UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission file number: 001-41687
BITDEER TECHNOLOGIES GROUP
08 Kallang Avenue
Aperia tower 1, #09-03/04
Singapore 339509
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
EXHIBITS
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Exhibit
No.
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Description
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Press Release – Bitdeer Announces October 2023 Operations Updates
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Bitdeer Technologies Group
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By:
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/s/ Linghui Kong
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Name:
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Linghui Kong
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Title:
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Chief Executive Officer
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Date: November 7, 2023
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Exhibit 99.1
Bitdeer Announces October 2023 Operations Updates
SINGAPORE, November 7, 2023 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer”
or the “Company”), a world-leading technology company for the cryptocurrency mining community, today announced its unaudited mining and operations updates for October
2023.
Linghui Kong, Chief Executive Officer of Bitdeer, commented, “We continued to maintain a stable hash rate and aggregate electrical capacity during the month of October,
and once again demonstrated solid results. On a strategic level, our team remains committed to identifying and pursuing initiatives which can leverage our existing expertise and take our tech capabilities to the next level. In terms of
infrastructure, since entering full operations in September, our Gedu Datacenter in Bhutan has continued to function smoothly, augmenting our existing capabilities and contributing to our strong performance. During October, the Gedu Datacenter
provided us with 3.3EH/s hash rate, and 211 Bitcoins were mined there, representing approximately 46% of our total Bitcoins mined for the month. Meanwhile, on the expansion front, we advanced construction of a 175MW immersion cooling datacenter at
our Tydal, Norway mining facility, which we expect will be complete in 2025. Going forward, we will remain dedicated to pursuing strategic developments which will boost our long-term success, and we are confident that we will build lasting,
sustainable value for our shareholders.”
The Company primarily operates three distinct business lines:
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Self-mining refers to cryptocurrency mining for the
Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
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Hash Rate Sharing currently primarily includes Cloud Hash
Rate, in which the Company offers hash rate subscription plans and shares mining income with customers under certain arrangements.
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Hosting encompasses a one-stop mining machine hosting
solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
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Operations Update
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Metrics
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October 2023
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September 2023
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October 2022
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Total hash rate under management1 (EH/s)
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21.2
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21.2
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14.1
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- Proprietary hash rate2
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8.7
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8.7
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4.3
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• Self-mining
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7.2
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7.2
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2.6
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• Cloud Hash Rate
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1.5
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1.5
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1.7
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- Hosting
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12.5
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12.5
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9.8
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Mining machines under management
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221,000
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221,000
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153,000
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- Self-owned3
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92,000
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92,000
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53,000
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- Hosted
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129,000
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129,000
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100,000
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Aggregate electrical capacity4 (MW)
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895
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895
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755
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Bitcoin mined (self-mining only)5
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462
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482
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169
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1 Total hash rate under management as of October 31, 2023 across the
Company’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.
2 Proprietary hash rate as of October 31, 2023 was 8.7 EH/s, equivalent to
proprietary hash rate as of September 30, 2023.
3 Self-owned mining machines are for the Company’s self-mining business and
Cloud Hash Rate business.
4 Aggregate electrical capacity remained steady, totaling 895MW across six
mining datacenters as of October 31, 2023.
5 Bitcoin mined in October 2023 increased by 173.4% compared to October
2022. Bitcoin mined in October 2023 decreased by 4.1% compared to September 2023, primarily caused by an increase in the Bitcoin network’s total hash rate. The Company generally does not hold cryptocurrencies obtained through its self-mining
business, and promptly converts them into fiat currency.
Infrastructure Update
The Company has continued to make progress in the construction of a 175MW immersion cooling datacenter at its mining facility in Tydal, Norway (the “Tydal Datacenter”). The expansion of the Tydal Datacenter is expected to be completed in 2025.
Conference Schedule
The Company will be attending and speaking at Benzinga’s Future of Digital Assets in New York City
on November 14, 2023, as well as attending and speaking at the North American Blockchain Summit in Fort Worth, Texas on November 16.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for the cryptocurrency mining community headquartered in Singapore. Bitdeer has committed to providing comprehensive digital
asset mining solutions for its customers. Bitdeer handles complex processes involved in mining such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management and daily operations. Bitdeer has
mining datacenters deployed in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may
constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may
differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions
of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof.
Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its
publication date.
Contacts
Investor Relations
Robin Yang, Partner
ICR, LLC
Email: Bitdeer.ir@icrinc.com
Phone: +1 (212) 537-5825
Public Relations
Brad Burgess, SVP
ICR, LLC
Email: Bitdeer.pr@icrinc.com
Phone: +1 (212) 537-4056