Bitdeer grows revenue but books losses in Q2

Bitdeer recently completed its data center in Bhutan and will be investing in immersion cooling technology

article-image

rafapress/Shutterstock modified by Blockworks

share

Bitdeer increased cash flow in Q2 2023, though its profitability was offset by a significant acquisition and share-based compensation costs.

The Singapore-based crypto mining company dropped its earnings release Friday, reporting an increase in its mining hash rate from 2.1 exahashes per second to 3.8 exahashes per second during the second quarter of 2022.

The self mining business also produced 758 bitcoins compared to 521 bitcoins in the second quarter of 2022.

Bitdeer credited its surge in hashing power for the Q2 revenue boost, reporting $93.8 million — a 5% increase year over year.

Bitdeer CEO Linghui Kong also brought up the company’s recent completion of its mining site in Bhutan and a new immersion cooling data center as things that will drive growth going forward. 

“Our 100MW mining datacenter in Bhutan is in the process of power-on testing, and the mining machines are beginning stable operation,” Kong said in a statement.

He continued, “In addition, we recently commenced construction of a 175MW immersion cooling data center at our Tydal mining facility in Norway, which is expected to be completed in 2025.”

With some expansion plans finalized and others ongoing, Bitdeer has naturally added many more miners to its operation.

As of June 30, Bitdeer has 199,000 mining machines under management, whereas a year ago, it had 119,000. Bitdeer’s business model has shifted over the last twelve months, with a majority of the machines being hosted instead of self owned. 

However, as the company continues to mature, it reported a net loss of $40.4 million in the second quarter. This marks a significant surge since last year’s quarterly loss of $15.6 million.

Bitdeer attributed its heightened loss to its April merger with the special purpose acquisition company, Blue Safari Group Acquisition Corp. The listing fee alone was $33.2 million and share based payment expenses amounted to $9.6 million this quarter.

Before the stock market opened, Bitdeer’s stock had dropped around 26% in the past 30 days. But it erased all of those losses Friday morning, rallying over 27% as of publication time.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /