Bit Deer Launches Its Own Cryptocurrency Mining Chip, Analysts Give a Buy Rating on Its Performance Growth

Mining company Bitdeer announced its fourth-quarter financial report, showing continued growth. It also announced the launch of its first cryptocurrency mining chip, SEAL01. Analysts have given Bitdeer (stock code: BTDR) a buy rating with a target price of $20.

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Launch of First Cryptocurrency Mining Chip
Fourth-quarter financial report significantly better than the same period last year
Bitdeer stock price at only $6, analysts set target price at $20

Bitdeer announced the launch of its first cryptocurrency mining chip, SEAL01. SEAL01 adopts advanced 4-nanometer process and will be seamlessly integrated into its upcoming mining equipment, SEALMINER A1.

Bitdeer has assembled an international team specializing in chip design, firmware, and hardware engineering to support the Bitcoin mining community after the halving event in 2024. It is now ready for mass production of mining machines, aiming to provide a one-stop solution for Bitcoin mining.

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Bitdeer released a simplified version of its fourth-quarter financial report, with the overall performance significantly better than the same period last year. Key highlights are as follows:
Total revenue was $114.8 million, compared to $77.1 million in the same period last year.
Self-mining income was approximately $46.9 million, compared to $10.6 million in the same period last year.
Cloud computing power revenue was approximately $16.3 million, compared to $19.8 million in the same period last year.
General hosting revenue was approximately $25.2 million, compared to $19.5 million in the same period last year.
Member hosting revenue was approximately $23.4 million, compared to $21.4 million in the same period last year.
The total number of Bitcoins mined in the fourth quarter (self-mined only) was approximately 1,299.
As of now, the average miner efficiency is approximately 31.7 J/TH.

HC Wainwright analyst Mike Colonnese gave Bitdeer (stock code: BTDR) a buy rating and set the target price at $20. Colonnese believes that the launch of Bitdeer’s proprietary Bitcoin mining chip SEAL01 and the corresponding mining equipment SEALMINER A1 are the core of this optimistic outlook. He expects that the company’s entry into the manufacturing field will bring significant competitive advantages by reducing capital expenditures per unit of computing power and providing better supply chain control.

However, since successfully going public through a reverse merger last April, Bitdeer’s stock price has remained below the IPO price for a long time. Although the company has conducted multiple stock buyback programs, its effect on boosting the stock price has been limited. Additionally, Bitdeer does not accumulate Bitcoin as its operational purpose. It usually sells what it mines, so it does not hold much Bitcoin. Therefore, it has not benefited from the rise in Bitcoin. Bitdeer closed at $6.83 yesterday.

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Detailed Explanation of Bitdeer’s Operating Model
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(This article is not investment advice. Please DYOR.)

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