Bitdeer Technologies Group has reported a remarkable 50% increase in gross profits for Q2 2024, attributed mainly to its aggressive expansion in Bitcoin mining capacity. The company’s gross profit jumped from $16.2 million last year to $24.4 million this year, according to their August 12 earnings report.
This impressive growth comes as Bitdeer nearly doubled its in-house Bitcoin mining capacity from 3.8 exahashes per second (EH/s) to 7.3 EH/s. In the cryptocurrency world, mining power is measured by hashrate, and Bitdeer’s enhanced capacity has significantly boosted its profitability.
Despite the challenges posed by a surge in the global Bitcoin network’s hashrate and the April 2024 Bitcoin halving, which typically reduces miners’ earnings, Bitdeer’s strategic deployment of its proprietary SEALMINER equipment has proven effective. The company’s Chief Business Officer, Matt Kong, highlighted that the first batch of SEALMINER A1 chips is already operational, with plans to add 3.4 EH/s to their datacenters by the end of the year.
However, Bitdeer reported a net loss of $17.7 million for the quarter, primarily due to capital expenditures on mining equipment and the non-cash expense related to Tether warrants. This is a marked improvement from the $40.4 million loss reported in the same quarter last year.
Bitdeer’s financial strategy includes a $150 million private financing deal with Tether International Limited, announced in May. The funds are intended to fuel further expansion, with $100 million already secured and an additional $50 million potentially available.
In a strategic move to boost product development, Bitdeer acquired chip designer Desiweminer in June. The acquisition is expected to strengthen Bitdeer’s technological edge, with Desiweminer’s team now integrated into Bitdeer’s existing operations in Singapore.
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