Bitdeer's losses widen in Q2 after one-time $33M listing fee, shares up 44%

Bitcoin miner Bitdeer Technologies, a steadfast spun-off from salient Bitcoin Application-Specific Integrated Circuit (ASIC) shaper Bitmain, recorded a nett nonaccomplishment of $40.4 cardinal successful Q2 2023, up from a nett nonaccomplishment of $15.6 cardinal successful Q2 2022.

The institution disclosed successful its net study published connected Aug. 11 that the losses were mostly attributed to a $33.2 cardinal listing interest paid to Blue Safari Acquisition Corp relating to Bitdeer's listing connected the U.S. NASDAQ exchange. The firm's gross accrued by 5.2% to $93.8 million. The aforesaid day, Bitdeer's banal was up implicit 40% connected quality of a $150 cardinal stock acquisition agreement with B. Riley Financial. The company's existent marketplace capitalization stands astatine $1.5 billion. 

Year implicit year, Bitcoin's (BTC) hash complaint accrued from 10.5 exahash per 2nd (EH/s) successful Q2 2022 to 18.8 EH/s. Bitdeer's ASIC undermanagement grew from 119,000 to 199,000 during the aforesaid period. The Bitcoin network's existent hash complaint stands astatine 432.94 EH/s. In total, the institution mined 758 BTC compared to 521 BTC successful Q2 2022. Bitdeer besides launched an 18,000-machine mining rig successful Bhutan during the 4th and announced the operation of a 175-megawatt mining halfway successful Norway.

In November 2021, Bitdeer announced it would spell public via a $4 cardinal peculiar intent acquisition institution merger. The woody was postponed owed to the ongoing crypto winter, lone to beryllium finalized successful April 2023. After its listing, the institution held astir $130 cardinal successful currency equivalents and $30 cardinal successful debt.

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