Bitcoin mining company BitDeere saw its shares fall 3.55% on the Nasdaq on Monday after reporting a net loss for the second quarter of this year.
According to its latest earnings report, the Singapore-headquartered company reported a net loss of US$17.7 million in the second quarter of this year, compared to US$40.4 million in the same period last year..
The miner’s total revenue increased to $99.2 million in the second quarter from $93.8 million in the same period last year. Gross profit increased 50.6% year over year to $24.4 million in the second quarter.
“We achieved these results despite significant growth in our global network hashrate and the upcoming halving in April 2024,” Bitdeer Chief Business Officer Matt Kong said in a statement. “Our previous R&D investments in our cloud hashrate business generated $7.3 million in gross profit in Q2, with gross margins of nearly 60%, helping us generate more revenue for the same amount of hashrate compared to our competitors.”
Bitdeer’s self-mining revenue increased to $41.6 million in Q2 from $21.6 million in the same quarter last year, mainly due to the increase in self-mining hash rate from 3.8 EH/s to 7.3 EH/s at 100MW. Mining facilities in Bhutan.
Kong also said that Bitdeer has “powered the first batch of SEALMINER A1 chips” and plans to deploy 3.4EH/s in mining operations by the end of the year.
Bitdeer in May The deal was finalized Bitdeer has sold up to $150 million worth of shares to stablecoin issuer Tether in a private placement. Through this transaction, Bitdeer raised $100 million in a private placement and received warrants that allowed Tether to purchase an additional $50 million worth of shares.
Bitdeer’s stock price on Nasdaq closed Monday down 3.55% at $7.61, giving it a market cap of $1.04 billion. The stock has fallen 14.3% since the beginning of the year.
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