{"id":26621,"date":"2024-08-13T21:00:07","date_gmt":"2024-08-13T18:00:07","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26621"},"modified":"2024-08-13T12:37:07","modified_gmt":"2024-08-13T09:37:07","slug":"bitdeer-reports-q2-losses-despite-revenue-growth","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitdeer-reports-q2-losses-despite-revenue-growth\/","title":{"rendered":"Bitdeer Reports Q2 Losses Despite Revenue Growth"},"content":{"rendered":"

Following the company’s net losses in the second quarter of this year, Bitcoin mining startup Bitdeer<\/strong> 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.<\/p>\n

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.<\/p>\n

“We attained these results despite a notable increase in the global network hashrate and the April 2024 halving<\/em>,” Matt Kong, chief business officer of Bitdeer<\/strong>, 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.”<\/em><\/p>\n

From $21.6 million in last year’s same quarter, Bitdeer’s<\/strong> 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<\/strong> has “energized the first batch of our SEALMINER A1 chips<\/em>” and intends to install 3.4 EH\/s at its mining facilities by the end of this year.<\/p>\n

Bitdeer<\/strong> concluded a contract with stablecoin issuer Tether in May for a private sale of up to $150 million worth of its shares. Bitdeer<\/strong> obtained $100 million in a private placement through the transaction under a warrant that would let Tether purchase extra shares for another $50 million.<\/p>\n

With a market capitalization of $1.04 billion, Bitdeer’s<\/strong> Nasdaq share price dropped 3.55% Monday to $7.61. Year-to-date, the stock price has dropped 14.3%.<\/p>\n

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You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em>the latest\u00a0news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":6,"featured_media":26622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6547,144],"class_list":["post-26621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitdeer","tag-mining"],"yoast_head":"\nBitdeer Reports Q2 Losses Despite Revenue Growth - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitdeer-reports-q2-losses-despite-revenue-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitdeer Reports Q2 Losses Despite Revenue Growth - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"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. 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