50% Increase in Bitdeer’s Gross Profit in Q2 2024!

On August 12, Bitdeer reported a roughly 50% increase in gross profit for Q2 2024 compared to the previous year. This growth is largely attributed to a doubling of its internal Bitcoin (BTC) mining capacity. Gross profit rose from $16.2 million last year to $24.4 million. The company’s Bitcoin self-sufficiency capacity increased from 3.8 to 7.3 exahashes per second.

Matt Kong, Chief Commercial Officer of Bitdeer, announced that the company has launched its first series of SEALMINER A1 chips. According to Kong, Bitdeer plans to boost the hash rate capacity of its data centers to 3.4 exahashes per second by the end of the year. Despite these advancements, the company reported a net loss of $17.7 million, showing significant improvement compared to the $40.4 million loss from the previous year. Additionally, Bitdeer recently secured $150 million in private funding from Tether.