{{Short description|Singapore cryptocurrency company}} {{Infobox company | name = Bitdeer Technologies Group | logo = File:Bitdeer logo.png | logo_size = | logo_upright = <!-- default: 1 --> | logo_alt = | logo_caption = | image = | image_size = | image_upright = <!-- default: 1 --> | image_alt = | image_caption = | trade_name = | native_name = | native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{Lang|[code]|[name]}} in native_name = and leave native_name_lang = empty. --> | romanized_name = | former_name = | type = | traded_as = {{Nasdaq|BTDR}} | ISIN = <!-- {{ISIN|sl=n|pl=y|...}} --> | industry = | genre = | predecessor = <!-- or: predecessors = --> | founded = <!-- if known: {{Start date and age|YYYY|MM|DD}} in city, country --> | founder = Jihan Wu | defunct = <!-- {{End date|YYYY|MM|DD}} --> | fate = | successor = <!-- or: successors = --> | hq_location = | hq_location_city = | hq_location_country = Singapore | num_locations = | num_locations_year = <!-- Year of num_locations data (if known) --> | area_served = <!-- or: areas_served = --> | key_people = Jihan Wu (Executive chairman, CEO) | products = | production = | production_year = <!-- Year of production data (if known) --> | brands = | services = | revenue = S$485,975,304 | revenue_year = 2023 | operating_income = | income_year = <!-- Year of operating_income data (if known) --> | net_income = <!-- or: profit = --> | net_income_year = <!-- or: profit_year = --><!-- Year of net_income/profit data (if known) --> | aum = <!-- Only for financial-service companies --> | assets = | assets_year = <!-- Year of assets data (if known) --> | equity = | equity_year = <!-- Year of equity data (if known) --> | owner = <!-- or: owners = --> | members = | members_year = <!-- Year of members data (if known) --> | num_employees = 211 | num_employees_year = 2023 | parent = | divisions = | subsid = | module = <!-- Used to embed other templates --> | ratio = <!-- Basel III ratio; used for banks only --> | rating = <!-- Credit rating; used for banks only --> | website = <!-- {{URL|example.com}} --> | footnotes = | embed = }}
'''Bitdeer Technologies Group''', or simply '''Bitdeer''', is a cryptocurrency company and mining platform based in Singapore. Spun off from the bitcoin-mining chip producer Bitmain, Bitdeer is among the largest miners by computer power<ref name=":0">{{Cite web |last=Lee |first=Zinnia |title=Crypto Tycoon Jihan Wu's Mining Platform Bitdeer Gains 122% On Buybacks |url=https://www.forbes.com/sites/zinnialee/2023/06/26/crypto-tycoon-jihan-wus-mining-platform-bitdeer-gains-122-on-buybacks/ |access-date=2025-01-06 |website=Forbes |language=en}}</ref> and focuses on blockchain and high-performance computing.<ref name=":1">{{Cite news |title=Crypto mining firm Bitdeer partners Nvidia to launch AI cloud solutions |url=https://www.straitstimes.com/business/crypto-mining-firm-bitdeer-partners-nvidia-to-launch-ai-cloud-solutions |archive-url=https://web.archive.org/web/20231118235736/https://www.straitstimes.com/business/crypto-mining-firm-bitdeer-partners-nvidia-to-launch-ai-cloud-solutions |archive-date=2023-11-18 |access-date=2025-01-06 |work=The Straits Times |language=en |url-status=live }}</ref> Bitdeer's U.S. headquarters are located in San Jose, California.<ref name=":4">{{Cite web |date=March 26, 2024 |title=Bitdeer pledges to build higher, stronger wall to reduce noise from cryptocurrency mining |url=https://www.indeonline.com/story/news/local/2024/03/26/bitdeer-leaders-again-meet-with-massillon-city-council-on-site-replat/73089838007/ |access-date=2025-01-15 |website=The Independent |publisher=Gannett |oclc=11129683}}</ref> The company also operates in other U.S. states as well as Europe and Bhutan.<ref>{{cite web |date=2024-10-06 |title=Bitdeer Technologies (BTDR) Is Not Just a Bitcoin Mining Company |url=https://www.nasdaq.com/articles/bitdeer-technologies-btdr-not-just-bitcoin-mining-company |access-date=2025-12-30 |website=Nasdaq |publisher=Nasdaq, Inc.}}</ref>
== History == In January 2021,<ref name=":2">{{Cite web |last=Lee |first=Zinnia |title=Jihan Wu's Crypto Mining Platform Bitdeer to Go Public in $4 Billion SPAC Deal |url=https://www.forbes.com/sites/zinnialee/2021/11/19/jihan-wus-crypto-mining-platform-bitdeer-to-go-public-in-4-billion-spac-deal/ |access-date=2025-01-06 |website=Forbes |language=en}}</ref> Bitdeer was spun off from the bitcoin-mining chip producer Bitmain,<ref name=":3">{{Cite web |date=November 18, 2021 |title=Crypto mining platform Bitdeer to go public through $4 bln SPAC merger |url=https://www.reuters.com/business/crypto-mining-platform-bitdeer-go-public-through-4-bln-spac-merger-2021-11-18/ |publisher=Reuters |first=Mehnaz |last=Yasmin}}</ref> which was co-founded by entrepreneur Jihan Wu in 2013. After the spin-off, Bitdeer established its headquarters in Singapore, where Wu resides.<ref>{{cite news |last1=Huang |first1=Zheping |title=TikTok Places ByteDance Founder Among China Moguls in Singapore |url=https://www.bloomberg.com/news/articles/2024-05-08/tiktok-places-bytedance-founder-among-china-moguls-in-singapore |publisher=Bloomberg News |date=May 8, 2024}}</ref> Wu is the chief executive officer and executive chairman of Bitdeer.<ref>{{cite news |title=Jihan Wu: Chief Executive Officer, Bitdeer Technologies Group |url=https://www.bloomberg.com/profile/person/19828310 |publisher=Bloomberg News}}</ref><ref name=":2" /><ref>{{cite news |title=Billionaire Crypto Pioneer Says Market Will Grow To Tens Of Trillions Of Dollars |url=https://www.forbesafrica.com/crypto/2022/01/03/billionaire-crypto-pioneer-says-market-will-grow-to-tens-of-trillions-of-dollars/ |work=Forbes |quote=Wu stepped away from Bitmain at the beginning of the year to focus on his role as chairman of two spinoffs which are both based in Singapore—Bitdeer Technologies, a cryptocurrency mining platform that’s already announced plans to list on the Nasdaq at a $4 billion valuation... |first1=Robert |last1=Olsen |first2=Zinnia |last2=Lee |archive-date=2024-01-22 |access-date=2025-02-07 |archive-url=https://web.archive.org/web/20240122190320/https://www.forbesafrica.com/crypto/2022/01/03/billionaire-crypto-pioneer-says-market-will-grow-to-tens-of-trillions-of-dollars/ |url-status=live }}</ref>
In November 2021, Bitdeer announced plans to merge with Blue Safari Group Acquisition Corp. and file an initial public offering.<ref name=":2" /><ref name=":3" /><ref>{{Cite news |date=November 18, 2021 |title=Jihan Wu's Bitcoin Mining Firm Seeks U.S. Listing in SPAC Deal |url=https://www.bloomberg.com/news/articles/2021-11-18/influential-bitcoin-miner-seeks-u-s-listing-through-spac-deal |publisher=Bloomberg News |first=Crystal |last=Kim |archive-date=2022-01-25 |access-date=2025-02-07 |archive-url=https://web.archive.org/web/20220125032044/https://www.bloomberg.com/news/articles/2021-11-18/influential-bitcoin-miner-seeks-u-s-listing-through-spac-deal |url-status=live }}</ref> After a delayed merger with the special-purpose acquisition company, Bitdeer was listed on the Nasdaq in April 2023<ref>{{Cite news |title=Crypto Miner Bitdeer Makes Delayed SPAC Debut in Changed Market |url=https://www.bloomberg.com/news/articles/2023-04-14/crypto-miner-bitdeer-technologies-makes-delayed-spac-debut-with-blue-safari |publisher=Bloomberg News |date=April 14, 2023 |first=David |last=Pan}}</ref> at a valuation of $1.18 billion. In June 2023, Bitdeer announced plans to repurchase as much as $1 million worth of its stock.<ref name=":0" /> The company had 211 employees and earned S$485,975,304 in 2023.<ref>{{cite news |title=Singapore's fastest-growing companies 2025 |url=https://www.straitstimes.com/fastest-growing-companies-2025 |work=The Straits Times}}</ref>
In 2022, Bitdeer acquired the high-security storage facility Le Freeport in Singapore for S$40 million (US$28.4 million)<ref>{{Cite web |date=2022-09-20 |title=Chinese Crypto Tycoon-Backed Bitdeer Buys Asia's 'Fort Knox' |url=https://www.bloomberg.com/news/articles/2022-09-19/chinese-crypto-tycoon-backed-bitdeer-buys-asia-s-fort-knox |access-date=2025-01-07 |first1=Ranjeetha |last1=Pakiam |first2=Chanyaporn |last2=Chanjaroen |first3=Zheping |last3=Huang |publisher=Bloomberg News |language=en |archive-date=2023-11-08 |archive-url=https://web.archive.org/web/20231108163612/https://www.bloomberg.com/news/articles/2022-09-19/chinese-crypto-tycoon-backed-bitdeer-buys-asia-s-fort-knox |url-status=live }}</ref><ref>{{Cite web |last=Mattei |first=Shanti Escalante-De |date=2022-09-20 |title=Crypto Tycoon Buys Yves Bouvier's Maximum Security Freeport in Singapore |url=https://www.artnews.com/art-news/news/jihan-wu-yves-bouvier-freeport-singapore-1234639952/ |access-date=2025-01-07 |website=ARTnews |language=en-US}}</ref> Tether acquired a $100 million stake in Bitdeer in 2024.<ref>{{Cite web |title=Tether Acquires $100 Million Stake in US-Listed Bitcoin Miner Bitdeer |url=https://www.bloomberg.com/news/articles/2024-05-31/tether-acquires-100-million-stake-in-us-listed-bitcoin-miner-bitdeer |access-date=2025-01-06 |first=Emily |last=Nicolle |publisher=Bloomberg News |date=May 31, 2024}}</ref>
In November 2025, a fire broke out at the construction site of Bitdeer's Massillon, Ohio cryptomine, damaging two buildings in the complex. The chief of Massillon Fire Department, Matt Heck, determined no signs of arson were determined<ref>{{Cite web |last=Russell |first=Laurence |date=2025-11-12 |title=Fire damages two buildings at Bitdeer’s Ohio Bitcoin mine construction site |url=https://www.datacenterdynamics.com/en/news/fire-damages-two-building-at-bitdeers-ohio-bitcoin-mine-construction-site/ |access-date=2025-12-27 |website=www.datacenterdynamics.com |language=en}}</ref>, though no cause was identified.<ref>{{Cite web |last=Mutuma |first=Maxwell |date=2025-11-12 |title=Massillon Fire Hits Bitdeer Bitcoin Mining Site: Cause Still Unknown |url=https://coincentral.com/massillon-fire-hits-bitdeer-bitcoin-mining-site-cause-still-unknown/ |access-date=2025-12-27 |website=CoinCentral |language=en-US}}</ref>
In April 2026, Bitdeer announced the SEALMINER A4 Bitcoin mining machines, using ships designed to improve energy efficiency and support large-scale mining operations.<ref>{{Cite web |date=2026-04-08 |title=Does Bitdeer (BTDR) Owning SEALMINER A4 Chip Design Quietly Shift Its Bitcoin Mining Moat? |url=https://simplywall.st/stocks/us/software/nasdaq-btdr/bitdeer-technologies-group/news/does-bitdeer-btdr-owning-sealminer-a4-chip-design-quietly-sh |access-date=2026-04-10 |website=simplywall.st}}</ref>
===Data centers and mining operations=== In 2022, Bitdeer sought to raise $200 million from outside investors to purchase discounted hardware.<ref>{{Cite web |last=Mason |first=Emily |title=Crypto Billionaire Jihan Wu Aims to Raise $200 Million to Purchase Assets from Struggling Bitcoin Miners |url=https://www.forbes.com/sites/emilymason/2022/09/28/crypto-billionaire-jihan-wu-aims-to-raise-200-million-to-purchase-assets-from-struggling-bitcoin-miners/ |access-date=2025-01-07 |website=Forbes |language=en |date=September 28, 2022 |archive-date=2023-05-19 |archive-url=https://web.archive.org/web/20230519180309/https://www.forbes.com/sites/emilymason/2022/09/28/crypto-billionaire-jihan-wu-aims-to-raise-200-million-to-purchase-assets-from-struggling-bitcoin-miners/ |url-status=live }}</ref><ref>{{Cite news |date=September 27, 2022 |title=Crypto Tycoon's Bitdeer Debuts Fund Targeting Distressed Miners |url=https://www.bloomberg.com/news/articles/2022-09-27/crypto-tycoon-s-bitdeer-debuts-fund-targeting-distressed-miners |publisher=Bloomberg News |first=David |last=Pan |archive-date=2023-07-24 |access-date=2025-02-07 |archive-url=https://web.archive.org/web/20230724011520/https://www.bloomberg.com/news/articles/2022-09-27/crypto-tycoon-s-bitdeer-debuts-fund-targeting-distressed-miners |url-status=live }}</ref>
In 2023, Bitdeer had five mining data centers in the U.S. and Norway.<ref name=":0" /> Bitdeer partnered with the government of Bhutan in 2023 to increase mining capacity and create a fund of up to $500 million for green mining operations in the Himalaya kingdom.<ref name=":0" /><ref>Bhutan:
*{{Cite news |title=Bhutan to Upgrade Bitcoin Mining in Himalayas as 'Halving' Looms |url=https://www.bloomberg.com/news/articles/2024-04-04/bhutan-to-upgrade-bitcoin-btc-mining-in-himalayas-as-halving-looms |publisher=Bloomberg News |date=April 4, 2024 |first=Sidhartha |last=Shukla}} *{{Cite web |last=Martin |first=Iain |title=The Kingdom of Bhutan Has Been Quietly Mining Bitcoin for Years |url=https://www.forbes.com/sites/iainmartin/2023/04/30/bhutan-bitcoin-mining-crypto/ |access-date=2025-01-07 |website=Forbes |language=en |date=April 30, 2023}}</ref> The company also partnered with Nvidia and announced plans to launch Bitdeer AI Cloud. Bitdeer began construction on its first artificial intelligence (AI) cloud data center in Singapore, while software was being developed.<ref name=":1" />
In the U.S., Bitdeer has mining facilities in Tennessee, Texas, and Washington.<ref>{{Cite news |last1=Dance |first1=Gabriel J. X. |last2=Forsythe |first2=Michael |date=2023-10-13 |title=Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny |url=https://www.nytimes.com/2023/10/13/us/bitcoin-mines-china-united-states.html |access-date=2025-01-23 |work=The New York Times |language=en-US |issn=0362-4331 |quote=The company has a 563-megawatt operation, originally run by Bitmain, in a former aluminum-smelting plant about an hour from Austin. (It also has outfits in Tennessee and Washington State.)}}</ref> The company operates a mine established in East Knoxville, Tennessee in 2018. The facility drew 63 megawatts of power, as of 2022.<ref>{{Cite web |last=Gabrielle |first=Vincent |date=June 1, 2022 |title=Hidden in East Tennessee, crypto capitalists lead a modern day gold rush |url=https://www.knoxnews.com/in-depth/news/2022/06/01/tennessee-cryptocurrency-miners-lead-modern-day-electricity-rush/6795561001/ |access-date=2025-01-23 |website=Knoxville News Sentinel |quote=The largest mine I was able to locate, owned by Bitdeer LLC, is in Knoxville. Its facility draws about 63 megawatts of power.}}</ref> In 2024, Bitdeer had approximately 30 employees in Knoxville and was the Knoxville Utility Board's largest industrial customer.<ref>{{cite news |last1=Faizer |first1=Melanie |date=February 2, 2024 |title=Rise of crypto mines in the South raises concerns for electric grid and rates |url=https://www.wuot.org/news/2024-02-02/rise-of-crypto-mines-in-region-raises-concerns-tva-stops-giving-grants-to-crypto-meets-with-miners |publisher=WUOT |archive-date=2024-11-27 |access-date=2025-02-07 |archive-url=https://web.archive.org/web/20241127102726/https://www.wuot.org/news/2024-02-02/rise-of-crypto-mines-in-region-raises-concerns-tva-stops-giving-grants-to-crypto-meets-with-miners |url-status=live }}</ref>
Bitdeer is among the largest cryptocurrency mining operations in Texas.<ref>{{Cite news |last1=Dance |first1=Gabriel J. X. |last2=Forsythe |first2=Michael |date=2023-10-13 |title=Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny |url=https://www.nytimes.com/2023/10/13/us/bitcoin-mines-china-united-states.html |access-date=2025-01-23 |work=The New York Times |language=en-US |issn=0362-4331 |quote=Blue Safari ceased to exist this April, when it merged with Bitdeer Technologies Group, one of the biggest cryptocurrency mining operations in Texas.}}</ref><ref>{{cite web |date=2024-10-06 |title=Bitdeer Technologies (BTDR) Is Not Just a Bitcoin Mining Company |url=https://www.nasdaq.com/articles/bitdeer-technologies-btdr-not-just-bitcoin-mining-company |access-date=2025-12-30 |website=Nasdaq |publisher=Nasdaq, Inc.}}</ref> The mine in Rockdale<ref>{{Cite web |last=Sigalos |first=MacKenzie |date=2021-10-31 |title=Two of the biggest bitcoin mining companies in the world are battling it out in a Texas town of 5,600 people |url=https://www.cnbc.com/2021/10/31/bitcoin-mining-giants-bitdeer-riot-blockchain-in-rockdale-texas.html |access-date=2025-01-06 |website= |publisher=CNBC |language=en}}</ref> has been paid to reduce electricity usage by the Electric Reliability Council of Texas during strains to the state's electrical grid by the general public.<ref>Electric Reliability Council of Texas: *{{Cite web |last=Weber |first=Peter |date=2023-04-17 |title=How voracious Bitcoin mining is messing with Texans |url=https://theweek.com/in-depth/1022698/how-voracious-bitcoin-mining-is-messing-with-texans |access-date=2025-01-15 |website=The Week |language=en |archive-date=2024-12-12 |archive-url=https://web.archive.org/web/20241212230932/https://theweek.com/in-depth/1022698/how-voracious-bitcoin-mining-is-messing-with-texans |url-status=live }} *{{Cite news |title=Texas paid Bitcoin company $175k an hour to stop using energy during winter blackout |url=https://www.independent.co.uk/news/world/americas/texas-winter-blackout-bitcoin-b2318027.html |archive-url=https://web.archive.org/web/20230517113932/https://www.independent.co.uk/news/world/americas/texas-winter-blackout-bitcoin-b2318027.html |archive-date=2023-05-17 |access-date=2025-01-15 |work=The Independent |location=London |language=en-GB |issn=1741-9743 |oclc=185201487 |url-status=live }} *{{Cite news |last=Hao |first=Claire |date=September 9, 2023 |title=ERCOT paid one bitcoin company $32M to reduce electricity use in August |url=https://www.houstonchronicle.com/business/energy/article/ercot-bitcoin-crypto-riot-platforms-payment-18352991.php |work=Houston Chronicle |publisher=Hearst Communications |issn=1074-7109 |oclc=30348909 }}</ref> In 2023, Bitdeer purchased 31 acres in Massillon, Ohio to construct a mining facility.<ref name=":4" /><ref>Massillon, Ohio: *{{Cite web|url=https://www.cantonrep.com/story/news/local/massillon/2024/03/13/bitdeer-leaders-meet-with-massillon-city-council-on-possible-expansion/72928827007/|title=Bitdeer leaders pledge to be good neighbors, sound business partner for Massillon, region|first=Steven M.|last=Grazier|work=Massillon Independent|date=March 13, 2024|access-date=February 7, 2025|archive-date=March 13, 2024|archive-url=https://web.archive.org/web/20240313171220/https://www.cantonrep.com/story/news/local/massillon/2024/03/13/bitdeer-leaders-meet-with-massillon-city-council-on-possible-expansion/72928827007/|url-status=live}} *{{Cite web |last=Grazier |first=Steven M. |date=March 19, 2024 |title=Massillon neighbors sound off on proposed cryptocurrency project |url=https://www.cantonrep.com/story/news/local/massillon/2024/03/19/massillon-city-council-delays-final-vote-on-bitdeer-replat-proposal/73014520007/ |access-date=2025-01-15 |website=The Independent }} *{{Cite web |last=Grazier |first=Steven M. |date=April 2024 |title=Bitdeer wins approval to build new facility for cryptocurrency mining in Massillon |url=https://www.indeonline.com/story/news/local/2024/04/01/massillon-city-council-votes-8-1-monday-to-approve-bitdeer-replat/73145317007/ |access-date=2025-01-15 |website=The Independent |archive-date=2024-04-02 |archive-url=https://web.archive.org/web/20240402084834/https://www.indeonline.com/story/news/local/2024/04/01/massillon-city-council-votes-8-1-monday-to-approve-bitdeer-replat/73145317007/ |url-status=live }}</ref>
==References== {{Reflist}}
==External links== * {{Official website|https://www.bitdeer.com}}
{{Authority control}} Category:Singaporean companies established in 2021 Category:Cryptocurrency companies Category:Companies listed on the Nasdaq