Bitdeer Technologies Group, or simply Bitdeer, is a cryptocurrency mining and artificial intelligence (AI) cloud infrastructure company headquartered in Singapore and listed on the Nasdaq under the ticker BTDR.[1] The company was spun off from bitcoin-mining chip producer Bitmain in January 2021 by founder Jihan Wu.[2][3] Bitdeer is among the largest cryptocurrency miners by computing power[4] and operates data centers in the United States, Norway, and Bhutan,[4][5] with U.S. headquarters in San Jose, California.[6] Since 2023, the company has expanded into AI cloud services through a partnership with Nvidia and through the conversion of cryptocurrency mining facilities for AI workloads.[7][8]
History
In January 2021,[9] Bitdeer was spun off from the bitcoin-mining chip producer Bitmain,[2] which was co-founded by entrepreneur Jihan Wu in 2013. After the spin-off, Bitdeer established its headquarters in Singapore, where Wu resides.[10] Wu has served as Bitdeer’s executive chairman since the spin-off[9][11] and is also its chief executive officer.[12]
In November 2021, Bitdeer announced plans to merge with Blue Safari Group Acquisition Corp. and file an initial public offering.[9][2][3] After a delayed merger with the special-purpose acquisition company, Bitdeer was listed on the Nasdaq in April 2023[1] at a valuation of $1.18 billion. In June 2023, Bitdeer announced plans to repurchase as much as $1 million worth of its stock.[4] The company had 211 employees and earned S$485,975,304 in 2023.[13]
In 2022, Bitdeer acquired the high-security storage facility Le Freeport in Singapore for S$40 million (US$28.4 million).[14][15]
In May 2024, Tether acquired a $100 million stake in Bitdeer through a private placement.[16]
In April 2026, Bitdeer introduced the SEALMINER A4 series of bitcoin mining application-specific integrated circuit chips, designed to improve energy efficiency for large-scale mining operations.[17]
Data centers and mining operations
In 2022, Bitdeer sought to raise $200 million from outside investors to purchase discounted hardware.[18][19] By 2023, the company operated five data centers across the United States and Norway.[4]
United States
In the United States, Bitdeer operates mining facilities in Tennessee, Texas, Washington, and Ohio.[5][20]
Bitdeer has been operating a mining facility in East Knoxville, Tennessee since 2018; the facility drew 63 megawatts of power as of 2022.[21] In 2024, the company had approximately 30 employees in Knoxville and was the Knoxville Utilities Board’s largest industrial customer, accounting for 9.4 percent of the utility’s total electric sales in 2023.[22]
Bitdeer is among the largest cryptocurrency mining operations in Texas.[5] Its mining facility in Rockdale is housed in a former aluminum-smelting plant about an hour from Austin.[5] The facility has participated in the Electric Reliability Council of Texas (ERCOT) to reduce electricity usage during periods of grid stress.[23][24][25]
In 2023, Bitdeer purchased 31 acres in Massillon, Ohio to construct a mining facility.[6][26] In November 2025, a fire broke out at the construction site, damaging two buildings in the complex. The chief of Massillon Fire Department, Matt Heck, determined no signs of arson were determined[27], though no cause was identified.[28] In April 2026, Bitdeer presented plans for an additional data center facility in Niles, Ohio – a project the company described as a $300 million investment expected to create approximately 50 jobs.[29]
Norway
Bitdeer operates mining capacity in Norway.[4] In March 2026, the company began converting its 180-megawatt site in Tydal, previously used for cryptocurrency mining, into high-performance computing capacity for AI workloads.[8]
Bhutan
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.[4][30]
AI cloud platform
In November 2023, Bitdeer announced a partnership with Nvidia to develop AI cloud computing services and began construction on its first AI cloud data center in Singapore, branded Bitdeer AI Cloud.[7] The business line uses Bitdeer’s existing data center infrastructure, originally built for cryptocurrency mining, to provide GPU computing capacity to enterprise customers.[31] In March 2026, Bitdeer began converting its 180-megawatt Tydal site in Norway from cryptocurrency mining to AI and high-performance computing workloads.[8]
References
- ^ a b Pan, David (April 14, 2023). “Crypto Miner Bitdeer Makes Delayed SPAC Debut in Changed Market”. Bloomberg News.
- ^ a b c Yasmin, Mehnaz (November 18, 2021). “Crypto mining platform Bitdeer to go public through $4 bln SPAC merger”. Reuters.
- ^ a b Kim, Crystal (November 18, 2021). “Jihan Wu’s Bitcoin Mining Firm Seeks U.S. Listing in SPAC Deal”. Bloomberg News. Archived from the original on 2022-01-25. Retrieved 2025-02-07.
- ^ a b c d e f Lee, Zinnia. “Crypto Tycoon Jihan Wu’s Mining Platform Bitdeer Gains 122% On Buybacks”. Forbes. Retrieved 2025-01-06.
- ^ a b c d Dance, Gabriel J. X.; Forsythe, Michael (2023-10-13). “Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny”. The New York Times. ISSN 0362-4331. Retrieved 2025-01-23.
- ^ a b “Bitdeer pledges to build higher, stronger wall to reduce noise from cryptocurrency mining”. The Independent. Gannett. March 26, 2024. OCLC 11129683. Retrieved 2025-01-15.
- ^ a b “Crypto mining firm Bitdeer partners Nvidia to launch AI cloud solutions”. The Straits Times. Archived from the original on 2023-11-18. Retrieved 2025-01-06.
- ^ a b c Russell, Laurence (2026-04-01). “Bitdeer taps contractor to begin conversion of Norwegian crypto mine to HPC”. Data Center Dynamics.
- ^ a b c Lee, Zinnia. “Jihan Wu’s Crypto Mining Platform Bitdeer to Go Public in $4 Billion SPAC Deal”. Forbes. Retrieved 2025-01-06.
- ^ Huang, Zheping (May 8, 2024). “TikTok Places ByteDance Founder Among China Moguls in Singapore”. Bloomberg News.
- ^ Olsen, Robert; Lee, Zinnia. “Billionaire Crypto Pioneer Says Market Will Grow To Tens Of Trillions Of Dollars”. Forbes. Archived from the original on 2024-01-22. Retrieved 2025-02-07.
- ^ “Jihan Wu: Chief Executive Officer, Bitdeer Technologies Group”. Bloomberg News.
- ^ “Singapore’s fastest-growing companies 2025”. The Straits Times.
- ^ Pakiam, Ranjeetha; Chanjaroen, Chanyaporn; Huang, Zheping (2022-09-20). “Chinese Crypto Tycoon-Backed Bitdeer Buys Asia’s ‘Fort Knox’“. Bloomberg News. Archived from the original on 2023-11-08. Retrieved 2025-01-07.
- ^ Mattei, Shanti Escalante-De (2022-09-20). “Crypto Tycoon Buys Yves Bouvier’s Maximum Security Freeport in Singapore”. ARTnews. Retrieved 2025-01-07.
- ^ Nicolle, Emily (May 31, 2024). “Tether Acquires $100 Million Stake in US-Listed Bitcoin Miner Bitdeer”. Bloomberg News. Retrieved 2026-06-17.
- ^ “Does Bitdeer (BTDR) Owning SEALMINER A4 Chip Design Quietly Shift Its Bitcoin Mining Moat?”. simplywall.st. 2026-04-08. Retrieved 2026-06-17.
- ^ Mason, Emily (September 28, 2022). “Crypto Billionaire Jihan Wu Aims to Raise $200 Million to Purchase Assets from Struggling Bitcoin Miners”. Forbes. Archived from the original on 2023-05-19. Retrieved 2025-01-07.
- ^ Pan, David (September 27, 2022). “Crypto Tycoon’s Bitdeer Debuts Fund Targeting Distressed Miners”. Bloomberg News. Archived from the original on 2023-07-24. Retrieved 2025-02-07.
- ^ “Bitdeer Technologies (BTDR) Is Not Just a Bitcoin Mining Company”. Nasdaq. Nasdaq, Inc. 2024-10-06. Retrieved 2025-12-30.
- ^ Gabrielle, Vincent (June 1, 2022). “Hidden in East Tennessee, crypto capitalists lead a modern day gold rush”. Knoxville News Sentinel. Retrieved 2025-01-23.
- ^ Faizer, Melanie (February 2, 2024). “Rise of crypto mines in the South raises concerns for electric grid and rates”. WUOT. Archived from the original on 2024-11-27. Retrieved 2025-02-07.
- ^ Hao, Claire (September 9, 2023). “ERCOT paid one bitcoin company $32M to reduce electricity use in August”. Houston Chronicle. Hearst Communications. ISSN 1074-7109.
- ^ Weber, Peter (2023-04-17). “How voracious Bitcoin mining is messing with Texans”. The Week. Retrieved 2025-01-15.
- ^ “Texas paid Bitcoin company $175k an hour to stop using energy during winter blackout”. The Independent. London. Retrieved 2025-01-15.
- ^ Massillon, Ohio:
- Grazier, Steven M. (March 13, 2024). “Bitdeer leaders pledge to be good neighbors, sound business partner for Massillon, region”. Massillon Independent. Archived from the original on March 13, 2024. Retrieved February 7, 2025.
- Grazier, Steven M. (March 19, 2024). “Massillon neighbors sound off on proposed cryptocurrency project”. The Independent. Retrieved 2025-01-15.
- Grazier, Steven M. (April 2024). “Bitdeer wins approval to build new facility for cryptocurrency mining in Massillon”. The Independent. Archived from the original on 2024-04-02. Retrieved 2025-01-15.
- ^ Russell, Laurence (2025-11-12). “Fire damages two buildings at Bitdeer’s Ohio Bitcoin mine construction site”. www.datacenterdynamics.com. Retrieved 2025-12-27.
- ^ Mutuma, Maxwell (2025-11-12). “Massillon Fire Hits Bitdeer Bitcoin Mining Site: Cause Still Unknown”. CoinCentral. Retrieved 2025-12-27.
- ^ “AI company makes case for data center in Niles, but some aren’t so sure”. WKBN. 2026-04-15. Retrieved 2026-06-17.
- ^ Bhutan:
- Shukla, Sidhartha (April 4, 2024). “Bhutan to Upgrade Bitcoin Mining in Himalayas as ‘Halving’ Looms”. Bloomberg News.
- Martin, Iain (April 30, 2023). “The Kingdom of Bhutan Has Been Quietly Mining Bitcoin for Years”. Forbes. Retrieved 2025-01-07.
- ^ “Global AI Data Center Dominance Shifts Away From Big Tech”. Bloomberg News. 2025-12-21. Retrieved 2026-06-18.