Bitdeer

Bitdeer Technologies Group, or simply Bitdeer, is a cryptocurrency company and mining platform based in Singapore. Spun off from the bitcoin-mining chip producer Bitmain, Bitdeer is among the largest miners by computer power^[1] and focuses on blockchain and high-performance computing.^[2] Bitdeer's U.S. headquarters are located in San Jose, California.^[3] The company also operates in other U.S. states as well as Europe and Bhutan.

Bitdeer Technologies Group

Traded as	Nasdaq: BTDR
Founder	Jihan Wu
Headquarters	Singapore
Key people	Jihan Wu (Executive chairman, CEO)
Revenue	S$485,975,304 (2023)
Number of employees	211 (2023)

History

In January 2021,^[4] Bitdeer was spun off from the bitcoin-mining chip producer Bitmain,^[5] which was co-founded by entrepreneur Jihan Wu in 2013. After the spin-off, Bitdeer established its headquarters in Singapore, where Wu resides.^[6] Wu is the chief executive officer and executive chairman of Bitdeer.^[7][4][8]

In November 2021, Bitdeer announced plans to merge with Blue Safari Group Acquisition Corp. and file an initial public offering.^[4][5][9] After a delayed merger with the special-purpose acquisition company, Bitdeer was listed on the Nasdaq in April 2023^[10] at a valuation of $1.18 billion. In June 2023, Bitdeer announced plans to repurchase as much as $1 million worth of its stock.^[1] The company had 211 employees and earned S$485,975,304 in 2023.^[11]

In 2022, Bitdeer acquired the high-security storage facility Le Freeport in Singapore for S$40 million (US$28.4 million)^[12][13] Tether acquired a $100 million stake in Bitdeer in 2024.^[14]

Data centers and mining operations

In 2022, Bitdeer sought to raise $200 million from outside investors to purchase discounted hardware.^[15][16]

In 2023, Bitdeer had five mining data centers in the U.S. and Norway.^[1] 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.^[1][17] The company also partnered with Nvidia and announced plans to launch Bitdeer AI Cloud. Bitdeer began construction on its first artificial intelligence (AI) cloud data center in Singapore, while software was being developed.^[2]

In the U.S., Bitdeer has mining facilities in Tennessee, Texas, and Washington.^[18] The company operates a mine established in East Knoxville, Tennessee in 2018. The facility drew 63 megawatts of power, as of 2022.^[19] In 2024, Bitdeer had approximately 30 employees in Knoxville and was the Knoxville Utility Board's largest industrial customer.^[20]

Bitdeer is among the largest cryptocurrency mining operations in Texas.^[21] The mine in Rockdale^[22] has been paid to reduce electricity usage by the Electric Reliability Council of Texas during strains to the state's electrical grid by the general public.^[23] In 2023, Bitdeer purchased 31 acres in Massillon, Ohio to construct a mining facility.^[3][24]