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Bitdeer

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Bitdeer Technologies Group
TypePublic
Nasdaq: BTDR
IndustryData centers
FoundedJanuary 2021; 5 years ago (2021-01) in Singapore
FounderJihan Wu
Headquarters
Singapore
Area served
United States, Norway, Bhutan
Key people
Jihan Wu (Executive chairman and CEO)
ServicesAI Cloud
RevenueUS$620,253,000[1] (2025)
Number of employees
471[1] (2025)
Websitebitdeer.com

Bitdeer Technologies Group, or simply Bitdeer, is a cryptocurrency mining and artificial intelligence (AI) cloud infrastructure company headquartered in Singapore and listed on the Nasdaq under the ticker BTDR.[2] The company was spun off from bitcoin-mining chip producer Bitmain in January 2021 by founder Jihan Wu.[3][4] Bitdeer is among the largest cryptocurrency miners by computing power[5] and operates data centers in the United States, Norway, and Bhutan,[5][6] with U.S. headquarters in San Jose, California.[7] Since 2023, the company has expanded into AI cloud services through a partnership with Nvidia and through the conversion of cryptocurrency mining facilities for AI workloads.[8][9]

History

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In January 2021,[10] Bitdeer was spun off from the bitcoin-mining chip producer Bitmain,[3] which was co-founded by entrepreneur Jihan Wu in 2013. After the spin-off, Bitdeer established its headquarters in Singapore, where Wu resides.[11] Wu has served as Bitdeer's executive chairman since the spin-off[10][12] and is also its chief executive officer.[13]

In November 2021, Bitdeer announced plans to merge with Blue Safari Group Acquisition Corp. and file an initial public offering.[10][3][4] After a delayed merger with the special-purpose acquisition company, Bitdeer was listed on the Nasdaq in April 2023[2] at a valuation of $1.18 billion. In June 2023, Bitdeer announced plans to repurchase as much as $1 million worth of its stock.[5] The company had 211 employees and earned S$485,975,304 in 2023.[14]

In 2022, Bitdeer acquired the high-security storage facility Le Freeport in Singapore for S$40 million (US$28.4 million).[15][16]

In May 2024, Tether acquired a $100 million stake in Bitdeer through a private placement.[17]

In April 2026, Bitdeer introduced the SEALMINER A4 series of bitcoin mining application-specific integrated circuit chips, designed to improve energy efficiency for large-scale mining operations.[18]

Data centers and mining operations

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In 2022, Bitdeer sought to raise $200 million from outside investors to purchase discounted hardware.[19][20] By 2023, the company operated five data centers across the United States and Norway.[5]

United States

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In the United States, Bitdeer operates mining facilities in Tennessee, Texas, Washington, and Ohio.[6][21]

Bitdeer has been operating a mining facility in East Knoxville, Tennessee since 2018; the facility drew 63 megawatts of power as of 2022.[22] In 2024, the company had approximately 30 employees in Knoxville and was the Knoxville Utilities Board's largest industrial customer, accounting for 9.4 percent of the utility's total electric sales in 2023.[23]

Bitdeer is among the largest cryptocurrency mining operations in Texas.[6] Its mining facility in Rockdale is housed in a former aluminum-smelting plant about an hour from Austin.[6] The facility has participated in the Electric Reliability Council of Texas (ERCOT) to reduce electricity usage during periods of grid stress.[24][25][26]

In 2023, Bitdeer purchased 31 acres in Massillon, Ohio to construct a mining facility.[7][27] In November 2025, a fire broke out at the construction site, damaging two buildings in the complex. The chief of Massillon Fire Department, Matt Heck, determined no signs of arson were determined[28], though no cause was identified.[29] In April 2026, Bitdeer presented plans for an additional data center facility in Niles, Ohio - a project the company described as a $300 million investment expected to create approximately 50 jobs.[30]

In July 2026, Bitdeer started construction of a manufacturing facility in Sparks, Nevada.[31] The facility will produce circuit boards, server chips, and capacitor resistors for bitcoin mining.[32] The factory is planned to start working in January 2027.[31][32]

Norway

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Bitdeer operates mining capacity in Norway.[5] In March 2026, the company began converting its 180-megawatt site in Tydal, previously used for cryptocurrency mining, into high-performance computing capacity for AI workloads.[9]

In August 2026, the company leased part of the site's capacity to Volta Infra Holdings under a 16-year agreement valued at US$4.7 billion, backed by $1.3 billion in credit from J.P. Morgan.[33][34]

Bhutan

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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.[5][35]

AI cloud platform

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In November 2023, Bitdeer announced a partnership with Nvidia to develop AI cloud computing services and began construction on its first AI cloud data center in Singapore, branded Bitdeer AI Cloud.[8] The business line uses Bitdeer's existing data center infrastructure, originally built for cryptocurrency mining, to provide GPU computing capacity to enterprise customers.[36] In March 2026, Bitdeer began converting its 180-megawatt Tydal site in Norway from cryptocurrency mining to AI and high-performance computing workloads.[9]

References

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  1. 1 2 "BITDEER TECHNOLOGIES GROUP FORM 20-F". 2025.
  2. 1 2 Pan, David (April 14, 2023). "Crypto Miner Bitdeer Makes Delayed SPAC Debut in Changed Market". Bloomberg News.
  3. 1 2 3 Yasmin, Mehnaz (November 18, 2021). "Crypto mining platform Bitdeer to go public through $4 bln SPAC merger". Reuters.
  4. 1 2 Kim, Crystal (November 18, 2021). "Jihan Wu's Bitcoin Mining Firm Seeks U.S. Listing in SPAC Deal". Bloomberg News. Archived from the original on 2022-01-25. Retrieved 2025-02-07.
  5. 1 2 3 4 5 6 Lee, Zinnia. "Crypto Tycoon Jihan Wu's Mining Platform Bitdeer Gains 122% On Buybacks". Forbes. Retrieved 2025-01-06.
  6. 1 2 3 4 Dance, Gabriel J. X.; Forsythe, Michael (2023-10-13). "Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny". The New York Times. ISSN 0362-4331. Retrieved 2025-01-23.
  7. 1 2 "Bitdeer pledges to build higher, stronger wall to reduce noise from cryptocurrency mining". The Independent. Gannett. March 26, 2024. OCLC 11129683. Retrieved 2025-01-15.
  8. 1 2 "Crypto mining firm Bitdeer partners Nvidia to launch AI cloud solutions". The Straits Times. Archived from the original on 2023-11-18. Retrieved 2025-01-06.
  9. 1 2 3 Russell, Laurence (2026-04-01). "Bitdeer taps contractor to begin conversion of Norwegian crypto mine to HPC". Data Center Dynamics.
  10. 1 2 3 Lee, Zinnia. "Jihan Wu's Crypto Mining Platform Bitdeer to Go Public in $4 Billion SPAC Deal". Forbes. Retrieved 2025-01-06.
  11. ↑ Huang, Zheping (May 8, 2024). "TikTok Places ByteDance Founder Among China Moguls in Singapore". Bloomberg News.
  12. ↑ Olsen, Robert; Lee, Zinnia. "Billionaire Crypto Pioneer Says Market Will Grow To Tens Of Trillions Of Dollars". Forbes. Archived from the original on 2024-01-22. Retrieved 2025-02-07.
  13. ↑ "Jihan Wu: Chief Executive Officer, Bitdeer Technologies Group". Bloomberg News.
  14. ↑ "Singapore's fastest-growing companies 2025". The Straits Times.
  15. ↑ Pakiam, Ranjeetha; Chanjaroen, Chanyaporn; Huang, Zheping (2022-09-20). "Chinese Crypto Tycoon-Backed Bitdeer Buys Asia's 'Fort Knox'". Bloomberg News. Archived from the original on 2023-11-08. Retrieved 2025-01-07.
  16. ↑ Mattei, Shanti Escalante-De (2022-09-20). "Crypto Tycoon Buys Yves Bouvier's Maximum Security Freeport in Singapore". ARTnews. Retrieved 2025-01-07.
  17. ↑ Nicolle, Emily (May 31, 2024). "Tether Acquires $100 Million Stake in US-Listed Bitcoin Miner Bitdeer". Bloomberg News. Retrieved 2026-06-17.
  18. ↑ "Does Bitdeer (BTDR) Owning SEALMINER A4 Chip Design Quietly Shift Its Bitcoin Mining Moat?". simplywall.st. 2026-04-08. Retrieved 2026-06-17.
  19. ↑ Mason, Emily (September 28, 2022). "Crypto Billionaire Jihan Wu Aims to Raise $200 Million to Purchase Assets from Struggling Bitcoin Miners". Forbes. Archived from the original on 2023-05-19. Retrieved 2025-01-07.
  20. ↑ Pan, David (September 27, 2022). "Crypto Tycoon's Bitdeer Debuts Fund Targeting Distressed Miners". Bloomberg News. Archived from the original on 2023-07-24. Retrieved 2025-02-07.
  21. ↑ "Bitdeer Technologies (BTDR) Is Not Just a Bitcoin Mining Company". Nasdaq. Nasdaq, Inc. 2024-10-06. Retrieved 2025-12-30.
  22. ↑ Gabrielle, Vincent (June 1, 2022). "Hidden in East Tennessee, crypto capitalists lead a modern day gold rush". Knoxville News Sentinel. Retrieved 2025-01-23.
  23. ↑ Faizer, Melanie (February 2, 2024). "Rise of crypto mines in the South raises concerns for electric grid and rates". WUOT. Archived from the original on 2024-11-27. Retrieved 2025-02-07.
  24. ↑ Hao, Claire (September 9, 2023). "ERCOT paid one bitcoin company $32M to reduce electricity use in August". Houston Chronicle. Hearst Communications. ISSN 1074-7109.
  25. ↑ Weber, Peter (2023-04-17). "How voracious Bitcoin mining is messing with Texans". The Week. Retrieved 2025-01-15.
  26. ↑ "Texas paid Bitcoin company $175k an hour to stop using energy during winter blackout". The Independent. London. Retrieved 2025-01-15.
  27. ↑ Massillon, Ohio:
  28. ↑ Russell, Laurence (2025-11-12). "Fire damages two buildings at Bitdeer's Ohio Bitcoin mine construction site". www.datacenterdynamics.com. Retrieved 2025-12-27.
  29. ↑ Mutuma, Maxwell (2025-11-12). "Massillon Fire Hits Bitdeer Bitcoin Mining Site: Cause Still Unknown". CoinCentral. Retrieved 2025-12-27.
  30. ↑ "AI company makes case for data center in Niles, but some aren't so sure". WKBN. 2026-04-15. Retrieved 2026-06-17.
  31. 1 2 Margiott, Ben (2026-07-08). "Construction starts at Sparks Bitcoin manufacturing facility, expected to create 70 jobs". KRNV-DT. Retrieved 2026-08-17.
  32. 1 2 McCoy, Dax (2026-07-09). "Bitcoin mining company opens tech manufacturing facility in Sparks". KOLO-TV. Retrieved 2026-08-17.
  33. ↑ Swinhoe, Dan (2026-08-04). "Volta launches out of stealth, to lease capacity in Norway from Bitdeer for "leading AI lab"". Data Center Dynamics. Retrieved 2026-08-17.
  34. ↑ Bass, Dina; Pan, David (2026-08-04). "Anthropic firma un acuerdo de US$10.000 millones con startup de computación en la nube". Bloomberg (in Spanish). Retrieved 2026-08-17.
  35. ↑ Bhutan:
  36. ↑ "Global AI Data Center Dominance Shifts Away From Big Tech". Bloomberg News. 2025-12-21. Retrieved 2026-06-18.
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