Bitdeer Mining Insights

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Bitcoin mining firm Cleanspark has achieved an operational hashrate of 30 exahash per second (EH/s), with plans to exceed 37 EH/s by the end of 2024 and aim for 50 EH/s in 2025. Cleanspark's hashrate has grown 200% since October 2023, driven by organic growth and acquisitions. A recent fleet upgrade increased efficiency by 20%, enabling more computational power with fewer machines and lower energy consumption. As one of North America’s largest bitcoin miners, Cleanspark also plans further expansion through the acquisition of Griid Infrastructure.

A new approach to nuclear energy production may revolutionize power supplies for artificial intelligence and cryptocurrency mining. The United States is on the verge of deploying its first commercial small modular reactor (SMR). SMRs are nuclear reactors with a smaller infrastructure footprint than traditional plants and are designed to be safer. However, the technology requires significant initial investment as it remains relatively untested. These “next generation” reactors offer the potential to provide stable and efficient power to energy-intensive industries like AI and crypto mining, potentially reshaping their energy landscape.

Ethiopia has significantly increased its electricity allocation for Bitcoin mining to 600 megawatts, establishing itself as one of the fastest-growing markets globally. According to Luxor CEO Ethan Vera, the country intends to boost capacity by several hundred megawatts more by year’s end. During a recent visit to Ethiopia, Vera noted that local miners are primarily using mid-generation machines, like the S19J Pro and A1346, due to their low power consumption, making them well-suited for the region’s energy infrastructure.

Compass Mining has announced a partnership with Mindshift, a licensed digital asset service provider in South Korea, to extend bitcoin mining services to the region. The collaboration aims to address challenges like high electricity costs while making bitcoin mining more accessible to South Korean residents. “We’re thrilled to partner with Mindshift to bring our bitcoin mining services to South Korea,” said Paul Gosker, CEO of Compass Mining. The partnership aims to offer competitive electricity rates, making mining more accessible for South Korean residents, and supports Compass's broader mission to democratize bitcoin mining worldwide.

Bitcoin mining company Marathon Digital Holdings has initiated a pilot program to power its operations using excess natural gas from U.S. shale oil sites in Texas and North Dakota. Launched last month, the program aims to generate 25 megawatts of power from natural gas, which is often burned off due to a lack of infrastructure to transport it. By tapping into this resource, MARA avoids regional electricity costs and earns carbon credits for reducing greenhouse gas emissions. This initiative marks MARA’s first venture into self-sustained power generation, a model previously explored by smaller miners but now embraced by a publicly traded company.