By 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, representing year-on-year growth of 5.8%, 50.6% and 33.2%, respectively.
Key Financial Data
Total revenue for 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 for Q2 2023.
The gross profit for Q2 2024 was US$24.4 million, a year-on-year increase of 50.6% from the gross profit of US$16.2 million for Q2 2023.
Adjusted EBITDA was $24.9 million, up 33.2% year-over-year from $18.7 million in Q2 2023.
As of June 30, 2024, Bitdeer held cash and cash equivalents of US$203.9 million.
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, representing year-on-year growth of 5.8%, 50.6% and 33.2%, respectively.
In Q2 2024, Bitdeer's total managed computing power increased by approximately 1.186 EH/s from 18.8 EH/s in Q2 2023, of which proprietary computing power increased by 2.3 EH/s, self-mining computing power increased by 3.8 EH/s, cloud computing power decreased by 0.4 EH/s, and managed computing power increased by 0.8 EH/s.
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 owned mining machines increased by 16,000 from 70,000 in Q2 2023, and the number of hosted mining machines increased by 8,000 from 129,000 in Q2 2023.
In Q2 2024, Bitdeer's total electricity consumption was 1,192,000 MWh, an increase of 56,000 MWh from 1,136,000 MWh in Q2 2023. In Q2 2024, Bitdeer's average electricity cost was US$43/MWh, an increase of US$2/MWh from US$41/MWh in Q2 2023.
Revenue and cost analysis
Bitdeer's total revenue in Q2 2024 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.
Among them, 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.
Cloud computing revenue in Q2 2024 was $12.2 million, down $5.8 million from $18 million in Q2 2023. The decline was due to changes in the volume of active cloud computing orders and a decrease in cloud computing 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 managed 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 US$74.8 million, down US$2.9 million from US$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, an increase of $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. R&D expenses were $8 million, compared with $6.4 million in the same period last year, mainly due to an increase in R&D 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, putting it in a strong financial position.
The financial report also mentioned that Bitdeer will implement 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.
