Bitdeer Mining Firm Q1 2023 Revenue Hits $72.6M, with $9.5M Net Loss

  • It reports a net loss of $9.5M but achieves a $2.8M adjusted profit.
  • The company’s revenue reaches $72.6M despite challenges from the BTC price.

Bitdeer Technologies Group, a prominent crypto mining firm, has released its unaudited financial results for the first quarter of 2023, highlighting a robust performance and sufficient cash flow despite challenges from macroeconomic and crypto-market headwinds.

According to official records, Bitdeer reported a net loss of $9.5 million for the first quarter. However, the company’s non-IFRS adjusted profit reached $2.8 million, and non-IFRS adjusted EBITDA stood at $18.5 million.

Revenue sources for Bitdeer include self-mining, hashrate sharing including Cloud Hashrate, and hosting services. In Q1 2023, total revenue was $72.6 million, compared to $90.4 million in Q1 2022.

The firm attributed the decrease to changes in Bitcoin prices, impacting self-mining and Cloud Hashrate revenue. However, hosting service revenue increased while the company’s cash and cash equivalents as of March 31, 2023, were $173.9 million.

Bitdeer operates around 196,000 ASIC mining machines, with 795MW aggregate electricity capacity across five mining data centers. An additional 100MW capacity is under construction in Bhutan.

Bitdeer took proactive measures to optimize its cost base by securing a competitive price for 150MW electricity capacity in its Texas mining data center until the end of 2023. Additionally, the company invested in future growth by expanding its fleet of mining machines, increasing its proprietary hash rate from 4.1 EH/s to 5.7 EH/s.

Notably, Bitdeer announced a partnership with Druk Holding & Investments to develop a carbon-free digital asset mining data center in Bhutan. This expansion complements the company’s existing Northern Europe and North America data centers. In preparation for this month’s partnership launch, Bitdeer has ordered 30,000 new mining machines, laying a solid foundation for the project’s success.

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