Bitdeer Reports Mining of 1,299 Bitcoins in Q4 2023

Bitdeer demonstrated solid financial results for the fourth quarter with increasing revenue and mining efficiency, cementing its status as a leading blockchain technology company.

Bitdeer Technologies Group (NASDAQ: BTDR ), a leading name in the world of blockchain and high-performance computing, has released its financial and operating results for the fourth quarter of 2023, indicating a strong finish amid a challenging cryptocurrency market landscape. The Singapore-based tech giant reported significant growth in revenue and operational efficiency, underscoring its resilience and strategic acumen in navigating the crypto winter.

Financial results: jump in revenue and EBITDA

Unaudited preliminary results for the quarter ending December 31, 2023 revealed Bitdeer’s total revenue of approximately US$114.8 million, a significant increase from US$77.1 million in the fourth quarter of 2022. This growth was driven by the company’s diverse business lines, self-produced revenue nearly quadrupled to $46.9 million from $10.6 million in the same period last year.

Bitdeer’s cloud hash rate revenue, total hosting revenue, and membership hosting revenue also witnessed notable increases. The company’s adjusted EBITDA is estimated to be between US$32.1 million and US$38.1 million, doubling from US$16.3 million in the fourth quarter of 2022, reflecting efficient operational management and a strong business model.

Operational Stages: Mining Expansion and Efficiency

Operational highlights from Q4 2023 include mining approximately 1,299 Bitcoins and utilizing approximately 1,336,000 MWH across six data centers. Bitdeer achieved an average electricity consumption of US$44/MWH and an impressive mining efficiency of approximately 31.7 J/TH, demonstrating the company’s commitment to sustainability and operational excellence.

Commitment to stakeholders: transparency and sustainability

Linghui Kong, Chief Business Officer of Bitdeer, emphasized the company’s commitment to providing investors with timely access to its performance data. The proactive release of preliminary financial and operational results ahead of the audited financial statements at the end of 2023 is an example of Bitdeer’s transparency and reliability as a publicly traded company.

Future Perspective: Leading the way in the blockchain technology space

As Bitdeer progresses, it continues to focus on providing end-to-end computing solutions, navigating complex processes such as equipment procurement, data center management, and advanced cloud services for AI demand. With strategic deployments in the United States, Norway and Bhutan, the company is poised to strengthen its global footprint in the blockchain industry.

The company’s forward-looking statements show cautious optimism with a realistic acknowledgment of potential risks and uncertainties. Investors and industry watchers are eagerly awaiting the full financial results for the full year 2023, due to be released later in March.

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