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Bitcoin Miner Bitdeer (NASDAQ: BTDR) Inks Key Partnership, Advances Chip Development, Explores AI Datacenter Expansion
--News Direct--By Gerelyn Terzo, BenzingaBitcoin investors showed their resilience when the flagship cryptocurrency got caught up in recent broader market
About this update from Bitdeer Technologies Group
[{"type":"text","content":"--News Direct--By Gerelyn Terzo, BenzingaBitcoin investors showed their resilience when the flagship cryptocurrency got caught up in recent broader market volatility that sent the BTC price below $60,000. Investors rotated out of Big Tech recently amid economic and market uncertainty, but they may still have their eye on the AI and data center prize, which could bode well for Bitcoin miners and other companies operating in this arena. Institutional investors reportedly bought the Bitcoin dip as $245 million in inflows moved into spot Bitcoin ETFs during the summer doldrums. While Bitcoin ETFs only recently made their debut, many investors seem to have proven their willingness to endure market swings. One company strategically positioning itself in the Bitcoin space is Bitdeer Technologies Group (NASDAQ: BTDR), which continues to advance its roadmap in 2024.Bitdeer has published its production and operations update for July, during which time it hit several key milestones. Among the highlights was the fact that Bitdeer mined 181 Bitcoins compared with 179 in June. Additionally, the company reports that it solidified a key engagement with Tier 3 and 4 data center consultant TLM Group, inched closer to the monetization of its power portfolio and proved to be on pace for the deployment of its Bitcoin self-mining ASIC chips.Investors looking to gain exposure to Bitcoin but not prepared to directly buy into the asset class may want to investigate Bitdeer’s stock, which they can learn more about here.Bitdeer’s Computational Power On The Rise In July, Bitdeer’s total hashrate – a reflection of the computational power a network possesses to mine BTC – under management was 21.2, up from 20.6 in the same month in 2023. The company is targeting the expansion of its hash rate by 3.4EH/s by year-end, growth that will be fueled by the manufacturing of its SEALMINER A1 rigs. In July, mass production of Bitdeer’s new mining chip, dubbed SEAL01, the powerhouse for the SEALMINER A1 mining rig series, remained on track while the company implemented air cooling and hydro cooling capabilities. Bitdeer is preparing for mass production of its second-generation chip, SEAL02, by year-end 2024. Meanwhile, R&D activities on its third-generation chip, dubbed SEAL03, are also underway.High-Performance Computing And AI Bitdeer’s AI cloud services are powered ...