Bitdeer Mining Insights

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Bitcoin’s mining difficulty rose by 0.61%, reaching 110.45 trillion, reflecting increased computational challenges. The network's hashrate dropped from a peak of 824 EH/s on Jan. 6, 2025, to 778 EH/s, signaling subdued mining activity. Leading the mining pools is Foundry USA, contributing 34.73% of the global hashrate (265 EH/s), followed by Antpool at 17.01% (130 EH/s) and Viabtc at 14.26% (109 EH/s). This rise in difficulty highlights the growing complexity of Bitcoin mining amid declining revenue in the industry.

Law enforcement in Thailand’s Chon Buri province seized nearly 1,000 bitcoin mining rigs on Jan. 8 from a company accused of stealing electricity. The company reportedly used modified meters to access power from the national grid, bypassing official systems. Investigators discovered the compound equipped with solar panels not connected to the mining rigs. The Provincial Electricity Authority estimated losses at $3.2 million (110 million baht), though some reports suggest higher figures. The operation followed an investigation into the company, which falsely claimed to trade digital currencies.

Blockchain hardware innovator Canaan (NASDAQ: CAN) has introduced the Avalon Mini 3 and Avalon Nano 3S, dual-purpose bitcoin mining devices that also function as home heaters, at CES 2025 in Las Vegas. The Avalon Mini 3 offers a hashrate of 37.5 TH/s and features an app-controlled interface, allowing users to mine bitcoin while heating their homes, providing a unique energy-efficient solution. 

The United States accounted for over 40% of the global Bitcoin network's hashrate by the end of 2024, driven by two major US-based mining pools, Foundry USA and MARA Pool, which collectively mined over 38.5% of all Bitcoin blocks. According to TheMinerMag, Foundry USA grew its hashrate from 157 EH/s in January to 280 EH/s by December, making it the largest mining pool globally, controlling 36.5% of Bitcoin’s total hashrate. Meanwhile, MARA Pool contributed 32 EH/s, representing 4.35% of the network's power. Despite the US's growing influence, China-based mining pools continue to dominate the majority of global hashrate, highlighting the competitive nature of the industry.

Bitdeer Technologies Group (NASDAQ: BTDR) has announced progress in mining operations for December 2024. Production of SEALMINER A2 machines remains on schedule, targeting 35 EH/s by Q3 2025, with 7 EH/s allocated for customer sales. Down payments for these orders have been received. SEAL03 wafers with 10 J/TH efficiency are expected in Q1 2025, while SEAL04 development aims for 5 J/TH efficiency by Q3 2025.