Bitdeer completes testing of SEAL02 mining chip

Bitdeer Technologies Group has tested its SEAL02 chip, reaching an efficiency target in Bitcoin mining.

Bitdeer Technologies Group announced on Sept. 26 the successful testing of its latest (BTC) mining chip, SEAL02, via a press release. 

The chip achieved a power efficiency ratio of 13.5 joules per terahash (J/TH). This result marks a significant step in the company’s SEALMINER technology roadmap, set in June 2024.

The SEAL02 chip was developed in partnership with TSMC, a leading semiconductor manufacturer, using one of the latest technologies available. The chip’s performance was verified during prototype testing, demonstrating its effectiveness in a power-saving mode.

At the time of writing, Bitdeer’s stock (ticker symbol BTDR) is up over 8%. Yesterday, its close price was $7.54 per share.

Bitdeer’s mining plans

The SEAL02 chip will be integrated into Bitdeer’s upcoming SEALMINER A2 mining machines, with mass production expected to begin in November 2024. 

Additionally, Bitdeer is developing its next chip, SEAL03, which is on track for its planned release.

In May, Tether (USDT) entered a subscription agreement with Bitdeer to purchase up to $150 million worth of shares in a private placement. The deal included 18.6 million Class A shares and a warrant for an additional 5 million shares, raising $100 million, with potential for another $50 million if the warrant was exercised.

Bitdeer’s team of engineers focuses on various areas, including ASIC design, algorithm development, and platform architecture, as part of their broader efforts to contribute to the security of the Bitcoin network.

Bitcoin mining involves using computers to solve complex problems that validate transactions on the blockchain. The more efficient a mining chip is, the less power it uses to earn Bitcoin, which can save costs for miners and reduce energy consumption.