BitDeer 2024 Q2 Financial Analysis: Total Revenue of US$99.2 Million, a Year-on-Year Increase of 5.8%

Original title: "Bitdeer 2024 Q2 Financial Analysis: Total Revenue of US$99.2 Million, a Year-on-Year Increase of 5.8%"

Original author: Chris, Techub News

Summary:

Despite the significant growth in global network computing power and the halving of Bitcoin block rewards in April 2024, Bitdeer's 2024 Q2 financial performance remained strong, with total revenue of US$99.2 million, gross profit of US$24.4 million, and adjusted EBITDA of US$24.9 million, year-on-year increases of 5.8%, 50.6% and 33.2%, respectively.

Key Financial Data

· Total revenue in Q2 2024 was US$99.2 million, with a gross profit margin of 24.6%, a year-on-year increase of 5.8% from total revenue of US$93.8 million in Q2 2023.

· Gross profit in Q2 2024 was US$24.4 million, a year-on-year increase of 50.6% from gross profit of US$16.2 million in Q2 2023.

· Adjusted EBITDA was US$24.9 million, a year-on-year increase of 33.2% from US$18.7 million in Q2 2023.

· As of June 30, 2024, Bitdeer held US$203.9 million in cash and cash equivalents.

Operation Summary

Bitdeer Chief Business Officer Matt Kong said that despite the significant growth in global network computing power and the halving of Bitcoin block rewards in April 2024, Bitdeer's 2024 Q2 financial performance remained strong, with total revenue of US$99.2 million, gross profit of US$24.4 million, and adjusted EBITDA of US$24.9 million, up 5.8%, 50.6% and 33.2% year-on-year respectively.

In 2024 Q2, Bitdeer's total managed computing power increased by about 1.186 EH/s compared to 18.8 EH/s in 2023 Q2, of which proprietary computing power increased by 2.3 EH/s compared to 2023 Q2, self-mining computing power increased by 3.8 EH/s compared to 2023 Q2, cloud computing power decreased by 0.4 EH/s compared to 2023 Q2, and managed computing power increased by 0.8 EH/s compared to 2023 Q2.

In Q2 2024, the total number of mining machines managed by Bitdeer increased by 24,000 from 199,000 in Q2 2023, of which the number of self-owned mining machines increased by 16,000 from 70,000 in Q2 2023, and the number of managed mining machines increased by 8,000 from 129,000 in Q2 2023.

In Q2 2024, the total electricity consumption of Bitdeer was 1,192,000 MWh, an increase of 56,000 MWh from 1,136,000 MWh in Q2 2023. In Q2 2024, the average electricity cost of Bitdeer was US$43/MWh, an increase of US$2/MWh from US$41/MWh in Q2 2023.

Power Infrastructure Summary

Revenue and Cost Analysis

Financial Analysis

In Q2 2024, Bitdeer's total revenue was US$99.2 million, a year-on-year increase of 5.8% from the total revenue of US$93.8 million in Q2 2023.

Of which, the self-mining revenue in Q2 2024 was US$41.6 million, an increase of US$20 million from the self-mining revenue of US$21.6 million in Q2 2023. The main reason for the increase in self-mining revenue was that the self-mining computing power of Bitdeer's 100MW Gedu mining data center in Bhutan increased from 3.8 EH/s to 7.3 EH/s.

The cloud computing power revenue in Q2 2024 was US$12.2 million, a decrease of US$5.8 million from the cloud computing power revenue of US$18 million in Q2 2023. The decrease was due to changes in the active order volume of cloud computing power and the decrease in cloud computing power orders due to lower customer profit margins caused by the halving in April 2024.

General hosting revenue for Q2 2024 was $20.6 million, down $7.2 million from $27.8 million for Q2 2023. The main reason for the decline was the temporary shutdown of hosting mining machines after the halving in April 2024, which resulted in a decrease in average hosting capacity.

Bitdeer's operating costs in Q2 2024 were $74.8 million, down $2.9 million from $77.7 million in Q2 2023. The main reason for the decrease in operating costs was the reduction in mining machine depreciation losses and changes in taxes and surcharges.

Bitdeer's operating expenses in Q2 2024 were $26.1 million, up $1.3 million from $24.8 million in Q2 2023, of which sales expenses were $2.2 million, compared with $1.9 million in the same period last year, mainly due to an increase in employees and increased salaries. General and administrative expenses were $15.9 million, essentially flat from $16.5 million in the same period last year. RD expenses were $8 million, compared with $6.4 million in the same period last year, mainly due to an increase in RD personnel and material costs related to the development of SEALMINER chips.

Bitdeer ended the quarter with $228.8 million in cash and cash equivalents and cryptocurrencies, and is in good financial shape.

The financial report also mentioned that Bitdeer will execute the SEALMINER technology roadmap and will launch a 30-year lease agreement to lease 570 MWh of power capacity in Ohio, increasing Bitdeer's total global capacity to 2.5 GW.

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