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- 1 The Bitcoin mining sector has been under pressure as the broader market was struggling to keep up the pace.
- 2 Major crypto companies saw an uptick in Bitcoin production for September month.
- 3 Among these companies, Bitdeer marked the biggest jump in mined BTC since last month.
The Bitcoin mining sector has been going through a rough phase resembling the situation with the flagship cryptocurrency, and even the broader crypto market for that matter. In circumstances like these, it is not expected of companies to attain their normal figures in BTC production. But mining company Bitdeer’s production for September surprised everyone with its performance.
Singapore-based crypto mining company, Bitcoin Technologies Company, garnered a significant number of Bitcoins last month. A significant 482 Bitcoins were mined during the specified period, marking nearly a threefold increase compared to the numbers from the same timeframe last year.
Notably, the Gedu mining data center emerged as a substantial contributor, generating 217 Bitcoins on its own. This impressive output accounted for approximately 45% of the total mined Bitcoins in September, underlining its significant role in the cryptocurrency mining landscape.
The remarkable growth in cryptocurrency mining can be primarily attributed to the establishment of their new Gedu mining data center. Presently, the company oversees the operation of 221,000 mining machines and maintains an impressive electrical capacity of 895 megawatts (MW) for its self-mining and Cloud Hash Rate businesses.
It’s worth noting that the cryptocurrencies mined are promptly converted into fiat currency, highlighting the practical and business-oriented approach to cryptocurrency mining in this operation.
Bitdeer’s expansion isn’t limited to Bhutan and the United States. The company is also in the process of constructing a significant 175-megawatt (MW) immersion cooling data center in Norway, known as the Tydal Datacenter project. This ambitious project is slated for completion by 2025.
Currently, Bitdeer manages an impressive total hash rate of 21.2 exahashes per second (EH/s), with a proprietary hash rate of 8.7 EH/s, indicating its substantial presence and growth in the cryptocurrency mining industry.
CEO Linghui Kong attributes Bitdeer’s success to their self-mining business and the steadfast maintenance of an electrical capacity of 895 megawatts (MW). Bitdeer’s strategic development plan revolves around three pivotal areas, which include Hash Rate Sharing, where customers can participate in income sharing, and comprehensive hosting services. These strategic elements have played a crucial role in the company’s growth and success within the cryptocurrency mining industry.
Most of the other Bitcoin mining companies saw an uptick in production in the month of September. Marathon Digital Holdings produced 1,242 Bitcoins this month, noting a 16% rise from 1,072 BTC produced in August 2023.
Riot Platforms produced 362 BTC this month, an increase of 8% in a month from 333 BTC. However, CleanSpark saw a reduction in monthly Bitcoin production from 659 BTC in August to 643 BTC in September.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
