Bitdeer Utilizes Chip Giant TSMC, Eyeing $60M in Bitcoin Mining Equipment Production

According to the publicly-listed mining corporation Bitdeer, the company is employing Taiwan Semiconductor Manufacturing Company (TSMC) for its Sealminer A1 mining rigs for the third quarter. Bitdeer also disclosed that it extracted 294 bitcoins in March, marking a 28.4% enhancement over March 2023’s earnings.

Ahead of Bitcoin’s Next Halving, Bitdeer Taps TSMC for Proprietary Mining Chips

Following the unveiling of its in-house developed application-specific integrated circuit (ASIC), Bitdeer (Nasdaq: BTDR) has rolled out its business update for March 2024. This announcement highlights the collaboration with Taiwan Semiconductor Manufacturing Company (TSMC) on its unique mining processor, the SEAL01. Established in 1987, TSMC stands as the world’s preeminent contract chipmaker, playing a pivotal role in the semiconductor sector.

Bitdeer stated that as of March 31, it had “committed orders for wafers” from TSMC, anticipating that the assembly of these rigs would generate $60 million from Sealminer A1 mining equipment. “This amount is subject to further adjustments based on the actual manufacturing expenditure,” the company added. Earlier disclosures from the company indicated that the Sealminer’s semiconductor utilizes a 4-nanometer (nm) technology.

“We mined 294 bitcoins in total during March, representing an increase of 2.4% from last month,” Linghui Kong, the chief business officer at Bitdeer remarked. “As we previously announced, our self-mining operations at our Gedu [data center] experienced curtailment during the first quarter due to seasonally higher electricity prices. However, we have secured a price of approximately $0.0425 per kWh for the Gedu [data center] for the remainder of the year starting on April 1, 2024.”

This update emerges amidst a significant escalation in ASIC purchases from bitcoin mining rig manufacturers, including Canaan, Bitmain, and Microbt. Furthermore, advancements continue to progress, with Bitmain recently unveiling a device boasting an efficiency of 15 joules per terahash (J/T). Entities have procured tens of thousands of ASICs in preparation for Bitcoin’s fourth halving event, slated to occur between April 18-20, 2024.

What do you think about Bitdeer leveraging TSMC for the firm’s new chips? Share your thoughts and opinions about this subject in the comments section below.

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