Bitdeer grows revenue but books losses in Q2

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


rafapress/Shutterstock modified by Blockworks


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.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit