Company:Bitdeer

From HandWiki
Bitdeer Technologies Group
TypePublic
NASDAQ: BTDR
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)
RevenueS$485,975,304 (2023)
Number of employees
211 (2023)
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.[1] The company was spun off from bitcoin-mining chip producer Bitmain in January 2021 by founder Jihan Wu.[2][3] Bitdeer is among the largest cryptocurrency miners by computing power[4] and operates data centers in the United States, Norway, and Bhutan,[4][5] with U.S. headquarters in San Jose, California.[6] 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.[7][8]

History

In January 2021,[9] Bitdeer was spun off from the bitcoin-mining chip producer Bitmain,[2] which was co-founded by entrepreneur Jihan Wu in 2013. After the spin-off, Bitdeer established its headquarters in Singapore, where Wu resides.[10] Wu has served as Bitdeer's executive chairman since the spin-off[9][11] and is also its chief executive officer.[12]

In November 2021, Bitdeer announced plans to merge with Blue Safari Group Acquisition Corp. and file an initial public offering.[9][2][3] After a delayed merger with the special-purpose acquisition company, Bitdeer was listed on the Nasdaq in April 2023[1] at a valuation of $1.18 billion. In June 2023, Bitdeer announced plans to repurchase as much as $1 million worth of its stock.[4] The company had 211 employees and earned S$485,975,304 in 2023.[13]

In 2022, Bitdeer acquired the high-security storage facility Le Freeport in Singapore for S$40 million (US$28.4 million).[14][15]

In May 2024, Tether acquired a $100 million stake in Bitdeer through a private placement.[16]

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.[17]

Data centers and mining operations

In 2022, Bitdeer sought to raise $200 million from outside investors to purchase discounted hardware.[18][19] By 2023, the company operated five data centers across the United States and Norway.[4]

United States

In the United States, Bitdeer operates mining facilities in Tennessee, Texas, Washington, and Ohio.[5][20]

Bitdeer has been operating a mining facility in East Knoxville, Tennessee since 2018; the facility drew 63 megawatts of power as of 2022.[21] 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.[22]

Bitdeer is among the largest cryptocurrency mining operations in Texas.[5] Its mining facility in Rockdale is housed in a former aluminum-smelting plant about an hour from Austin.[5] The facility has participated in the Electric Reliability Council of Texas (ERCOT) to reduce electricity usage during periods of grid stress.[23][24][25]

In 2023, Bitdeer purchased 31 acres in Massillon, Ohio to construct a mining facility.[6][26] 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[27], though no cause was identified.[28] 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.[29]

Norway

Bitdeer operates mining capacity in Norway.[4] 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.[8]

Bhutan

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.[4][30]

AI cloud platform

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.[7] The business line uses Bitdeer's existing data center infrastructure, originally built for cryptocurrency mining, to provide GPU computing capacity to enterprise customers.[31] In March 2026, Bitdeer began converting its 180-megawatt Tydal site in Norway from cryptocurrency mining to AI and high-performance computing workloads.[8]

References

  1. ↑ 1.0 1.1 Pan, David (April 14, 2023). "Crypto Miner Bitdeer Makes Delayed SPAC Debut in Changed Market". Bloomberg News. https://www.bloomberg.com/news/articles/2023-04-14/crypto-miner-bitdeer-technologies-makes-delayed-spac-debut-with-blue-safari. 
  2. ↑ 2.0 2.1 2.2 Yasmin, Mehnaz (November 18, 2021). "Crypto mining platform Bitdeer to go public through $4 bln SPAC merger". Reuters. https://www.reuters.com/business/crypto-mining-platform-bitdeer-go-public-through-4-bln-spac-merger-2021-11-18/. 
  3. ↑ 3.0 3.1 Kim, Crystal (November 18, 2021). "Jihan Wu's Bitcoin Mining Firm Seeks U.S. Listing in SPAC Deal". Bloomberg News. https://www.bloomberg.com/news/articles/2021-11-18/influential-bitcoin-miner-seeks-u-s-listing-through-spac-deal. 
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 Lee, Zinnia. "Crypto Tycoon Jihan Wu's Mining Platform Bitdeer Gains 122% On Buybacks" (in en). https://www.forbes.com/sites/zinnialee/2023/06/26/crypto-tycoon-jihan-wus-mining-platform-bitdeer-gains-122-on-buybacks/. 
  5. ↑ 5.0 5.1 5.2 5.3 Dance, Gabriel J. X.; Forsythe, Michael (2023-10-13). "Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2023/10/13/us/bitcoin-mines-china-united-states.html. 
  6. ↑ 6.0 6.1 "Bitdeer pledges to build higher, stronger wall to reduce noise from cryptocurrency mining". Gannett. March 26, 2024. https://www.indeonline.com/story/news/local/2024/03/26/bitdeer-leaders-again-meet-with-massillon-city-council-on-site-replat/73089838007/. 
  7. ↑ 7.0 7.1 "Crypto mining firm Bitdeer partners Nvidia to launch AI cloud solutions" (in en). The Straits Times. https://www.straitstimes.com/business/crypto-mining-firm-bitdeer-partners-nvidia-to-launch-ai-cloud-solutions. 
  8. ↑ 8.0 8.1 8.2 Russell, Laurence (2026-04-01). "Bitdeer taps contractor to begin conversion of Norwegian crypto mine to HPC" (in en). https://www.datacenterdynamics.com/en/news/bitdeer-taps-contractor-to-begin-conversion-of-norwegian-crypto-mine-to-hpc/. 
  9. ↑ 9.0 9.1 9.2 Lee, Zinnia. "Jihan Wu's Crypto Mining Platform Bitdeer to Go Public in $4 Billion SPAC Deal" (in en). https://www.forbes.com/sites/zinnialee/2021/11/19/jihan-wus-crypto-mining-platform-bitdeer-to-go-public-in-4-billion-spac-deal/. 
  10. ↑ Huang, Zheping (May 8, 2024). "TikTok Places ByteDance Founder Among China Moguls in Singapore". Bloomberg News. https://www.bloomberg.com/news/articles/2024-05-08/tiktok-places-bytedance-founder-among-china-moguls-in-singapore. 
  11. ↑ Olsen, Robert; Lee, Zinnia. "Billionaire Crypto Pioneer Says Market Will Grow To Tens Of Trillions Of Dollars". Forbes. https://www.forbesafrica.com/crypto/2022/01/03/billionaire-crypto-pioneer-says-market-will-grow-to-tens-of-trillions-of-dollars/. 
  12. ↑ "Jihan Wu: Chief Executive Officer, Bitdeer Technologies Group". Bloomberg News. https://www.bloomberg.com/profile/person/19828310. 
  13. ↑ "Singapore's fastest-growing companies 2025". The Straits Times. https://www.straitstimes.com/fastest-growing-companies-2025. 
  14. ↑ Pakiam, Ranjeetha; Chanjaroen, Chanyaporn; Huang, Zheping (2022-09-20). "Chinese Crypto Tycoon-Backed Bitdeer Buys Asia's 'Fort Knox'" (in en). Bloomberg News. https://www.bloomberg.com/news/articles/2022-09-19/chinese-crypto-tycoon-backed-bitdeer-buys-asia-s-fort-knox. 
  15. ↑ Mattei, Shanti Escalante-De (2022-09-20). "Crypto Tycoon Buys Yves Bouvier's Maximum Security Freeport in Singapore" (in en-US). https://www.artnews.com/art-news/news/jihan-wu-yves-bouvier-freeport-singapore-1234639952/. 
  16. ↑ Nicolle, Emily (May 31, 2024). "Tether Acquires $100 Million Stake in US-Listed Bitcoin Miner Bitdeer". Bloomberg News. https://www.bloomberg.com/news/articles/2024-05-31/tether-acquires-100-million-stake-in-us-listed-bitcoin-miner-bitdeer. 
  17. ↑ "Does Bitdeer (BTDR) Owning SEALMINER A4 Chip Design Quietly Shift Its Bitcoin Mining Moat?". 2026-04-08. https://simplywall.st/stocks/us/software/nasdaq-btdr/bitdeer-technologies-group/news/does-bitdeer-btdr-owning-sealminer-a4-chip-design-quietly-sh. 
  18. ↑ Mason, Emily (September 28, 2022). "Crypto Billionaire Jihan Wu Aims to Raise $200 Million to Purchase Assets from Struggling Bitcoin Miners" (in en). 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/. 
  19. ↑ Pan, David (September 27, 2022). "Crypto Tycoon's Bitdeer Debuts Fund Targeting Distressed Miners". Bloomberg News. https://www.bloomberg.com/news/articles/2022-09-27/crypto-tycoon-s-bitdeer-debuts-fund-targeting-distressed-miners. 
  20. ↑ "Bitdeer Technologies (BTDR) Is Not Just a Bitcoin Mining Company". Nasdaq, Inc.. 2024-10-06. https://www.nasdaq.com/articles/bitdeer-technologies-btdr-not-just-bitcoin-mining-company. 
  21. ↑ Gabrielle, Vincent (June 1, 2022). "Hidden in East Tennessee, crypto capitalists lead a modern day gold rush". https://www.knoxnews.com/in-depth/news/2022/06/01/tennessee-cryptocurrency-miners-lead-modern-day-electricity-rush/6795561001/. 
  22. ↑ Faizer, Melanie (February 2, 2024). "Rise of crypto mines in the South raises concerns for electric grid and rates". WUOT. 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. 
  23. ↑ Hao, Claire (September 9, 2023). "ERCOT paid one bitcoin company $32M to reduce electricity use in August". Houston Chronicle (Hearst Communications). ISSN 1074-7109. https://www.houstonchronicle.com/business/energy/article/ercot-bitcoin-crypto-riot-platforms-payment-18352991.php. 
  24. ↑ Weber, Peter (2023-04-17). "How voracious Bitcoin mining is messing with Texans" (in en). https://theweek.com/in-depth/1022698/how-voracious-bitcoin-mining-is-messing-with-texans. 
  25. ↑ "Texas paid Bitcoin company $175k an hour to stop using energy during winter blackout". The Independent (London). https://www.independent.co.uk/news/world/americas/texas-winter-blackout-bitcoin-b2318027.html. 
  26. ↑ Massillon, Ohio:
  27. ↑ Russell, Laurence (2025-11-12). "Fire damages two buildings at Bitdeer’s Ohio Bitcoin mine construction site" (in en). https://www.datacenterdynamics.com/en/news/fire-damages-two-building-at-bitdeers-ohio-bitcoin-mine-construction-site/. 
  28. ↑ Mutuma, Maxwell (2025-11-12). "Massillon Fire Hits Bitdeer Bitcoin Mining Site: Cause Still Unknown" (in en-US). https://coincentral.com/massillon-fire-hits-bitdeer-bitcoin-mining-site-cause-still-unknown/. 
  29. ↑ "AI company makes case for data center in Niles, but some aren't so sure". 2026-04-15. https://www.wkbn.com/news/local-news/niles-news/ai-company-makes-case-for-data-center-in-niles-but-some-arent-so-sure/. 
  30. ↑ Bhutan:
  31. ↑ "Global AI Data Center Dominance Shifts Away From Big Tech". Bloomberg News. 2025-12-21. https://www.bloomberg.com/graphics/2025-ai-data-center-ownership/. 



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