Business
Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2023 and Operational Update
SINGAPORE, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for
About this update from Bitdeer Technologies Group
[{"type":"text","content":"SINGAPORE, Aug. 11, 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 second quarter ended June 30, 2023. Linghui Kong, Chief Executive Officer of Bitdeer, commented, “During the second quarter of 2023, our total revenues increased by 5% year over year to $93.8 million, demonstrating the resilience of our unique business model and our strategic execution capabilities. At the same time, we continued to advance our initiatives to bolster and grow our business, as we delivered year-over-year increases in aggregate electrical capacity and total hash rate under management. On the infrastructure front, we forged ahead with our efforts to expand our global footprint and diversify our operations. Our 100MW mining datacenter in Bhutan is in the process of power-on testing, and the mining machines are beginning stable operation. In addition, we recently commenced construction of a 175MW immersion cooling datacenter at our Tydal mining facility in Norway, which is expected to be completed in 2025.” “In line with our dedication to creating additional value for our shareholders, we introduced a share repurchase program of up to US$1,000,000. Bolstered by our prudent operational and infrastructure investments, we are excited about the opportunities ahead, and confident that we are well-positioned to meet demand for our services and drive long-term growth.” 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. Financial Highlights Total revenue was $93.8 million in the second quarter of 2023, compared to $89.2 million in the corresponding period of 2022, primarily due to the increased self-mining hash rate which led to an increase in ...