Bitdeer reports 66% decline in self-mined Bitcoins YoY

Bitdeer reported a 66% year-over-year drop in self-mined Bitcoin production for September, with the company mining 164 BTC compared to 482 BTC in September 2023.

Bitcoin (BTC) mining firm Bitdeer has reported a significant decline in self-mined Bitcoin production year-over-year, with the company mining just 164 BTC in September, marking a 66% plunge compared to September 2023.

In an Oct. 3 press release, Bitdeer said that despite the decline in self-mined Bitcoins, it’s making strides in its mining rig manufacturing and research and development efforts. The company confirmed that mass production of its SEALMINER A1 machines is on schedule for Q4, expected to add 3.4 EH/s to its proprietary hashrate.

The firm is also progressing with its SEAL02 chip, which recently finished its first production phase with an efficiency of 13.5 J/TH to meet changing market needs.

Bitdeer sees total hash rate drop but hosting segment recovers

With its operations update, Bitdeer noted that the total hash rate under management decreased to 17.1 EH/s, down from 21.2 EH/s a year prior. The company’s hosting segment, however, showed signs of recovery, with a sequential increase of 0.3 EH/s attributed to the addition of newer, more efficient mining machines by clients.

Bitdeer chief business officer Linghui Kong says the firm believes that Bitcoin miners are seeking “more diversified technology solutions and supply chain flexibility,” which is why Bitdeer’s second-generation chip will power SEALMINER A2 mining machines, scheduled to go into mass production by the end of 2024.

The firm noted it remains committed to expanding its operational infrastructure, with several key projects underway in Texas, Norway, and Bhutan. While Bitdeer aims to energize its Tydal, Norway, phase 1 expansion by December, it also plans to complete a hydro-cooling conversion in Rockdale, Texas, between December and February 2025.