Jihan Wu’s Bitdeer mined 283 BTC in May

How does bitcoin mining work?
How does bitcoin mining work?

In May 2023, mining service provider Bitdeer mined 283 BTC. The hashrate controlled by the company remained at 18 EH/s, according to a press release.

The firm’s three main business lines are:

  • independent mining of cryptocurrency;
  • cloud mining subscription services Cloud Hash Rate;
  • hosting.

As of May 31, the deployed fleet of equipment managed by the company amounted to ~191,000 ASIC miners. Of the total, ~62,000 devices are owned by Bitdeer and ~129,000 are owned by hosting clients.

The company’s own hash rate dropped from 5.7 EH/s to 5.4 EH/s in a month. The company disposed of ~5000 Antminer 17 installations from Bitmain due to unprofitability of work. These capacities are used for self-mining and providing Cloud Hash Rate users.

Bitdeer, headquartered in Singapore, operates data centers located in the US and Norway.

In May, the company signed an agreement with Bhutanese government firm Druk Holding & Investments to develop a $500 million cryptocurrency mining operation in the country.

It is expected that the Gedu data center will be put into operation in July 2023. In the first phase, the facility will add an additional 100 MW to Bitdeer’s current installed capacity of 795 MW. The 30,000 miners deployed on the site will increase the company’s own hash rate by approximately 3.3 EH/s.

The surplus of hydroelectric power in Bhutan will make Gedu the first zero-carbon mining operation in Asia, according to the firm.

Jihan Wu's Bitdeer mined 283 BTC in May
Construction of the Gedu data center. Data: BitDeer.

In early 2021, Bitmain co-founder Jihan Wu took ownership of Bitdeer as part of his payoff for leaving the mining giant. The package also includes $600 million, the BTC.com pool, and data centers for cryptocurrency mining outside of China. The agreement drew a line under the long-term conflict between the entrepreneur and ex-partner Mikri Zhang.

Wu almost immediately sold BTC.com to online lottery provider 500.com Limited (now BIT Mining Limited).

Recall that in April 2023, Bitdeer went public, entering the Nasdaq through a reverse merger with SPAC Blue Safari Group Acquisition Corp.

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