Bitdeer posts threefold revenue surge in Q4 last year, returns to profitability

JH Kim

Summary

Bitdeer said its Q4 revenue last year rose more than threefold from a year earlier to $225 million.
It also said net income swung from a net loss of $531.9 million to net profit of $70.5 million, returning to profitability over the same period.
It said Bitcoin production in Q4 increased about fourfold, from 469 a year earlier to 1,673, contributing to improved results.

Bitdeer, a Bitcoin (BTC) cloud mining company, said its revenue more than tripled year on year in the fourth quarter of last year, enabling it to swing back to the black.

According to The Block, a media outlet specializing in digital assets (cryptocurrencies), Bitdeer recorded revenue of $225 million in Q4 last year. That marks a sharp increase from $69 million a year earlier.

Net profit for the period came to $70.5 million, turning around from a net loss of $531.9 million in the same quarter a year earlier.

Bitdeer mined 1,673 bitcoins during the fourth quarter. That is about four times the 469 mined a year earlier, and the company said the expansion of its self-mining business contributed to the improved results.