BitDeer, a subsidiary of former Bitmain co-founder Jihan Wu, has revealed that its operational capacity has surged to 562 MW at the end of 2022. The company has powered 4.2 EH/s and 6.3 EH/s in proprietary mining and hosting hashrate, respectively, as of June 2022.

BitDeer has made a significant leap in capacity from its operational capacity of 280 MW in September 2021, thanks to the construction in Rockdale, Texas. The company has achieved an operational capacity of 386 MW as of June 2022 and increased the developed capacity of the Texas site to 562 MW by the end of 2022.

The new figures place BitDeer in direct competition with Riot, which claims to have 700 MW in developed capacity in the same Texas city. BitDeer’s diversified business models include proprietary mining, hashrate sharing, and hosting. The company generated $75 million through hashrate sharing, similar to selling cloud mining contracts using its own hashrate.

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The company’s revenue diversification breakdown indicates that BitDeer’s three segments played a more equal role in revenue contribution in 2022 compared to previous years. Notably, the revenue from the hosting segment increased from $26 million in FY’21 to $60 million in the first half of 2022 alone.

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Texas remains the largest mining hub in North America with about two gigawatts of operating capacity as of Q4 2022, according to an updated North American mining power distribution map by TheMinerMag. Despite industry headwinds, Bitcoin mining is booming in Texas, as reported by Reuters. BitDeer’s success in Texas is a testament to the state’s friendly regulatory environment for crypto miners.

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Bitdeer Technologies Holding Company and Blue Safari Group Acquisition Corp. have announced that their proposed business combination has been given the green light by the U.S. Securities and Exchange Commission (SEC).

This news was revealed in a press release on March 27, 2023, which stated that the SEC had declared effective the registration statement of Bitdeer Technologies Group (BTG) on Form F-4, relating to the proposed merger of the two companies.

The board of directors of Blue Safari has urged its shareholders to vote in favor of the proposed Business Combination, which values Bitdeer at an implied equity value of approximately $1.18 billion.

The extraordinary general meeting (EGM) will be held on April 11, 2023, where shareholders of record of Blue Safari at the close of business on March 20, 2023, will be entitled to receive notice of and to vote at the EGM. The EGM will be held virtually via live webcast and physically at the offices of Davis Polk & Wardwell LLP in New York.

The combined company, BTG, will become a publicly listed company on the Nasdaq under the ticker “BTDR” once the Business Combination is approved and all other customary closing conditions are met. The Business Combination is expected to close shortly after approval by Blue Safari’s shareholders and the satisfaction of other customary closing conditions as described in the Proxy Statement and the Registration Statement.

Bitdeer Technologies Holding Company is a world-leading technology company for the cryptocurrency mining community based in Singapore. The company provides comprehensive digital asset mining solutions for its customers and handles complex processes involved in mining such as miner procurement, transport logistics, mining data center design and construction, mining machine management, and daily operations. Bitdeer has mining data centers deployed in the United States and Norway.

Blue Safari Group Acquisition Corp. is a blank check company sponsored by BSG First Euro Investment Corp. The company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

Blue Safari’s sponsor, BSG First Euro Investment Corp., which owns approximately 49.3% of Blue Safari’s issued and outstanding shares as of the record date of the EGM, has agreed to vote its shares in favor of the Business Combination proposal at the EGM. Blue Safari’s shareholders who have questions or need assistance with voting may contact Karen Smith, Advantage Proxy Inc., Blue Safari’s proxy solicitor.

#Bitdeer #BTC #Bitcoinmining #crypto2023 #azcoinnews

This article was republished from azcoinnews.com