The bitcoin mining firm Bitdeer Technologies founded by Jihan Wu has completed the construction of a mining facility in Bhutan and is making progress with its operations.
Jihan Wu is a prominent figure in the cryptocurrency space and co-founder of Bitmain, a major manufacturer of cryptocurrency mining hardware.
The chief executive officer of Bitdeer, Linghui Kong, said that with around 15,000 additional mining machines arriving at the Gedu data center in Bhutan and approximately 11,000 miners are already operational.
The power-on testing underway indicates that Bitdeer is in the process of ensuring the stable and efficient operation of its mining equipment. This development highlights the ongoing expansion efforts and advancements in the cryptocurrency mining industry.
Approximately 23,000 newly purchased mining machines arrived at the Bhutan mining site at the end of July and these new machines are supposed to provide a hash rate of about 2.5 EH/s.
Bitdeer Technologies adapts to local conditions and efficiently manages its power usage in the Texas facility, especially during periods of high heat. Mining 220 bitcoins in July, representing a 41% year-on-year increase, highlights the company’s ability to capitalize on market opportunities and optimize its mining activities.
The expansion of the company’s proprietary hash rate went from 6.2 EH/s to 7.9 EH/s within a month, is a significant achievement, primarily allocated to the incorporation of new mining machines in Bhutan.
Bitdeer and Druk Holding and Investments (DHI), Bhutan’s state-owned investment company, raised up to $500 million for a crypto mining firm in May.
Bitdeer successfully made its debut on Nasdaq in April through a merger with a special purpose acquisition company (SPAC), boasting a valuation of $1.18 billion.
Also Read: Bhutan’s Secret Ousted: Mining Bitcoin With Hydropower Since 2017
