Bitcoin Production Increases by 430%... Mining Stocks Plunge 8% as Price Target is Cut

Bitdeer Technologies Group (NASDAQ: BTDR), a Bitcoin mining and high-performance computing company, saw its share price plunge 8.06% on February 10, closing at $12.20 on the Nasdaq. Its market capitalization fell to approximately $2.29 billion (around KRW 3.1 trillion), erasing about $171 million (roughly KRW 230 billion) in a single day.

That decline followed research firm Benchmark’s decision to lower BTDR’s price target from $38 to $27—while maintaining a “buy” rating—as well as concurrent reports of additional analyst downgrades. Despite the sell-off, the company reported a 430% year-over-year jump in Bitcoin production for January and announced the commissioning of new infrastructure, indicating improving operational metrics.

Headquartered in Singapore, Bitdeer operates across self-mining and hosting services, produces its own SEALMINER series of mining machines, and is developing AI cloud data centers. The company was founded in 2021 by Jihan Wu—co-founder of Bitmain—after separating from Bitmain, and it went public on the Nasdaq in 2023. Since then, Bitdeer has rapidly expanded large-scale mining and data center infrastructure in the United States, Norway, Bhutan and elsewhere.