{"id":21071,"date":"2023-08-11T19:02:54","date_gmt":"2023-08-11T19:02:54","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitdeers-losses-widen-in-q2-after-one-time-33m-listing-fee-shares-up-44\/"},"modified":"2023-08-11T19:02:56","modified_gmt":"2023-08-11T19:02:56","slug":"bitdeers-losses-widen-in-q2-after-one-time-33m-listing-fee-shares-up-44","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitdeers-losses-widen-in-q2-after-one-time-33m-listing-fee-shares-up-44\/","title":{"rendered":"Bitdeer\u2019s losses widen in Q2 after one-time $33M listing fee, shares up 44%"},"content":{"rendered":"
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Bitcoin miner Bitdeer Technologies, a firm spun off from prominent Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain, recorded a net loss of $40.4 million in the second quarter of 2023, up from a net loss of $15.6 million in Q2 2022.<\/p>\n
The company disclosed in its earnings report published on Aug. 11 that the losses were largely attributed to a $33.2 million listing fee paid to Blue Safari relating to Bitdeer\u2019s listing on the Nasdaq exchange. The firm\u2019s revenue increased by 5.2% to $93.8 million. The same day, Bitdeer\u2019s stock was up over 40% on news of a $150 million share purchase agreement with B. Riley Financial. The company\u2019s current market capitalization stands at $1.5 billion.\u00a0<\/p>\n
Year over year, the company’s Bitcoin (BTC) hash rate increased from 10.5 exahashes per second (EH\/s) in Q2 2022 to 18.8 EH\/s. Bitdeer\u2019s ASICs under management grew from 119,000 to 199,000 during the same period. The Bitcoin network\u2019s current hash rate stands at 432.94 EH\/s. In total, the company mined 758 BTC compared to 521 BTC in Q2 2022. Bitdeer also launched an 18,000-machine mining rig in Bhutan during the quarter and announced the construction of a 175-megawatt mining center in Norway.<\/p>\n
In November 2021, Bitdeer announced it would go public via a $4 billion special purpose acquisition company merger. The deal was postponed due to the ongoing crypto winter, only to be finalized in April 2023. After its listing, the company held around $130 million in cash equivalents and $30 million in debt.<\/p>\n
Magazine:\u00a0\u2018Elegant and ass-backward\u2019: Jameson Lopp\u2019s first impression of Bitcoin<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin miner Bitdeer Technologies, a firm spun off from prominent Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain, recorded a net loss of $40.4 million in the second quarter of 2023, up from a net loss of $15.6 million in Q2 2022. The company disclosed in its earnings report published on Aug. 11 that the losses […]<\/p>\n","protected":false},"author":1,"featured_media":21072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-21071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\n