Bitdeer Technologies Group

We know that Irem are at 15.

We've got a feeling Bitdeer might certainly be in that sort of area as well.

Remember, they're bringing on their own machines.

And their own machines, as they bring on the Silminer A4, they're round about, I don't know, 9,500. joules a terahash, and so having the significant amounts of those will bring your efficiency down, as well as having Silminer A3 and A2s, which are significantly lower than the 15 joules.

A lot happening on the macro scene, Anthony.

We'll continue to keep you guys posted.

Let us know how you're feeling, how the portfolios are holding up, if you're buying, selling, what moves you're making.

And we'll see you back here tomorrow for another busy one.

It's sub $2 million a megawatt.

So knee-jerk reaction may be, hey, we just saw Bitdeer sign at 2.4. Well, that's for a tier three data center.

This is not the same type of lease.

This is what they're calling a powered land lease.

But I mean, I think what this is kind of showing is we haven't seen... all of the large miners that are pivoting to ai they have not been unplugging their miners in mass right i think we would see a much more significant drop it kind of seems to me like my hand-wavy analysis here is that they are pivoting to ai but not necessarily out of bitcoin mining probably because it's you can raise a lot of money if you're getting into ai I think a lot of them sold a bunch of their Bitcoin.

Bitdeer is down to zero Bitcoin.

They sold it all.

Didn't the country of, was it Bhutan, just sell like the majority of their Bitcoin?

I mean, we can talk about the Mara pool, which was which which DMG created.

And we can talk about, you know, you know, helping like Bitdeer with its build out at the Rockdale facility.

Sheldon was involved in that there and many, many other areas.

examples of that there.

And this is why we refer back to Core Scientific sometimes.

That first deal, when you look at the revenues per megawatt at $1.4 million, I mean, it sounded great on the day.

And we've seen now Bitdeer achieve $2.4 million per megawatt, their latest deal, in Norway.

But remember, when Core Scientific signed that deal with CoreWeave, CoreWeave have effectively paid for the $6 billion of building those sites there.

I'm sure they're doing the same due diligence I've been doing and looking into this company with a magnifying glass.

You know, I've been very impressed with Bitdeer all along, and when they came out with the Seal Miner, I thought this is game-changing.

You know, this is really sort of like, you know, if you can't beat them, join them.

And we know that other providers out there, prices have been getting higher as Bitcoin price right there.

And so Bitdeer, you know, it comes as no surprise.

They were formerly part of the Bitmain group there.

Jihan Wu was the co-founder of Bitmain.

So these tools will help them deliver that.

In terms of using the equipment, Iron and Bitdeer AI are the early users.

But the benefits are NVIDIA's own claims and not a revenue announcement.

So let's be clear on that particular aspect.

And it just shows demand is not just about North America.

Demand is worldwide for this particular type of technology, and it will only grow and grow and grow.

And Bitdeer wants to be, obviously, part of that.

They're going to operate sites in North America as well as their home area of Asia.

The Shake's office is looking at a 50 and a 60 megawatt area now as well.

And I think Bitdeer, Paul mentioned it on the podcast, Bitdeer are meeting with Shake's office along with another one that can't be named to confirm, I think, these 50 and 60 megawatts.

If that happens, they're going to move to 70, 80 megawatts within months and 70 or 80 megawatts at the 250,000, let's say, at 80 megawatts is uh is 20 million dollars free cash flow a year yeah and it's five million market does that does sound like it's undervalued that's for sure if they can wake up everybody

yeah because it doesn't make sense there's a lot i believe you also turned up you mentioned three things i listened to the interview one you were wearing speedos two you have a nice dream and three you drop your phone down the side of some team you may back whatever you got your phone back

So he bought four Bitcoin positions, but they are really AI Bitcoin positions.

So it was Bitdeer, IRIN.

riot and uh there was one more i forget uh but but those are bitcoin mining companies that are also now rolling out ai hpc right the high power compute and so really he was sort of like uh using this bridge and i think that's really telling for a couple of reasons so when you understand the way technological revolutions work about every 50 years we get one of these and what happens is we get this cluster of technology that all of a sudden gives us new building blocks to build this new world that we didn't have before so about every 50 years it's happened six times in the last 300 years and so you look at the way that the money gets in to fund these technical technological revolutions And so it sort of goes from speculative capital into productive capital.

And I think we're starting to see signs of that rotation actually happening where everyone's like, oh, you know, these large scale LLM models, they're building all this and it's going to be like the railroads and they're going to go bankrupt.