Bitdeer Mining Firm Shows Strong Revenue Growth in Q1 2023 Despite $9.5M Net Loss
Bitdeer Technologies Group has recorded an impressive performance for the first quarter of 2023, highlighting revenue growth and good cash flow despite the prevalent macroeconomic and crypto-market headwinds.
The prominent cryptocurrency mining company has multiple revenue sources, including self-mining, hash rate sharing like Cloud Hashrate, and hosting services.
In a report from GlobalNewswire, Bitdeer’s non-IFRS adjusted profit posted at $2.80 million, while non-IFRS adjusted EBITDA gained $18.50 million.
However, the total revenue came in at $72.60 million, lower than the $90.40 million in Q1 2022. This value translates to a net loss of $9.50 million for the first quarter, attributing the decline to the drastic changes in Bitcoin's (BTC) price that drags self-mining and Cloud Hashrate revenue.
On a positive note, hosting service revenue surged along with an uptick in the firm’s cash and cash equivalents to $173.90 million.
Bitdeer, which went public on Nasdaq last April 14, currently works with 196,000 ASIC mining machines, holding a 795MW aggregate electricity capacity across its five mining data centers.
Yahoo Finance also mentioned that the Singapore-headquartered cryptocurrency miner had expanded its presence in Bhutan, landlocked between China and India and home to rich hydropower resources.
This move aims to deploy "100% carbon-free" operations, an expansion that complements the firm’s existing Northern Europe and North America data centers. Thus, in preparation, Bitdeer has purchased 30,000 new mining machines, strengthening the foundation for the project.
Bitdeer’s latest partnership comes after the firm noted in a regulatory filing that it aims to generate 100 MW of power for mining at its new location. The construction of new mining facilities will commence in the second quarter and be done in the third quarter of 2023.
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