Bitdeer 50% Gross Profit Jump Up in Bitcoin Mining
Bitdir Technologies Group posted a 50% year-over-year increase in gross profit in the second quarter of 2024, largely due to doubling its in-house Bitcoin mining capacity, according to the company's Aug. 12 earnings report.
Gross profit for the second quarter of 2024 increased to $24.4 million from $16.2 million a year ago, BitDeer said.
Bitdir for “self-mining” – or mining Bitcoin (BTC) for its own account – from 3.8 exahashes per second (EH / s) to 7.3 EH / s. Cryptocurrency mining is measured by hashrate or the computational power of mining.
Matt Kong, chief business officer of BitTorrent, said in a statement: “We achieved these results despite the rapid growth of global network hashrate and its halving in April 2024. The Bitcoin network's total hashrate is currently 677.43 EH/s, nearly double where it stood a year ago, according to CoinWarz data.
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The company's increased hashrate is partly due to Bitdeer's deployment of its proprietary SEALMINER mining tool, the executive said.
“We have powered up the first SEALMINER A1 chips, mass production is underway and we plan to install 3.4 EH/s into our data centers by the end of the year,” Kong said.
The BTC miner reported a net loss of $17.7 million for the quarter, largely due to capital expenditures on BTC mining equipment and “non-financial expenses related to actual price changes for Tether orders.” The net loss was an improvement from BitDeer's net loss of $40.4 million a year ago.
In May, Bitdeer announced a $150 million private financing from Tether International Ltd., the issuer of the Tether (USDT) stablecoin. The proceeds include $100 million in upfront capital from the sale of shares and up to $50 million in additional funding through warrants issued to Tether that include the right to purchase up to five million additional BitDeer shares at $10 each.
In June, BitDesk acquired chip designer Desiweminer in an all-stock deal aimed at boosting its product development capabilities. Kong said Desweminer's team is integrated with BitDeer's design team in Singapore.
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