Business
Bitdeer Reports Unaudited Financial Results for the First Quarter of 2023 and Operational Update
SINGAPORE, May 16, 2023 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for the
About this update from Bitdeer Technologies Group
[{"type":"text","content":"SINGAPORE, May 16, 2023 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for the cryptocurrency mining community, today announced its unaudited financial results for the first quarter ended March 31, 2023. Linghui Kong, Chief Executive Officer of Bitdeer, commented, “We continued to deliver robust performance and maintained a sufficient cash flow during the first quarter, despite macroeconomic and crypto-market headwinds. While we recorded a net loss of $9.5 million, our non-IFRS adjusted profit was $2.8 million and non-IFRS adjusted EBITDA was $18.5 million. At the operational level, we proactively optimized our cost base by locking up a competitive price for 150MW electricity capacity in our Rockdale mining datacenter effectively until the end of 2023. Moreover, we further invested in our future growth by expanding our fleet of mining machines and increasing our proprietary hash rate from 4.1 EH/s as of December 31, 2022 to 5.7 EH/s as of March 31, 2023.” “Looking ahead, we are excited to partner with Druk Holding & Investments to jointly develop a carbon-free digital asset mining datacenter in the Kingdom of Bhutan. This collaboration further expands our global footprint and complements our existing datacenters in Northern Europe and North America. In preparation for the partnership launch in May 2023, we have ordered 30,000 new mining machines to be deployed onsite, thus laying a solid foundation for the project’s success.” The majority of the Company’s revenue is derived from its three distinct business lines: Self-mining1 refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.Hash Rate Sharing currently primarily includes Cloud Hash Rate, in which the Company offers hash rate subscription plans and shares mining income with customers under certain arrangements.Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining. First Quarter 2023 Financial Highlights Total revenue was $72.6 million in the first quarter of 2023, compared to $90.4 million in the corresponding period of 2022, primarily due to the year-over-year changes in Bitcoin prices leading to a de...