Bitdeer’s losses widen in Q2 after one-time $33M listing fee, shares up 44%

Bitcoin miner Bitdeer Applied sciences, a agency spun-off from distinguished Bitcoin Utility-Particular Built-in Circuit (ASIC) producer Bitmain, recorded a web lack of $40.four million in Q2 2023, up from a web lack of $15.6 million in Q2 2022.

The corporate disclosed in its earnings report revealed on Aug. 11 that the losses have been largely attributed to a $33.2 million itemizing payment paid to Blue Safari Acquisition Corp referring to Bitdeer’s itemizing on the U.S. NASDAQ alternate. The agency’s income elevated by 5.2% to $93.eight 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. 

Yr over 12 months, Bitcoin’s (BTC) hash fee elevated from 10.5 exahash per second (EH/s) in Q2 2022 to 18.eight EH/s. Bitdeer’s ASIC undermanagement grew from 119,000 to 199,000 throughout the identical interval. The Bitcoin community’s present hash fee stands at 432.94 EH/s. In whole, the corporate mined 758 BTC in comparison with 521 BTC in Q2 2022. Bitdeer additionally launched an 18,000-machine mining rig in Bhutan through 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 $four billion particular objective 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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