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.

Significant Drop in Bitcoin Production

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

Advancements in Mining Technology

In an Oct. 3 press release, Bitdeer mentioned that despite the decline in self-mined Bitcoins, the company is 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.

Total Hash Rate and Hosting Segment

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. However, the company’s hosting segment 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.

Diversified Technology Solutions

Bitdeer Chief Business Officer Linghui Kong mentioned that the firm believes Bitcoin miners are seeking “more diversified technology solutions and supply chain flexibility.” To meet these demands, Bitdeer’s second-generation chip will power SEALMINER A2 mining machines, scheduled to go into mass production by the end of 2024.

Expansion Projects

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

Bitdeer Chief Business Officer Linghui Kong says the firm believes that Bitcoin miners are seeking “more diversified technology solutions and supply chain flexibility.”

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