BitDeer’s Q3 revenue in 2023 will reach US$87.3 million, and its net loss will be significantly reduced to US$18 million.
On November 14th, BitDeer Technology Group (NASDAQ code: BTDR) announced its unaudited financial performance for the third quarter of 2023. The report shows that the company's total revenue for the third quarter was $87.3 million, a 14% increase from $76.6 million in the same period in 2022. Net loss decreased from $22.1 million in the same period in 2022 to $18 million. Adjusted profit reached $10.5 million, compared to a loss of $4.1 million in the same period in 2022. Adjusted EBITDA was $28 million, a significant increase from $8.7 million in the same period in 2022. As of September 30, 2023, the company's cash and cash equivalents were $134.5 million.
BitDeer CEO Kong Linghui commented that these achievements are mainly attributed to the increase in the number of bitcoins mined by the company's self-mining business and the 64% growth in the total hash rate managed, reaching 21.2 EH/s. In addition, the company also announced a new $2 million stock repurchase plan and expects to launch Bitdeer AI Cloud in the first quarter of 2024.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ZA Miner Introduces Free Cloud Mining Platform for Bitcoin and Dogecoin
ZA Miner, a UK-based cloud mining provider, has officially launched a new platform to make cryptocurrency mining more accessible to a broader audience.

OSC Warns of Surge in AI-Driven Crypto Scams as Canadian Fraud Losses Climb to $640 Million
According to the Globe and Mail report, the Ontario Securities Commission (OSC) is raising red flags over a sharp rise in cryptocurrency fraud across Canada, as scammers now weaponize artificial intelligence to swindle unsuspecting investors.

Arkansas City Planning Commission Rejects Crypto Mining Proposal Amid Strong Community Backlash
The Vilonia Planning Commission has unanimously turned down a proposed cryptocurrency mining facility within city limits, following weeks of vocal opposition from residents.

Bitcoin Climbs to $94,000 Driving Market Above $3 Trillion

Trending news
MoreCrypto prices
More








