After testing the SEAL02 chip, Bitdeer Technologies Group was able to meet its efficiency goal for mining Bitcoin.
In a news statement on September 26, Bitdeer Technologies Group reported that testing its most recent mining chip, SEAL02, had been successful.
The chip’s J/TH (joules per terahash) power efficiency ratio was 13.5. This outcome represents a major advancement in the company’s June 2024-set SEALMINER technology roadmap.
Using state-of-the-art technology, the SEAL02 chip was developed in collaboration with TSMC, a prominent semiconductor manufacturer.
Prototype testing confirmed the chip’s functionality and showed how well it worked in a power-saving mode.
Bitdeer’s stock (ticker symbol BTDR) is up more than 8% as of this writing. Its share price closed yesterday at $7.54.
Bitdeer’s Mining Plans
Mass production of the SEAL02 chip is anticipated to start in November 2024 and will be incorporated into the company’s future SEALMINER A2 mining rigs.
Furthermore, Bitdeer is working on SEAL03, its upcoming chip, which is expected to be released on schedule.
Tether and Bitdeer signed a subscription deal in May for Tether to buy up to $150 million worth of shares through a private placement.
18.6 million Class A shares and a warrant for an additional 5 million shares were included in the deal, raising $100 million in total, with an additional $50 million possible if the warrant was exercised.
The engineers at Bitdeer work on several projects, including platform architecture, algorithm development, and ASIC design, as part of their larger mission to improve the security of the Bitcoin network.
Utilizing computers to solve challenging puzzles, Bitcoin mining verifies transactions on the blockchain. A mining chip’s efficiency determines how much power it needs to generate Bitcoin, which can lower energy costs and save miners money.
