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Bitdeer Technologies (NASDAQ: $BTDR) produced 661 self-mined Bitcoin (CRYPTO: $BTC) in March, up 480% from the same month last year, according to its latest operations update.
The firm has been increasing its BTC mining business as it strives to become a dominant player in the global cryptocurrency ecosystem.
According to its latest filing, Bitdeer operates 225,000 self-owned Bitcoin mining rigs and is scaling up to three gigawatts in global energy capacity.
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Bitdeer added that its Bitcoin mining operations scaled to about 70 exahashes per second (EH/s), a 504% year-over-year increase. That makes it the largest miner by compute power.
MARA Holdings (NASDAQ: $MARA), the second largest miner globally, has a hashrate of 66.4 EH/s.
The total global hashrate stands at 855 EH/s, according to industry data. This is down slightly from the start of the year, though it remains elevated compared to the historical average.
Bitcoin’s global hashrate in this year’s first quarter saw the largest intra-quarter decline in about five years amid depressed prices and increased competition.
A growing number of crypto miners are redirecting resources toward artificial intelligence (A.I.) computing and data centres.
Singapore-based Bitdeer is scaling it’s A.I. compute activities. The firm said its A.I. cloud utilization rate rose to 94%, up from 64% in February of this year.
Endeavoring to scale both its BTC mining and A.I. compute operations, Bitdeer continues to rollout new mining machines, including a state-of-the-art SEALMINER A4 series.
BTDR stock has risen 69% in the last 12 months to trade at $12.14 U.S. per share.