Bitdeer’s Q2 Bitcoin Output Jumps Nearly Fivefold, Revenue Rises 47%
Summary
- Bitdeer said its second-quarter Bitcoin output rose to 2,694, nearly five times the level a year earlier.
- Second-quarter revenue increased 47% to $228.8 million, while its self-mining hash rate surged 389% to 69.5 exahashes per second.
- Second-quarter net loss widened to $92.3 million, its Bitcoin holdings fell 90%, and its shares rose 1.5% on the day of the earnings release as it also signed a deal to expand its AI data center business.
Forecast Trend Report by Period
Bitdeer Technologies Group posted rapid second-quarter growth as its Bitcoin output climbed nearly fivefold from a year earlier.
Crypto media outlet Cointelegraph reported on August 10 that Bitdeer mined 2,694 Bitcoin in the second quarter, up from 565 a year earlier.
Second-quarter revenue rose 47% to $228.8 million from $155.6 million a year earlier. Self-mining revenue accounted for $168.4 million, while Bitdeer’s self-mining hash rate surged 389% to 69.5 exahashes per second. Net loss widened to $92.3 million from $62.9 million a year earlier.
Bitdeer sold all 943 Bitcoin it held in February to secure liquidity, while maintaining that its core mining strategy was unchanged. As of the end of the second quarter, its Bitcoin holdings stood at 150, down 90% from 1,502 a year earlier.
The company is also expanding into AI data centers and high-performance computing. In August, it signed a 16-year lease agreement in Norway for 121 megawatts of AI computing facilities, a deal valued at $4.7 billion.
The results slightly exceeded Wall Street’s consensus revenue estimate of $225 million compiled by Yahoo Finance. Bitdeer shares rose 1.5% in premarket trading on the day of the earnings release.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.