Bit Deer November Data Update: A2 Mining Rig Mass Production, AI Chip Deployment Initiated

Bit Deers recently announced the operational data for November, attracting widespread attention in the market. The most noteworthy development is that the A2 Mining Rig (Sealminer A2) has started mass production, with the first batch of 30,000 units sold externally.

Self-Developed Chips and Mining Rig Production

As a Mining Rig manufacturer, the ability to develop self-researched chips has always been a core competitive advantage. In the past six months, XiaoLu successfully completed the initial production of A2 and A3 Mining Rig chips. According to public information, the operational parameters of the A2 Mining Rig have reached a market-leading position. The A3 Mining Rig, which has not yet been officially released, is expected to become the largest in terms of single-unit hash power and the most energy-efficient Mining Rig in the world, and may prioritize deployment for the company's own computing power in the short term.

Progress of Electric Field Construction

As of the end of November, the company has completed the deployment of 895MW of power plants in the United States, Norway, and Bhutan. An additional 1645MW project is under construction, with 1415MW expected to be completed in the second half of 2025. The company has also established a dedicated team focused on acquiring more power plant projects. It is expected that by 2026, more than 1GW of power plant capacity may be added. Notably, the average electricity price of the company’s self-operated power plants is less than $0.04/kWh, which is an absolute leading position in the industry.

Business Model Analysis

According to the model prediction, the shutdown price of the Bit Deer self-operated mining farm is approximately $35,000 for Bitcoin. When the Bitcoin price exceeds $150,000, the growth rate of pre-tax profits for the self-operated mining farm will surpass the rate of increase in Bitcoin prices. If the Bitcoin price reaches $200,000, the pre-tax profit margin for the self-operated mining farm may approach 80%.

Future Development Directions

In addition to traditional Mining Rig sales and self-operated mining field businesses, Bit Deer is exploring new growth points. The company has begun deploying Nvidia H200 chips in TIER3 data centers for AI computing power construction. According to industry research, the power deployment plans of major Bitcoin mining companies in North America may meet 56% of the electricity demand for North American data centers by 2028. Bit Deer plans to invest at least 200MW in power deployment for high-end AI chips in the short term and start providing cloud computing services for clients such as MEGA 7.

Investment Prospects

Overall, BitDeer has a high investment value at the current point in time. The company is in a phase of simultaneous development of the first growth curve (Mining Rig sales and self-operated mining farms) and the second growth curve (AI computing power), which is expected to create a strong synergy.

However, accurately valuing the company still faces challenges. Valuations based solely on Mining Rig sales or profits from self-operated mining farms cannot fully reflect the actual operating conditions of the company. According to the current valuation method of mainstream North American mining stocks at an average of $170 million/EHs, considering that the actual self-operated mining farms of the company may reach 120-220EH/s in the next two years, the company's market value could reach between $20.4 billion and $37.4 billion, representing an increase potential of 4.8 to 9.7 times compared to the current stock price.

Investment Risks

Investors should be aware of the following risks:

1. Bitcoin price volatility risk
2. Potential sanctions may lead to risks for TSMC's current chips.