Bitdeer Reports Mining of 1,299 Bitcoins in Q4 2023
Rebeca Moen Mar 05, 2024 05:22
Bitdeer showcases robust Q4 financials with soaring revenues and mining efficiency, reinforcing its status as a leading blockchain tech company.
Bitdeer Technologies Group (NASDAQ: BTDR), a leading name in the world of blockchain and high-performance computing, releases its financial and operating results for Q4 2023, indicating a strong finish amidst the challenging landscape of the cryptocurrency market. The Singapore-based technology giant has reported significant growth in revenue and operational efficiency, underscoring its resilience and strategic acumen in navigating the crypto winter.
Financial Performance: A Surge in Revenue and EBITDA
The unaudited preliminary results for the quarter ending December 31, 2023, reveal Bitdeer's total revenue at approximately US$114.8 million, marking a substantial increase from US$77.1 million in Q4 2022. This growth is attributed to the company's diverse business lines, with self-mining revenue nearly quadrupling to US$46.9 million from US$10.6 million in the same period last year.
Bitdeer's cloud hash rate revenue, general hosting revenue, and membership hosting revenue have also witnessed notable upticks. 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 Q4 2022, which reflects efficient operational management and a strong business model.
Operational Milestones: Expanding Mining and Efficiency
The operational highlights of Q4 2023 include the mining of approximately 1,299 Bitcoins and the usage of about 1,336,000 MWH across six data centers. Bitdeer has achieved an average electricity cost of US$44/MWH and an impressive miner efficiency of approximately 31.7 J/TH, showcasing the company's commitment to sustainability and operational excellence.
Commitment to Stakeholders: Transparency and Resilience
Linghui Kong, Chief Business Officer of Bitdeer, emphasizes the company's dedication to providing investors with timely access to its performance data. The proactive release of preliminary financial and operational results ahead of the audited year-end 2023 financial reports exemplifies Bitdeer's transparency and reliability as a publicly-traded entity.
Future Outlook: Leading the Blockchain Technology Space
As Bitdeer advances, it continues to focus on delivering comprehensive computing solutions, navigating complex processes such as equipment procurement, data center management, and advanced cloud services for artificial intelligence 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 indicate cautious optimism, with a realistic acknowledgment of potential risks and uncertainties. Investors and industry observers eagerly await the complete full-year 2023 financial results, set to be released later in March.
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