Bitdeer Announces November 2023 Operations Updates; 403 BTC Mined In November 2023
Portfolio Pulse from Benzinga Newsdesk
Bitdeer Technologies Group (NASDAQ:BTDR) reported its November 2023 operations updates, highlighting an 81.5% year-over-year increase in Bitcoin mined, totaling 403 BTC for the month. The company's Gedu Datacenter provided a 3.3EH/s hash rate, mining 209 BTC. Bitdeer also announced becoming a Preferred Cloud Service Provider in the NVIDIA Partner Network and plans to launch Bitdeer AI Cloud in Q1 2024, powered by NVIDIA's DGX SuperPOD systems. The company's 175MW immersion cooling datacenter in Norway is on track for completion in 2025. Bitdeer operates in self-mining, hash rate sharing, and hosting, with a total hash rate under management of 21.1 EH/s and 220,000 mining machines under management. Despite the positive mining results, the company faced a temporary curtailment of power and increased electricity costs in Norway, leading to a 12.8% decrease in Bitcoin mined compared to October 2023.
December 07, 2023 | 1:32 pm
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POSITIVE IMPACT
Bitdeer Technologies Group reported strong mining results for November 2023 with a significant year-over-year increase in Bitcoin mined. The company's strategic partnership with NVIDIA and upcoming launch of Bitdeer AI Cloud could signal growth potential, while the ongoing construction of the Norway datacenter suggests long-term infrastructure expansion.
The positive mining update and year-over-year growth in Bitcoin mined are likely to be viewed favorably by investors. The partnership with NVIDIA and the development of the AI Cloud service could provide new revenue streams and market opportunities, potentially boosting investor confidence. However, the temporary decrease in Bitcoin mined compared to the previous month due to increased electricity costs could be a concern, but the overall positive outlook and strategic initiatives may outweigh this short-term issue.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100