Original author: Leek, Foreign News
In addition to MicroStrategy, there is one blockchain stock that is worth paying attention to recently.
On December 10, the closing price of BitDeer (code: BTDR), a U.S.-listed company, reached US$20.6. It once stood above US$22 during the session, setting a historical high.
In May, BitDeers stock price fell to $5, a drop of more than 50% from its listing price. With the advent of the cryptocurrency bull market, its stock price has rebounded, with a 300% increase since November alone. Cryptocurrency-related stocks are relatively niche, and BitDeers performance can be described as a sudden rise.
According to the latest financial report released by Bitdeer in August, the companys revenue in the second quarter of 2024 reached US$99.2 million, a year-on-year increase of 5.8%; Q2 gross profit was US$24.4 million, but it was not profitable, and its net loss narrowed to US$17.7 million, and its cloud computing business revenue fell 32.2% year-on-year. As of June 30, 2024, Bitdeer held US$203.9 million in cash and cash equivalents.
It is worth noting that as a listed company related to Bitcoin mining, the major impact on BitDeers industry this year is that Bitcoin will usher in a new round of halving in April 2024, and the mining reward will be changed to 3.125 coins per block.
BitDeer was founded by Jihan Wu, co-founder of Bitmain, in 2021 when it was split. It mainly operates crypto mining farms and cloud computing mining, and is headquartered in Singapore. In 2023, it landed on the Nasdaq through SPAC, with an opening price of around US$10.
Behind the stock price performance, BitDeers three major layouts in recent years are worth noting:
Entering the mining machine market
Since the beginning of this year, BitDeer has begun to make continuous efforts in the research and development of mining machine products. In March this year, it released the SEALMINER A 1 model, and in October it launched the second-generation product A 2 series model.
The SEALMINER A 2 series is divided into the air-cooled A 2 and the water-cooled A 2 Hyd, both of which use the self-developed SEA L0 2 chip. The air-cooled model is suitable for well-ventilated mining farms, while the water-cooled model features better heat dissipation and noise control, and is suitable for high-density mining farms or noise-sensitive environments.
In terms of product parameters, the theoretical energy efficiency of SEALMINER A 2 is 16.5 J/TH, and the computing power is 226 TH/S; the energy efficiency of SEALMINER A 2 Hyd is also 16.5 J/TH, and the computing power reaches 446 TH/S.
Compared with mainstream brand products in the market, its various data are at the first-tier level, and in the actual machine test video, the computing power values of both models are better than the theoretical data.
From the product roadmap, BitDeer plans to complete the iteration of four generations of products within five quarters. The energy efficiency ratio target of SEAL chips has been reduced from 18.1 J/TH to 5 J/TH. The target is quite aggressive, but it also faces challenges in production capacity, market competition and user feedback. At present, the official website data shows that the number of SEALMINER reservations has reached 1.38 million.
Tether becomes its major shareholder
In June this year, BitDeer announced a private placement of up to $150 million, selling $100 million worth of shares to stablecoin issuer Tether and giving Tether warrants to purchase an additional $50 million within 12 months. According to relevant information, BitDeer has 118 million shares outstanding. This private placement to Tether is 18,587,360 Class A common shares, accounting for 15% of its total shares, making Tether the largest shareholder of BitDeer. Tether CEO Paolo Ardoino said that Tether is happy to cooperate with Bitdeer and believes that Bitdeer is one of the most powerful vertically integrated operators in the Bitcoin mining industry.
Cooperating with the Kingdom of Bhutan to operate a mine
As early as early May 2023, BitDeer announced that it would cooperate with Druk Holding Investments (DHI), the business agency of the Royal Bhutanese Government, to develop environmentally sustainable, zero-carbon digital asset mining operations in the country.
The two parties plan to launch the partnership by establishing a closed-end fund, with an estimated fund size of up to $500 million. In July 2023, the Gedu mining data center in Bhutan was completed and put into use, adding 100 megawatts of total power capacity to the company and supporting the operation of 30,000 mining machines, providing BitDeer with a proprietary hash rate of 3.3 EH/s.
Currently, the Royal Government of Bhutan’s marked address holds approximately 11,790 BTC, worth $1.16 billion.
