Bitdeer completes testing of SEAL02 mining chip

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As a seasoned researcher with a keen interest in the tech sector, especially cryptocurrency mining, I find the recent advancements by Bitdeer Technologies Group truly exciting. Having followed their journey since their inception, it’s fascinating to see them pushing boundaries and setting new standards in the industry. The successful testing of their SEAL02 chip, achieving an impressive power efficiency ratio, is a testament to their relentless pursuit of innovation.

As a data analyst, I’ve been closely following the advancements at Bitdeer Technologies Group, and I’m thrilled to report that they’ve successfully tested their latest innovation, the SEAL02 chip. This cutting-edge technology has managed to achieve its efficiency target in Bitcoin mining, demonstrating yet another significant leap forward in the realm of cryptocurrency mining.

On September 26th, Bitdeer Technologies Group revealed through a press statement that they had successfully tested their newest BTC mining chip, referred to as SEAL02.

The chip achieved a power efficiency ratio of 13.5 joules per terahash (J/TH). This result marks a significant step in the company’s SEALMINER technology roadmap, set in June 2024.

The SEAL02 chip was collaboratively designed with TSMC, a renowned semiconductor production company, utilizing advanced technology currently on the market. Its efficiency was confirmed during preliminary tests, showcasing its capability to perform optimally in an energy-saving setting.

Currently, as I’m typing this, Bitdeer’s stocks (BTDR symbol) have climbed more than 8% from their previous value. The closing price yesterday was set at $7.54 per share.

Bitdeer’s mining plans

In November 2024, the SEAL02 chip is planned to be included in the new line of Bitdeer’s SEALMINER A2 mining devices, marking the start of large-scale manufacturing.

Furthermore, Bitdeer is progressing with the development of its upcoming chip, SEAL03, and it’s on schedule for its expected launch.

In May, Tether (USDT) signed an agreement to subscribe to up to $150 million of shares in Bitdeer, sold through a private offering. This deal involved purchasing 18.6 million Class A shares initially and receiving a warrant for an extra 5 million shares. The initial investment was $100 million, with the possibility of investing another $50 million if the warrant is utilized.

Bitdeer’s engineering team directs its attention towards diverse fields such as designing ASICs (Application-Specific Integrated Circuits), developing algorithms, and creating platform architectures. These endeavors are all aimed at enhancing the overall security of the Bitcoin network.

Mining Bitcoin entails utilizing computers to address intricate issues, these tasks verify transactions within the blockchain. A more effective mining chip will consume less power while earning Bitcoin, thus reducing costs for miners and minimizing energy usage.

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2024-09-26 16:37