Bitdeer Pulls Ahead as Mining Hash Rate Hits Record High

Bitdeer Technologies' (BTDR) shares surged over 10% in early trading on Tuesday following the release of its June mining figures, which showed a significant increase in Bitcoin production. The company mined 990 BTC in June, a new record and nearly five times the 203 BTC it mined in the same month last year.

The boost is attributed to Bitdeer's AI cloud business, which has seen annualized recurring revenue of $76 million with a GPU utilization rate of 95%. This growth has contributed to the company's ability to expand its mining operations, resulting in a self-mined hash rate of 73 EH/s. This represents one of the fastest growth rates among publicly traded Bitcoin miners.

Bitdeer's expansion plans are also underway, with new data center projects in Malaysia and Norway. The company has secured a 10-year lease on a data center in Johor Bahru, Malaysia, which will provide 21.7 megawatts of IT capacity. Additionally, Bitdeer confirmed the execution of its colocation lease at Tydal, Norway.

Cipher Digital (CIFR), another Bitcoin miner and AI infrastructure company, has been struggling with declining hash rates as it winds down its mining operations for a pivot to AI data centers. Its hash rate has dropped to around 11.6 EH/s, significantly lower than Bitdeer's 73 EH/s.