Bitdeer's losses widen in Q2 after one-time $33M itemizing payment, shares up 44%


Bitcoin miner Bitdeer Applied sciences, a agency spun-off from outstanding Bitcoin Utility-Particular Built-in Circuit (ASIC) producer Bitmain, recorded a web lack of $40.4 million in Q2 2023, up from a web lack of $15.6 million in Q2 2022.

The corporate disclosed in its earnings report printed on Aug. 11 that the losses have been largely attributed to a $33.2 million itemizing payment paid to Blue Safari Acquisition Corp regarding Bitdeer’s itemizing on the U.S. NASDAQ change. The agency’s income elevated by 5.2% to $93.8 million. The identical day, Bitdeer’s inventory was up over 40% on information of a $150 million share buy settlement with B. Riley Monetary. The corporate’s present market capitalization stands at $1.5 billion. 

12 months over 12 months, Bitcoin’s (BTC) hash charge elevated from 10.5 exahash per second (EH/s) in Q2 2022 to 18.8 EH/s. Bitdeer’s ASIC undermanagement grew from 119,000 to 199,000 throughout the identical interval. The Bitcoin community’s present hash charge stands at 432.94 EH/s. In complete, the corporate mined 758 BTC in comparison with 521 BTC in Q2 2022. Bitdeer additionally launched an 18,000-machine mining rig in Bhutan in the course of the quarter and introduced the development of a 175-megawatt mining middle in Norway.

In November 2021, Bitdeer introduced it could go public by way of a $4 billion particular goal acquisition firm merger. The deal was postponed because of the ongoing crypto winter, solely to be finalized in April 2023. After its itemizing, the corporate held round $130 million in money equivalents and $30 million in debt.

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