Crypto Miner BitDeer Boosts Texas Capacity To 562 MW By H2 2022
BitDeer revealed 522 megawatts (MW) of mining capacity in use across the US and Norway as of June 22, providing 4.2 EH/s and 6.3EH/s in stored hash rates, respectively, exclusive storage and exploitation. BitDeer is known as a subsidiary of former Bitmain co-founder Jihan Wu. This mining company offers over ten industry-leading cryptocurrencies, mineable through an extensive network of mining farms.
Based on the investor’s previous presentation, BitDeer’s operating capacity as of September 21 is 280 MW. Much of its growth since then has been driven by construction in Rockdale, Texas. Three key business models have been enabled by BitDeer’s half-gigawatt capacity: storage, hash rate sharing, and proprietary mining. But, BitDeer has already made $75 million from Hash Rate Sharing, similar to selling cloud mining contracts using its hash rate. BitDeer earns significantly less money from proprietary mining than Riot does. The expansion of BitDeer in Rockdale places it in direct competition with Riot, who asserts to have 700 MW of developed capacity in the same Texas city.