Bitcoin mining company Bitdeer is expected to become more competitive in the industry following the Bitcoin halving due to its low “all-in mining costs,” as reported by investment banking firm Benchmark. In an analyst note by Mark Palmer, Benchmark initiated coverage on Bitdeer and issued a buy rating with a price target of $13. Bitdeer, a subsidiary of Chinese company Bitmain, is known for its low average power cost of $0.04 per kilowatt hour, which is one of the lowest among publicly traded mining firms. The company’s expansion plans, high levels of self-mining, and recent venture into artificial intelligence further support the positive rating. The current price of Bitdeer shares is $6.46, representing a 7.6% decrease for the week and a 13.8% decrease for the month. Despite the positive outlook, some analysts express concerns about the profitability of Bitcoin mining firms after the halving event. Cantor Fitzgerald’s report suggests that profitability may depend on the price of Bitcoin after the halving, but at the current price of $67,700, none of the listed firms would be in the red. The shares of mining firms, including Marathon Digital and Riot Blockchain, have declined in recent weeks, possibly due to investor caution ahead of the halving. Bitdeer, however, announced successful initial testing of a new 4-nanometer Bitcoin mining chip called SEAL01, which boasts a power efficiency of 18.1 joules per terahash, surpassing the average efficiency of around 29 J/TH.
Benchmark: Bitdeer Emerges as One of the Most Economical Bitcoin Miners