Bit Deer Technologies Group is opening a new crypto mining facility in the Asian country of Bhutan.
Bit Deer Sets Its Sights on Asia
Bit Deer is a crypto mining firm based in Singapore. Founded by Chinese billionaire Jihan Wu, the company stated that it has recently finished power testing the facility and it will open its doors for BTC extraction purposes. Linghui Kong – the CEO of Bit Deer – said in a recent statement:
Our Gedu data center, nestled in the serene landscapes of Bhutan, welcomed an impressive shipment of around 15,000 new mining machines this past July. I’m thrilled to share that, as of today, a whopping 11,000 of these high-tech miners are already up and running, showcasing unparalleled stability and efficiency.
The company has already garnered as many as 23,000 individual crypto mining machines for the new facility, though not all of them have been powered up at the time of writing. Once fully operational, however, the machines are expected to boast a hash rate of roughly 2.5 EH/s. In addition, the company owns a large mining facility in the state of Texas, though power reduction has occurred at that location due to the region’s rising temperatures.
In the month of July, Bit Deer extracted 220 new bitcoin units from the blockchain and added them to circulation, thus boasting a powerful 41 percent increase from how many BTC units were extracted during the same point in the previous year. By the end of last July, the firm’s EH/s jumped from 6.2 to about 7.9.
All this would be fine and dandy except for two things. First off, the next bitcoin halving is set to occur in roughly seven months. This leads one to think that the timing of the new facility’s establishment may be terribly off as miners working with the organization will see their rewards slashed in half very soon. They will do all this work on all this new equipment, and they’re not likely to garner as much as they would just a few months ago. It’s a rough consideration, in many ways.
Was This the Right Time?
Also, the bitcoin price is not as solid as it could be. While the price has recently shot back up to around $30K, this is nowhere near where the asset was during the latter half of 2021. In the final months of that year, bitcoin shot up to a new high of about $68,000 per unit, and things were looking quite good.
However, since then, it’s clear the bubble has burst somewhat, and bitcoin has lost more than half its value over the course of roughly two years. It’s a sad sight, and it makes one realize that miners with Bit Deer will likely once again see their profits take a beating.