Bitdeer Technologies, a Bitcoin miner spun-off from Bitmain, reported a net loss of $40.4 million in Q2 2023, primarily due to a $33.2 million listing fee paid to Blue Safari Acquisition Corp for its listing on the NASDAQ exchange. However, the company’s revenue increased by 5.2% to $93.8 million. Bitdeer’s stock rose over 40% after announcing a $150 million share purchase agreement with B. Riley Financial. The company’s market capitalization is currently $1.5 billion.
In terms of operational performance, Bitdeer saw significant growth in Bitcoin’s hash rate, which increased from 10.5 EH/s in Q2 2022 to 18.8 EH/s. The company’s ASIC undermanagement also grew from 119,000 to 199,000 during the same period. Bitdeer mined a total of 758 BTC in Q2 2023 compared to 521 BTC in Q2 2022. Additionally, the company launched a mining rig in Bhutan and announced the construction of a 175-megawatt mining center in Norway.
Bitdeer initially planned to go public through a $4 billion special purpose acquisition company merger in November 2021 but faced delays due to market conditions. The merger was eventually completed in April 2023. Following the listing, the company held approximately $130 million in cash equivalents and had $30 million in debt.
In summary:
– Bitdeer Technologies recorded a net loss of $40.4 million in Q2 2023, largely due to a listing fee.
– The company’s revenue increased by 5.2% to $93.8 million.
– Bitdeer’s stock rose over 40% after announcing a $150 million share purchase agreement with B. Riley Financial.
– Bitcoin’s hash rate increased from 10.5 EH/s to 18.8 EH/s, and Bitdeer’s ASIC undermanagement grew from 119,000 to 199,000.
– The company mined 758 BTC in Q2 2023 and launched a mining rig in Bhutan.
– Bitdeer completed its $4 billion SPAC merger in April 2023, holding $130 million in cash equivalents and $30 million in debt.
