Bitcoin Miner Bitdeer (NASDAQ: BTDR) Inks Key Partnership, Advances Chip Development, Explores AI Datacenter Expansion

Bitcoin investors showed their resilience when the flagship cryptocurrency got caught up in recent broader market volatility that sent the BTC price below $60,000. Investors rotated out of Big Tech recently amid economic and market uncertainty, but they may still have their eye on the AI and data center prize, which could bode well for Bitcoin miners and other companies operating in this arena. One company strategically positioning itself in the Bitcoin space is Bitdeer Technologies Group (NASDAQ: BTDR), which continues to advance its roadmap in 2024. Bitdeer published its production and operations update for July, during which time it hit several key milestones. Among the highlights was the fact that Bitdeer mined 181 Bitcoins compared with 179 in June. Additionally, the company reports that it solidified a key engagement with Tier 3 and 4 data center consultant TLM Group, inched closer to the monetization of its power portfolio and proved to be on pace for the deployment of its Bitcoin self-mining ASIC chips. Bitdeer’s total hashrate – a reflection of the computational power a network possesses to mine BTC – under management was 21.2, up from 20.6 in the same month in 2023. The company is targeting the expansion of its hash rate by 3.4EH/s by year-end, growth that will be fueled by the manufacturing of its SEALMINER A1 rigs. Bitdeer has plans to expand its AI cloud footprint to seize opportunities as they present themselves while remaining disciplined on capital expenditures. With TLM Group on board, the company can harness the consultant’s expertise to evaluate the suitability of its current sites while collaborating with them on a broader datacenter strategy. Investors looking to gain exposure to Bitcoin but not prepared to directly buy into the asset class may want to investigate Bitdeer’s stock, which they can learn more about here. Bitdeer has no plans of slowing down and will participate in several events. Among them is Rosenblatt’s virtual tech summit, which will be held in August and will focus on “The Age of AI.” In September, Bitdeer will be featured at H.C. Wainwright’s global investment conference in New York before heading to Miami for the Canto Crypto conference in November, which will similarly focus on AI infrastructure.