Bitdeer quarterly loss widens to $40 million

In the second quarter, the Bitdeer mining services provider increased revenue by 5%, but posted a net loss of $40.4 million.

For the first three months of the year, the company posted a loss of $15.6 million.

The company attributed the main driver of the period’s loss to listing expenses and stock-based compensation totaling $33.2 million. In April, Bitdeer listed on Nasdaq via a reverse merger with the SPAC Blue Safari Group Acquisition Corp.

The company posted revenue of $93.8 million for the quarter, up from $89.2 million in the prior three months.

Excluding listing expenses, the company’s adjusted operating income was $2.3 million, down from $3.6 million in the first quarter.

As of June 30, Bitdeer held cash and cash equivalents of $130.2 million.

In July, the company completed construction of the Gedu data centre in Bhutan with a capacity of 100 MW. According to the statement, power testing and equipment hookup are ongoing at the facility. As of August 11, roughly 18,000 Bitcoin miners were already in operation.

Bitdeer also began construction of a new data centre with immersion cooling capacity of 175 MW at its Tydal mining facility in Norway.

In May, Bitdeer and the state-owned Druk Holding & Investments announced the creation of a $500 million fund to develop Bhutan’s cryptocurrency mining industry.

In July, the mining company began raising funds for a structure called the Green Bitcoin Fund.