Deniz 
Following the company’s net losses in the second quarter of this year, Bitcoin mining startup Bitdeer observed a 3.55% drop in stock price on Nasdaq Monday. With a net loss of $17.7 million in the second quarter of this year compared to $40.4 million at the same time last year, the Singapore-headquartered company revealed this in its latest results report.
From $93.8 million in the same period last year, the miner’s whole income rose to $99.2 million in the second quarter. In the second quarter, its gross profit grew by 50.6% year-on-year to $24.4 million.
“We attained these results despite a notable increase in the global network hashrate and the April 2024 halving,” Matt Kong, chief business officer of Bitdeer, said in a statement. “(Our) prior R&D investment in our cloud hashrate business contributed a gross profit of $7.3 million with a nearly 60% gross margin in Q2 and helped us generate more revenue for the same amount of hashrate relative to our peers.”
From $21.6 million in last year’s same quarter, Bitdeer’s self-mining revenue climbed to $41.6 million in the second quarter. That was mostly related to the rise in self-mining hash rate, which grew from 3.8 EH/s at its 100 MW mining plant in Bhutan to 7.3 EH/s. Kong also revealed that Bitdeer has “energized the first batch of our SEALMINER A1 chips” and intends to install 3.4 EH/s at its mining facilities by the end of this year.
Bitdeer concluded a contract with stablecoin issuer Tether in May for a private sale of up to $150 million worth of its shares. Bitdeer obtained $100 million in a private placement through the transaction under a warrant that would let Tether purchase extra shares for another $50 million.
With a market capitalization of $1.04 billion, Bitdeer’s Nasdaq share price dropped 3.55% Monday to $7.61. Year-to-date, the stock price has dropped 14.3%.
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