BitDeer Generates $75 Million Through Cloud Mining, $60 Million in Hosting Segment

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.

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.

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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