2024

Argo

Galaxy

Bitcoin

Bitdeer Technologies Group reported a roughly 50% year-over-year increase in gross profits in the second quarter of 2024, largely as a result of nearly doubling its in-house Bitcoin mining capacity, according to the company’s Aug. 12 earnings report.&nbsp;
Gross profit for the second quarter of 2024 <a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-reported-unaudited-financial-results-second-quarter-2024" target="_blank" rel="noopener nofollow">increased</a> to $24.4 million from $16.2 million one year prior, according to Bitdeer.
Bitdeer increased its capacity for “self-mining” — or mining Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) 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 a mining operation.&nbsp;
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/eeac8fd7-6bb8-41e8-8c4d-00ec43098518.png" alt="Bitdeer clocks 50% gross profit jump amid Bitcoin mining ramp up" title="">
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 Bitdeer increased its BTC self-mining capacity by upwards of 80% since one year ago. Source: Bitdeer
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“We achieved these results despite significant growth in the global network hashrate and the April 2024 halving,” Matt Kong, Bitdeer’s chief business officer, said in a statement. The total hashrate for the Bitcoin network is currently 677.43 EH/s, nearly double where it stood one year ago, according to <a href="https://www.coinwarz.com/mining/bitcoin/hashrate-chart" target="_blank" rel="noopener nofollow">data</a> from CoinWarz.
Related: <a href="https://cointelegraph.com/news/bitcoin-miner-argo-repays-35m-galaxy-loan">Bitcoin miner Argo repays $35M Galaxy bailout loan</a>
The company’s increased hashrate partly stems from Bitdeer’s deployment of its proprietary SEALMINER mining equipment, according to the executive.
“We have energized the first batch of our SEALMINER A1 chips, with mass production underway and plans to install 3.4 EH/s into our datacenters by year-end,” 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 “the non-cash expense of the fair value change for Tether warrants.” The net loss is an improvement over Bitdeer’s $40.4 million net loss one year ago. 
In May, Bitdeer <a href="https://ir.bitdeer.com/news-releases/news-release-details/bitdeer-announces-150-million-private-placement-financing" target="_blank" rel="noopener nofollow">announced</a> a $150 million private financing from Tether International Limited, the issuer of the Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) stablecoin. The raise included $100 million in upfront capital from a share issuance and up to $50 million in additional funds from a warrant granting Tether the right to buy up to five million additional Bitdeer shares for $10 per share.
In June, Bitdeer acquired chip designer Desiweminer in an all-stock deal intended to enhance its product development capabilities. Kong said Desiweminer’s team has been integrated with Bitdeer’s existing design team in Singapore. 
Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/">How Chinese traders and miners get around China’s crypto</a>

Bitdeer clocks 50% gross profit jump amid Bitcoin mining ramp up

Cointelegraph

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