Paypal Crypto Soars 44% as Bitdeer Records Wider Losses in Q2

Bitdeer Technologies Q2 2023 Earnings

Bitdeer Technologies, a Bitcoin mining firm spun off from the prominent Bitcoin ASIC manufacturer Bitmain, reported a net loss of $40.4 million in the second quarter of 2023, a jump from its net loss of $15.6 million in Q2 2022. The company attributed the losses largely to a $33.2 million listing fee paid to Blue Safari for its Nasdaq listing. Revenue, however, increased by 5.2% to $93.8 million.

On the same day, Bitdeer’s stock surged over 40% on the news of a $150 million share purchase agreement with B. Riley Financial. The company’s current market capitalization stands at $1.5 billion.

Year over year, Bitdeer’s Bitcoin (BTC) hash rate increased from 10.5 exahashes per second (EH/s) in Q2 2022 to 18.8 EH/s. The firm’s ASICs under management grew from 119,000 to 199,000 during the same period. The Bitcoin network’s current hash rate stands at 432.94 EH/s. Bitdeer mined 758 BTC compared to 521 BTC in Q2 2022, and launched an 18,000-machine mining rig in Bhutan during the quarter. The firm also announced the construction of a 175-megawatt mining center in Norway.

In November 2021, Bitdeer announced it was going public via a $4 billion special purpose acquisition company merger. This deal was postponed due to the ongoing Polymesh crypto winter, only to be finalized in April 2023. After its listing, the company had around $130 million in cash equivalents and $30 million in debt.