2 months ago 1 min read

Bitcoin Miner BitDeer Increases Texas Capacity To 562 MW By H2 2022

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As of June 22, BitDeer reported that 522 MW of mining capacity were in operation across the US and Norway, generating 4.2 EH/s and 6.3 EH/s in stored hash rates, respectively.

A division of Jihan Wu, a former co-founder of Bitmain, is known as BitDeer. This mining company provides access to a vast network of mining farms for more than ten market-leading cryptocurrencies. It has members in more than 200 nations and regions and five mining farms across the globe.

As of September 21, BitDeer had a 280 MW operating capacity as per the investor's prior presentation. Construction in Rockdale, Texas has been a major factor in its growth since that time.

With its growth in Rockdale, BitDeer will now be in direct competition with Riot, which claims to have 700 MW of built-up capacity in the same Texas city.

BitDeer's half-gigawatt capacity has made it possible to use three important business models: storage, hash rate sharing, and exclusive mining. But, BitDeer has already generated $75 million from Hash Rate Sharing, which is analogous to the sale of cloud mining contracts utilizing its hash rate. In comparison to Riot, BitDeer makes a lot less money from proprietary mining.

Due to the drop in the price of Bitcoin in 2022, the three BitDeer sectors now contribute to revenue more equally than they did in previous years. From $26 million in FY21 to $60 million in the first half of 2022, the revenue for the Hosting segment climbed by 60%.

As said by data from BTC.com, the difficulty of mining bitcoin reached 46.84 trillion at block 782,208 on Friday after rising by 1.16% on March 11.

The amount of computer power used by Bitcoin miners, or its hashrate, reached a record high on Thursday at roughly 395.15 exahashes per second.

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