Bitdeer Increases Gross Profit by 50% in Q2

Bitdeer Technologies Group, a leading Bitcoin mining firm, announced a significant 50% year-over-year increase in gross profits for Q2 2024, driven by a substantial expansion of its mining capacity. According to the company’s August 12 earnings report, gross profit rose to $24.4 million, up from $16.2 million in the same quarter last year. This growth was primarily fueled by nearly doubling its self-mining capacity from 3.8 EH/s to 7.3 EH/s, according to Cointelegraph.

Despite these gains, Bitdeer reported a net loss of $17.7 million for the quarter, an improvement from the $40.4 million loss in Q2 2023. The loss was largely due to capital expenditures on Bitcoin mining equipment and a non-cash expense related to Tether warrants. The company’s hashrate increase was bolstered by the deployment of its proprietary SEALMINER equipment, with plans to add another 3.4 EH/s by the end of 2024.

In May, Bitdeer secured $150 million in private financing from Tether International Limited, part of which will fund further expansion. Additionally, Bitdeer acquired chip designer Desiweminer in June to enhance its product development capabilities, integrating Desiweminer’s team with its existing design unit in Singapore.

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