Bitdeer's Q2 2024 revenue was $99.2 million, with adjusted EBITDA of $24.9 million, showing growth.

From GlobeNewswire: 2024-08-12 07:00:00

Bitdeer Technologies Group reported revenue of US$99.2 million in Q2 2024, up from US$93.8 million in Q2 2023. The company’s adjusted EBITDA was US$24.9 million, a 33.2% increase year-over-year. Despite the growth in global network hashrate and the April 2024 halving, Bitdeer achieved strong financial performance with a gross profit of US$24.4 million. The company also made significant progress in its SEALMINER ASIC roadmap, expansion of power and datacenter infrastructure, and deployment of NVIDIA DGX SuperPOD H100 system for HPC and AI business.

Bitdeer’s revenue breakdown for Q2 2024 includes self-mining revenue of US$41.6 million, cloud hash rate revenue of US$12.2 million, general hosting revenue of US$20.6 million, and membership hosting revenue of US$22.1 million. The cost of revenue was US$74.8 million, resulting in a gross profit of US$24.4 million with a gross margin of 24.6%. The company also recorded an adjusted EBITDA of US$24.9 million.

In terms of operational metrics, Bitdeer managed a total hash rate of 22.3 EH/s, with 223,000 mining machines under management and 1.192 million MWh of total power usage. The company’s global power capacity stands at 2.5 GW, with ongoing datacenter projects in the U.S., Norway, and Bhutan. Bitdeer ended the quarter with US$203.9 million in cash and cash equivalents, positioning itself for future growth in the upcoming market trends.



Read more at GlobeNewswire:: Bitdeer Reported Unaudited Financial Results for the Second