Bitcoin Miner Bitdeer Technologies Reports $40.4 Million Q2 Loss
Bitcoin miner Bitdeer Technologies, a spin-off of Bitmain, reported a net loss of $40.4 million in Q2 2023, compared to a loss of $15.6 million in the same quarter last year. The company attributed the losses to a $33.2 million listing fee paid to Blue Safari for its Nasdaq listing. However, Bitdeer’s revenue increased by 5.2% to $93.8 million. The news of a $150 million share purchase agreement with B. Riley Financial led to a 40% surge in Bitdeer’s stock, resulting in a market capitalization of $1.5 billion.
Key Points:
– Bitdeer Technologies recorded a net loss of $40.4 million in Q2 2023, up from $15.6 million in Q2 2022.
– The losses were mainly due to a $33.2 million listing fee paid to Blue Safari for Bitdeer’s Nasdaq listing.
– The company’s revenue increased by 5.2% to $93.8 million.
– Bitdeer’s stock surged over 40% after news of a $150 million share purchase agreement with B. Riley Financial.
– The company’s current market capitalization stands at $1.5 billion.
Bitcoin Hash Rate and Mining Operations:
– Bitdeer’s Bitcoin hash rate increased from 10.5 EH/s in Q2 2022 to 18.8 EH/s year over year.
– The company’s ASICs under management grew from 119,000 to 199,000 during the same period.
– The current Bitcoin network hash rate is 432.94 EH/s.
– Bitdeer mined 758 BTC in Q2 2023, compared to 521 BTC in Q2 2022.
– Bitdeer launched an 18,000-machine mining rig in Bhutan and announced the construction of a 175-megawatt mining center in Norway.
Bitdeer’s Public Listing and Financial Position:
– Bitdeer announced its plan to go public via a $4 billion special purpose acquisition company merger in November 2021.
– The listing was delayed due to the crypto winter and finalized in April 2023.
– After the listing, the company had $130 million in cash equivalents and $30 million in debt.
Hot Take:
Bitdeer Technologies experienced a significant net loss in Q2 2023, largely due to a listing fee for its Nasdaq listing. However, the company saw an increase in revenue and its stock price surged after securing a $150 million share purchase agreement. Bitdeer’s growing hash rate and expansion of mining operations indicate a strong presence in the Bitcoin mining industry. With its recent listing and financial position, Bitdeer is poised for future growth and success in the crypto market.
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