Bitdeer's Q2 mining revenue up 43% as bitcoin holdings swell to $175 million
Quick Take
- Bitdeer posted bitcoin mining revenue of $59.3 million, a 43% gain when compared to the previous year of $41.6 million.
- The company’s BTC holdings also jumped year-over-year to 1,502 bitcoin ($175 million) versus 115 for Q2 2024.
After posting a first quarter where revenue declined, bitcoin miner Bitdeer Technologies Group (ticker BTDR) reported revenue growth for the second quarter of this year.
Bitdeer's bitcoin mining division reported revenue of $59.3 million, a 43% gain when compared to the previous year of $41.6 million, according to a statement released Monday. Overall, the company's second-quarter revenue rose 56.8% year-over-year after Bitdeer reported $155.6 million in total revenue versus $99.2 million for the same period in 2024.
The market appeared to approve of Bitdeer's quarterly results as the company's shares closed at $14.36, a more than 7% gain on the day, according to The Block's price page. In the first quarter of this year, Bitdeer reported a sharp decline in revenue.
"Q2 marked a key inflection point,” Bitdeer's Chief Business Officer Matt Kong said in a statement. "Looking forward, we anticipate continued rapid growth in our self-mining hashrate throughout the remainder of the year and we are well on track to achieve our 40 EH/s target by the end of October."
The company said its mining revenue growth can be attributed to both higher bitcoin prices and "the increase in the average self-mining hashrate for the quarter by 103.3% to 14.2 EH/s from 7.0 EH/s last year."
Following the trend of many companies, both deeply invested in crypto and otherwise, Bitdeer's BTC holdings have also increased substantially since last year. The company said it held 1,502 bitcoins ($175 million) at the end of the fiscal period, versus 115 BTC for the prior-year period.
In June, the bitcoin miner aimed to raise between $320 million and $360 million from a convertible note offering. Bitdeer said it planned to use about $160 million to pay off zero-strike call options and cash consideration for note exchanges, with the rest going towards the financing of ASIC mining rig expansions, working capital, and general company purposes.
Bitdeer has its headquarters in Singapore while maintaining mining data centers in the United States, Norway, and Bhutan.
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