Introduction
Bitdeer Increases Bitcoin, The Bitcoin mining business is becoming busy again, and Bitdeer (NASDAQ: BTDR), one of the biggest publicly traded miners in the world, is at the front of the pack.
Miners are now making money again after a rough crypto winter that cut into their profits. This is because:
- ✅ Bitcoin prices are going up (about $70,000),
- ✅ mining is more efficient after the halving, and
- ✅ energy costs are lower in important areas.
Bitdeer’s most recent earnings report showed a big increase in BTC production, which is a hint that the whole sector is recovering. Let’s go into the specifics.
Bitdeer’s Mining Surge: Important Figures
This is how Bitdeer did in the last quarter:
- Metric Q1 2024 Q2 2024 (Latest) Increase
- BTC Mined: 265 BTC, 382 BTC, +44%
- Hash Rate: 8.4 EH/s, 10.5 EH/s, or 25% more
- Income: $97 million, $118 million, or 22% more
What caused the big jump?
- 🔹 Bitdeer expanded to Bhutan and Norway, where they used cheap hydropower.
- 🔹 New mining rigs were upgraded to Bitmain’s newest S21 miners, which are more efficient after the halving.
- 🔹 Strategic Hedging—locked up energy contracts before prices went up in the summer.
The Bigger Trend: Bitcoin Mining Is Back
Bitdeer Increases Bitcoin, Bitdeer isn’t the only one doing well; the whole mining business is bouncing back:
1. Efficiency After Halving Push April’s halving lowered block rewards to 3.125 BTC, which made miners have to:
- Upgrade the hardware because outdated setups are no longer useful.
- Look for cheaper power by moving to places like Ethiopia and Paraguay.
2. Higher Bitcoin Prices Mean Higher Margins
At $70,000 BTC, even after the halving, payouts are about twice as good as they were in early 2023.
3. Returns on Institutional Interest The price of BTC went up because of ETF inflows, which made mining equities (including BTDR, MARA, and CLSK) attractive again.
Miners Will Face Problems
Even though things are getting better, there are still risks:
- ⚠ Energy Volatility – Summer heatwaves might cause electricity prices to go up.
- ⚠ Regulatory Uncertainty – U.S. miners could be subject to DOE energy audits.
- ⚠ AI Competition: Some data centres now put AI ahead of crypto mining.
What will happen next with Bitdeer?
- The company’s plan involves a hash rate of 20 EH/s by 2025, which is twice what it is now.
- More deals for green energy, with the goal of 100% renewable operations.
- AI cloud services—going beyond just Bitcoin mining.
What Investors Should Know
- If BTC stays above $70,000, mining stocks (BTDR, RIOT, CLSK) could go up much more.
- Efficiency is important; miners who have cheap power and fresh rigs will do well.
- Look at Q3 earnings to see if growth is continuing.
Questions and Answers
Q: How does Bitdeer stack up against Marathon or Riot?
A: Bitdeer is more focused on expanding around the world and vertically integrating than its U.S.-based competitors.
Q: After the halving, is mining Bitcoin still worth it?
A: Yes, but only for miners that pay less than $0.05 per kilowatt-hour for power and have the newest hardware.
Q: Is it possible that AI could affect Bitcoin mining?
A: Maybe. Some data centres increasingly prefer AI workloads, but miners like Bitdeer are changing to meet the needs of their customers.
What do you think? Is it a smart idea to mine Bitcoin now, or will AI take its power?