Benchmark declares Bitdeer as one of the most economical Bitcoin mining platforms

Bitcoin mining company Bitdeer has been identified by investment banking firm Benchmark as having one of the lowest “all-in mining costs” among publicly traded mining firms. This puts Bitdeer in a competitive position following the Bitcoin halving event. Analyst Mark Palmer, in a note viewed by Cointelegraph, announced that Benchmark had initiated coverage on Bitdeer and issued a buy rating on the company with a price target of $13. Bitdeer, a spin-off from Chinese parent company Bitmain, is known for its low average power cost of $0.04 per kilowatt hour, which is one of the lowest costs among publicly traded mining firms. The company’s expansion plans, high levels of self-mining, and recent venture into artificial intelligence also contributed to the buy rating. Bitdeer shares are currently trading at $6.46, down 7.6% for the week and 13.8% for the month. However, some experts have expressed concerns about the profitability of Bitcoin mining firms, particularly after the halving event in late-April, which halves the Bitcoin rewards paid to miners. Cantor Fitzgerald released a report stating that several mining firms may struggle to stay profitable depending on the price of Bitcoin post-halving. Despite this, at Bitcoin’s current price of $67,700, none of the mining firms listed in the report are expected to be in the red. Mining firm shares have seen a decline in recent weeks, with Marathon Digital and Riot Blockchain falling 33% and 34% respectively in the last month. This decline is attributed to investors being cautious about investing in mining firms before the halving event. Bitdeer announced on March 4 the successful testing of its new 4-nanometer Bitcoin mining chip, SEAL01, which has a power efficiency of 18.1 joules per terahash, lower than the average power efficiency in the industry.