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A Chinese Crypto Mining Company ‘Bitdeer’ Acquires Asia’s ‘Singapore’s Fort Knox’

BlockNews Team by BlockNews Team
September 28, 2022
in Business, Crypto, Media, Technology
Reading Time: 4 mins read
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A digital currency mining company, Bitdeer Technologies, has purchased a high-security storage and exhibition facility called Le Freeport in Singapore for US$28.4 million.

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Nothing beats managing and having industry-leading technologies, efficient & clean energy use in your #CryptoMining operations.

This is what Bitdeer Group, a leader in the crypto mining space, is designed for. 🚀🚀🚀https://t.co/E7KPTSvITo#cryptocurrency #carbonfootprint

— Bitdeer (@BitdeerOfficial) September 14, 2022
Via @BitdeerOffical – Twitter

Bitdeer’s chairman and Chinese crypto billionaire, Jihan Wu, confirmed the acquisition of Vault, following a report revealing that the mining company had acquired his Le Freeport. This information is crucial because it affects cryptocurrency mining. 

Jihan Wu, the co-founder of Bitmain Technologies, co-founded a company called Matrixport and confirmed that Bitdeer paid S$40 million (US$28.4 million) for the high-security Vault.

The Vault was initially designed to resemble the Luxembourg and Geneva high-security vaults. Freeport has been dubbed ‘Fort Knox’; it holds Singapore’s Art and Collectibles. Freeport was initially built for $100 million. Bitdeer’s recent acquisition has paid off a lot of debt to creditors such as DBS and the Vault’s former owner, Yves Bouvier debt.

The Vault has been on sale since 2017. It has many corporate customers for its high-security warehouse. Before 2018, luxury auction house Christie’s once rented more than one-third of her Freeport warehouse space. Deutsche Bank once used Freeport, which stored more than $8.9 billion in gold bullion.

Fort Knox for Singapore’s Art and Collectibles

Outside Singapore’s Changi Airport is high-walled, innocuous, low-rise housing stocked with more gold, art, antique cars, and fine wine than anywhere else in the world.

Singapore’s Freeport is a high-security facility for storing precious metals and other collectibles owned by the wealthy. As Asia’s ultra-high net worth rises, plans to double the size are within the next two years.

The facility complements the city-state’s vast private banking industry by providing wealthy clients with a place to store their prized collections. The Boston Consulting Group estimates that Singapore’s private banks manage approximately US$500 billion in assets.

Bitdeer vs. BitFuFu

Bitdeer and BitFuFu are currently fully valued compared to the listed miners of Architect Partner. It is the company’s future outlook that drives investment. According to Stoneberg, 

“When investors look at a company’s ability to fund future growth, “they pay a premium for that growth rate.” 

Bitdeer predicted that in 2021 it would report $380 million in revenue, and in 2022 it will grow by 54% to $586 million. The two companies shared roots also add to their appeal. Investors will be happy to pay for a company that is a descendant of his Bitmain pioneer in the mining sector.

According to Luxor’s Vera, 

“…rigmakers are still at the heart of the mining industry, with all affiliates such as BitFuFu and Bitdeer strategically positioned to take advantage of cheap sourcing opportunities and networks.”

The Worth of Crypto Mining Companies Like Bitdeer

The worth of cryptocurrency mining depends on several factors. Whether a budding miner moves to CPU, GPU, ASIC, or cloud mining. The key factors to consider are the mining rig’s hash rate, power consumption, and overall cost. Cryptocurrency mining machines consume a lot of power and give off a lot of heat.

An average ASIC miner uses about 72 terawatts of power to create one bitcoin in about 10 minutes. These numbers change as technology advances, and mining becomes more difficult. 

Machine price is essential. It is equally important to consider power consumption, environmental power, and cooling costs, especially for GPU and ASIC mining rigs. Always consider the difficulty of the cryptocurrency one is trying to mine to determine whether the operation will be profitable.

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