, marking a 41% year-over-year decline. Despite this, the company achieved a net income exceeding $400 million, primarily due to gains from derivatives on its balance sheet, including convertible notes and warrants issued to Tether in 2024. 

Bitdeer is actively expanding its global footprint. In April 2025, the company energized 70 MW and 132 MW of power capacity at its Tydal, Norway, and Jigmeling, Bhutan sites, respectively, bringing its total available power capacity to 1.1 GW, with plans to increase to 1.6 GW by June 2025.

Recent Developments

• Leadership Change: In March 2024, founder Jihan Wu resumed the role of CEO, succeeding Linghui Kong, who transitioned to Chief Business Officer.
• Technological Advancements: Bitdeer has been developing its proprietary SEALMINER series, with the A3 prototype achieving an efficiency of 9.7 J/TH. The company aims to further enhance efficiency with the upcoming A4 model targeting 5 J/TH.
• Strategic Partnerships: In 2024, Bitdeer secured a $200 million financing facility from Matrixport Group to support its expansion plans. 

Controversies and Criticisms

• Environmental Concerns: Bitdeer's mining operations, particularly in Texas, have drawn criticism for their energy consumption. The company has been paid to reduce electricity usage during grid strains, raising questions about the sustainability of such practices.
• Regulatory Scrutiny: As a spin-off of Bitmain, Bitdeer has faced scrutiny due to its connections with the Chinese-based mining chip manufacturer, which has had its own controversies, including tax violations.

Future Outlook

Bitdeer is positioning itself as a leader in both cryptocurrency mining and high-performance computing. With ongoing investments in infrastructure, technology, and strategic partnerships, the company aims to diversify its revenue streams and adapt to the evolving digital asset landscape. However, it must navigate environmental concerns and regulatory challenges to sustain its growth trajectory.