Bitdeer’s Q2 Revenue Surges, Mining Successes, And Global Expansion In Focus

Key Points:

• Bitdeer’s Q2 2023 revenue hits $93.8M, up 5% YoY, driven by self-mining and hosting services.
• The company produced 758 BTC in Q2, showing a 45.5% YoY growth.
• Bhutan data center testing underway, Norway center construction starts.

Bitdeer has released its unaudited financial results and operational updates for the second quarter of 2023, providing insights into its performance and growth strategies.

According to the report, Bitdeer witnessed total revenue of $93.8 million during the second quarter, marking a 5% year-over-year increase. This uptick was attributed to amplified revenue from self-mining and hosting services, driven by an elevated self-mining hash rate and expanded hosting capacity.

Despite this revenue surge, the company reported a net loss of $40.4 million for the quarter, chiefly due to a substantial listing fee of $33.2 million linked to its transaction with Blue Safari Group Acquisition Corp., along with share-based payment expenditures amounting to $9.6 million.

On a more positive note, Bitdeer managed to achieve an adjusted profit of $2.3 million, a figure that underscores the resilience of its distinctive business model. Adjusted EBITDA stood at $18.7 million, demonstrating the company’s ongoing commitment to optimizing its operations.

Bitdeer’s operational endeavors also showcased promising developments. The company successfully produced 758 BTC during the second quarter, reflecting a noteworthy year-on-year growth of 45.5%.

As of June 30, 2023, Bitdeer reported cash and cash equivalents totaling $130.2 million. These figures collectively underscore the company’s efforts to navigate the evolving cryptocurrency landscape while fostering innovative solutions to solidify its position within the industry.

As Coincu reported, Bitdeer Technologies has completed the building of its mining facility in Bhutan, marking a major milestone. The plant is presently undergoing power-on testing, according to the company.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.