By Gerelyn Terzo, Benzinga

With the Bitcoin (BTC) price continuing to set new record highs, most recently crossing the $106,000 threshold, there is renewed excitement about the market heading into the new year. The enthusiasm is shared among many investors as well as Bitcoin miners, the latter of which have been raking in the profits in this bullish market cycle to the tune of $13.72 billion.

The mining community – which is responsible for securing the blockchain and minting new BTC – continues to work to keep pace with growing demand but will require the latest and most efficient machines available to keep it up.

Amid this landscape, Bitdeer Technologies Group (NASDAQ: BTDR) has been pursuing an aggressive roadmap this year with product innovation, focusing on delivering on its development objectives despite changing market conditions and economic uncertainties. Chief among these innovations has been the rise of the company’s proprietary SEALMINER technology, comprising Bitcoin mining machines and chips — the production and capacity of which have exceeded expectations, the company reports.

Bitdeer is a geographically diverse Bitcoin miner that trades in the public markets, offering interested investors a potential opportunity to gain exposure to the sector. Bitdeer recently published its latest production results, highlighting its Sealminer line of mining machines and chip technology performance.

Having mined 150 Bitcoins last month for its own account, Bitdeer is seeing the results of its latest Sealminer technology unfold in real time. Bitdeer fully expects its SEALMINER A2 to achieve mass production by Q3 2025, securing wafer capacity that is nearly double its initial allocation. Bitdeer also reports that approximately 20% of the initial allocation of SEALMINER A2 units (~7 EH/s out of the 35 EH/s) for external sale have been fully reserved by customers.

The company has already begun development on its next-generation chip, SEAL04, featuring a novel circuit architecture through which it is targeting a record-breaking 5 J/TH (Joules per Terahash) energy efficiency. The company says such massive gains in energy efficiency will be an industry first, helping Bitdeer maintain its grip as a top miner and equipment manufacturer in the industry. The lower the J/TH ratio, the lower the energy consumption per unit of computing required for Bitcoin mining.

As a result, it’s not shocking that the company’s cutting-edge technology is also intended to serve as the go-to option for the wider Bitcoin mining industry, not just its own operations — as evidenced by orders for roughly 30,000 SEALMINER A2 machines to external customers. In addition to its self-mining operations, Bitdeer also increased its customer-hosted mining rigs by 11,000 units in November.

After turning to capital markets for a successful $400 million convertible notes offering last month, Bitdeer plans to pour the proceeds back into development. For example, it will use the funds to bankroll a strategic datacenter expansion to maintain its competitive edge in this field while also accelerating the development of its ASIC-based mining rigs, per Bitdeer Chief Business Officer Linghui Kong.

The company is looking ahead to what Kong has called a “transformative” year for the company in 2025 during which it plans to bring 1.1GW of new power capacity online.

Bitdeer also believes it is in an enviable position for its high-performance computing business, through which it harnesses technologies like AI and Machine Learning through cutting-edge Nvidia (NASDAQ: NVDA) chips.

Last month, Bitdeer advanced discussions with multiple development partners and potential end-users of its AI cloud services division, including the delivery of a batch of Nvidia’s H200 chips to its Tier-3 datacenter sooner than expected. Additionally, Bitdeer grew its AI cloud-services footprint to the U.S. and the Netherlands, expanding the business unit beyond Singapore and Canada.

On the infrastructure front, Bitdeer reports that it continues to make progress on the buildout of several data centers around the world:

• The company reports that its Tydal, Norway facility is on track for the 40 MW phase 1 expansion to be completed by year-end 2024. The company is still awaiting regulatory approvals to energize this site.

• The Rockdale, Texas, site is on track for a 100 MW hydro-cooling conversion of the facility, the completion of which is expected in early 2025.

• In Jigmeling, Bhutan, Bitdeer’s massive 500 MW construction continues to advance with an anticipated energization date of Q2 2025.

The Bitdeer stock price seems to have been benefiting from the broader environment, increasing more than threefold from Nov. 1 to mid-December. The company will be a featured presenter at the upcoming Annual Needham Growth Conference in January, where many industry stakeholders will gather. Investors who are interested in gaining exposure to Bitcoin mining, AI and data center expansions may want to take a closer look at Bitdeer stock, which they can learn more about here.

Featured photo by geralt on Pixabay.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

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