Bitdeer (BTDR) Rebounds, Hits New High on Stellar Bitcoin Mining Performance

We recently published 10 Stocks Stealing Today’s Spotlight; 5 on All-Time Highs. Bitdeer Technologies Group (NASDAQ:BTDR) is one of the best performers on Wednesday.

Bitdeer bounced back from losses to hit a new all-time high on Wednesday, as investors cheered its stellar Bitcoin mining performance last month, markedly improving its operations by 20.5 percent.

During the session, the stock jumped to its highest 52-week price of $27.8 before trimming gains to end the day just up by 28.73 percent at $25.90 apiece.

Late on Tuesday, Bitdeer Technologies Group (NASDAQ:BTDR) announced that it was able to mine 452 Bitcoins in September, a significant increase from the 375 Bitcoins mined in August this year.

This followed an improvement in its self-mining operations, achieving 35 EH/s in the said period versus 30 EH/s the month earlier.

According to the company, it was on track to reach 40 EH/s by the end of October, and thereafter will continue to deploy Sealminer mining rigs for self-mining while concurrently retiring all third-party, older-generation rigs to further enhance profitability and fleet efficiency.

Bitcoin mining aside, Bitdeer Technologies Group (NASDAQ:BTDR) also reiterated plans to expand its high-performance computing (HPC) and data center business, as it looks to ride the booming AI industry.

“Our expanded initiatives include negotiating directly with potential tenants, building relationships with EPCs specializing in data centers, developing proprietary AI data centers, and hiring in-house experts across multiple AI data center disciplines. In parallel, we are accelerating the development of additional sites for HPC/AI data centers at our Clarington, Tydal, and Wenatchee sites. This push is driven by a marked increase in inbound interest in our power assets, which has become a strong catalyst for expanding our efforts,” said Bitdeer Technologies Group (NASDAQ:BTDR) Chief Business Officer Matt Kong.

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Disclosure: None. This article is originally published at Insider Monkey.