Aug 18, 12:15 PM

Bitdeer Revenue Leaps 57% but Wider Loss Underscores Mining Costs

Bitdeer Technologies Group reported unaudited second-quarter revenue of $155.6 million, a 56.8% year-on-year increase driven by strong growth in self-mining operations and $69.5 million in SEALMINER A2 equipment sales. Despite the top-line surge, the bitcoin-miner posted a net loss of $147.7 million, widening sharply from a $17.7 million loss a year earlier, as non-cash derivative liability adjustments and higher research and development spending weighed on results. Adjusted earnings per share came in at –$0.13, while adjusted EBITDA reached $17.3 million. The company’s proprietary hashrate rose to 16.7 exahashes per second, helping lift total hash-rate under management to 30.6 EH/s. Bitdeer said it remains on track to hit 40 EH/s of self-mining capacity by October. Liquidity stood at $299.8 million in cash and $169.3 million in crypto assets at quarter-end, offset by $533.1 million in borrowings. Bitdeer expanded available electrical capacity to 1.3 gigawatts and expects to exceed 1.6 GW by the end of the year. Management also disclosed advanced negotiations with a development partner for a 570 MW high-performance-computing and AI project at its Clarington, Ohio site, underscoring the firm’s push to diversify revenue and scale infrastructure despite post-halving margin pressure.

#Bitdeer Technologies Group #Bitdeer #Clarington #Ohio

Written with ChatGPT .

Bitdeer Revenue Leaps 57% but Wider Loss Underscores Mining Costs

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