Bitdeer, a Bitcoin mining company based in Singapore, is revolutionizing the mining industry by integrating high-performance computing and AI technologies. This comes at a time when U.S. presidential candidate Donald Trump has expressed his plans to mine all future Bitcoin in the U.S., making Bitcoin mining a significant factor in his bid for the presidency. The discussions surrounding crypto and Bitcoin mining have become dominant in political campaigns and procedures.
The marriage of Bitcoin mining with cutting-edge technologies like AI and high-performance computing is reshaping the industry. Publicly traded miners are exploring these technologies to diversify their revenue streams and ensure sustainable growth.
Bitdeer has emerged as a standout in this competitive field. According to a recent report by Cantor, Bitdeer is set to become one of the largest miners globally. The company plans to add 1,079MW of power to its data centers, which is enough to power nearly 900,000 homes or one large nuclear power plant. This expansion showcases Bitdeer’s ambition to become one of the world’s biggest data centers.
In an interview with crypto.news, Jeff LaBerge, Head of Capital Market & Strategic Initiatives at Bitdeer, shed light on the company’s innovative practices and strategic initiatives.
Transparency is a key focus for Bitdeer, especially when it comes to potential conflicts of interest. LaBerge highlighted that transparency is crucial, particularly with AI companies acquiring mining companies. The use of AI technologies in mining operations can obscure ownership, use cases, and control structures, which can complicate financials and potentially facilitate illicit activities. To address this, Bitdeer ensures that their contracts and terms are specific and transparent, allowing them to manage potential conflicts of interest. Each hosting customer has a detailed contract that explicitly states the amount of electricity they are contracted to draw and the associated payment terms. Bitdeer also independently manages and operates mining rigs to ensure transparency and accurate logs of utilization, hash rate, and power consumption.
Bitdeer employs proprietary mining methods to enhance efficiency and profitability. By utilizing various services in Bitcoin mining, such as self-mining, cloud hashrate, and hosting, Bitdeer can optimize resource allocation and reduce risks related to market volatility. This diversification enables the company to maintain strong margins across different market cycles.
Bitdeer aims to revolutionize the mining market with its highly efficient rigs, which promise substantial energy savings. The company’s “SEAMLINER” technology roadmap demonstrates its commitment to transparency, which is crucial for narrowing the information gap in the crypto mining industry. Bitdeer’s vertical integration in rig design allows them to produce the most efficient rigs on the market, resulting in significant energy savings. As a rig manufacturer, Bitdeer has a significant CapEx advantage over its competitors.
Contrary to the assumption that AI implementation would increase operational costs, LaBerge clarified that Bitdeer has not implemented AI as an enabling technology at their sites. Instead, the company focuses on improving the efficiency of computing hardware. A quarter of Bitdeer’s employees are dedicated to R&D efforts, specifically chip design. The company will continue to invest in R&D as part of its core strategy as a vertically integrated technology company for blockchain and high-performance computing.
Bitdeer leverages the computing capability of Nvidia, which enhances its competitive edge. With over 2 gigawatts of contracted power, Bitdeer is well-positioned to capitalize on the growing market opportunities. Being recognized as the first preferred cloud service provider in Asia by NVIDIA in Q4 2023 further validates Bitdeer’s expertise and capabilities in this space.