Shares of Singapore-headquartered cryptocurrency miner Bitdeer Technologies have slid more than 35% since their Nasdaq debut on April 14, and were trading at US$6.41 at closing on Wednesday. The company on Thursday reported a net loss for 2022.
See related article: Crypto miner Bitdeer to go public on Nasdaq via SPAC deal
Fast facts
- Bitdeer went public through a merger with Blue Safari Group Acquisition Corp., a special purpose acquisition company (SPAC), with a valuation of US$1.18 billion.
- In its latest earnings report on Thursday, Bitdeer reported a net loss of US$60.4 million in 2022, compared to a net profit of US$82.6 million in the prior year.
- The company booked US$333.3 million in revenue, down 15.6% on year due to a drop in income from its main mining operations and sales of mining machines.
- Bitdeer, which announced the SPAC deal in November 2021, was spun off from Chinese mining machine maker Bitmain. As of the end of 2022, it operated six mining centers in the U.S. and Norway with an aggregate power capacity of 775 megawatts.
- The firm recorded US$30.3 million in adjusted profit in 2022, compared to US$171 million in 2021, and booked US$93.2 million in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), shrinking from US$281.8 million in 2021.
- “Despite the volatility in cryptocurrency prices and temporary dislocation in the crypto industry, we bucked the trend and achieved a positive adjusted net profit and a positive adjusted EBITDA in the full year of 2022, thus demonstrating the viability and resilience of our business model,” Linghui Kong, chief executive officer of Bitdeer, said in the report.
- Kong added that Bitdeer plans to increase the 775 megawatts in electricity capacity achieved in 2022 to as much as 1,524 megawatts. He did not give a timeline for the expansion.
See related article: US chip giant Intel abandons Bitcoin ASIC production
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://forkast.news/headlines/crypto-miner-bitdeer-falls-35-since-nasdaq-debut-reports-net-loss-in-2022/
- 1
- 2021
- 2022
- 35%
- 8
- a
- achieved
- acquisition
- added
- Adjusted
- and
- April
- April 14
- article
- AS
- asic
- At
- before
- Billion
- Bitcoin
- BitDeer
- Bitdeer Technologies
- Blue
- business
- business model
- Capacity
- Centers
- chief
- chief executive officer
- chinese
- chip
- closing
- company
- compared
- Corp
- crypto
- Crypto Industry
- crypto miner
- cryptocurrency
- deal
- demonstrating
- DID
- dislocation
- down
- Drop
- Earnings
- EBITDA
- electricity
- executive
- Executive Officer
- expansion
- Falls
- Firm
- For
- from
- full
- giant
- Give
- Go
- Group
- Have
- he
- HTML
- HTTPS
- in
- Income
- Increase
- industry
- Intel
- interest
- IT
- ITS
- jpg
- Kong
- latest
- loss
- machine
- Machines
- Main
- maker
- Merger
- million
- miner
- Mining
- mining machines
- model
- more
- Nasdaq
- net
- Norway
- November
- November 2021
- of
- Officer
- on
- operated
- Operations
- our
- plans
- plato
- Plato Data Intelligence
- PlatoData
- positive
- power
- Prices
- Prior
- PRNewswire
- Profit
- public
- purpose
- recorded
- related
- report
- Reported
- Reports
- resilience
- revenue
- s
- Safari
- Said
- sales
- since
- SIX
- SPAC
- SPAC deal
- special
- Taxes
- Technologies
- temporary
- that
- The
- their
- Through
- timeline
- to
- Trading
- Trend
- u.s.
- Valuation
- via
- viability
- Volatility
- Wednesday
- with
- year
- zephyrnet
More from Forkast
Ethereum supply would have grown by 350,000 tokens under PoW
Source Node: 1723515
Time Stamp: Oct 14, 2022
Markets: Bitcoin price holds under US$20,000; Ether falls nearly 10%
Source Node: 1668067
Time Stamp: Sep 16, 2022
Terra subsidiary used as funds channel for overseas affiliates: report
Source Node: 1575823
Time Stamp: Jul 14, 2022
How DeFi can eject bad actors while upholding crypto ideals
Source Node: 2095457
Time Stamp: May 15, 2023
Why a new wave of blockchain games is a blast from the past
Source Node: 2203015
Time Stamp: Aug 8, 2023
Gansu Province warns no crypto mining within national data centers
Source Node: 1683049
Time Stamp: Sep 23, 2022
Markets: Bitcoin, Ether fall; Polkadot is biggest loser in top 10 cryptos
Source Node: 1767583
Time Stamp: Dec 6, 2022
Crypto lender Voyager ordered to stop misleading claims over deposit insurance
Source Node: 1598137
Time Stamp: Jul 28, 2022
Philippines’ Coins.ph may have lost US$6 million worth of XRP in hack: The Block
Source Node: 2343300
Time Stamp: Oct 23, 2023
Could FTX woes bring on another crypto freeze resembling Terra-Luna?
Source Node: 1753384
Time Stamp: Nov 11, 2022
Polkadot eyes increasing transaction speed by 100 to 1,000 times
Source Node: 1696037
Time Stamp: Sep 27, 2022