- August 13, 2023
- Posted by: [email protected]
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Bitdeer Technologies, a prominent Bitcoin miner and a spun-off from Bitmain, a leading Bitcoin ASIC manufacturer, faced a widened net loss in the second quarter of 2023, reaching $40.4 million—a notable contrast from the $15.6 million net loss recorded in Q2 2022.
The company reported in its August 11 earnings report that the increased losses were primarily due to a one-time listing charge of $33.2 million paid to Blue Safari for Bitdeer’s listing on the Nasdaq exchange. This fee marked a significant contributing factor, overshadowing the firm’s otherwise positive performance. Despite these losses, Bitdeer’s revenue managed to exhibit growth, marking a 5.2% increase to $93.8 million.
In an intriguing twist, Bitdeer’s stock witnessed a remarkable ascent of over 40% on the same day as the earnings report, fueled by the news of a substantial $150 million share purchase agreement with B. Riley Financial. This promising development translated into a current market capitalization of $1.5 billion, painting an optimistic outlook for the company’s future trajectory.
The company’s operational strides were evident in its year-over-year growth. Bitdeer’s Bitcoin hash rate surged from 10.5 exahashes per second (EH/s) in Q2 2022 to an impressive 18.8 EH/s. The number of ASICs under Bitdeer’s management swelled from 119,000 to 199,000 during the same period, reflecting the company’s commitment to expanding its mining capabilities. For context, the current Bitcoin network hash rate stands at 432.94 EH/s.
Amid these advancements, Bitdeer mined a total of 758 BTC in Q2 2023, marking a notable increase from the 521 BTC mined during the same period in the previous year. Demonstrating its global reach, Bitdeer established an 18,000-machine mining rig in Bhutan during the quarter, showcasing its ambition to optimize mining operations across diverse geographies. Furthermore, the company announced the ambitious undertaking of constructing a substantial 175-megawatt mining center in Norway, underscoring its commitment to sustainable and efficient mining practices.
Bitdeer’s journey to the public sphere has been marked by noteworthy milestones. Initially slated to go public through a $4 billion special purpose acquisition company merger in November 2021, the process was deferred due to the crypto winter’s impact. The finalization of this significant step occurred in April 2023, leading to Bitdeer’s listing. Following the listing, the company held a substantial cash equivalent of approximately $130 million, coupled with a debt of $30 million.
Bitdeer’s enduring commitment to innovation, strategic partnerships, and expanding its global presence highlights its resilience in the dynamic cryptocurrency landscape. The company’s evolution serves as a testament to its determination to carve out a prominent role in shaping the future of Bitcoin mining and blockchain technology.
