Bitdeer Technologies Group (NASDAQ: BTDR) is currently experiencing a notable downturn, witnessing a decrease of 15.80% to $4.21 at last check during the current trading session. The correction in Bitdeer’s stock follows a substantial 32% surge in the preceding session, stimulated by the disclosure of its quarterly financial outcomes.
As compared to $76.6 million in the corresponding quarter of the previous year, Bitdeer (BTDR) achieved an impressive $87.3 million in revenue during the third quarter of 2023. As well, BTDR reduced its net loss from $22.1 million last year to $1.8 million this quarter. The strength of Bitdeer’s self-mining business was underscored by its successful mining of 1,085 Bitcoins in Q3, which is a remarkable 121% increase year-over-year.
Not only did the company increase revenue by 14%, but adjusted EBITDA increased by 222%. These favorable outcomes were chiefly driven by a substantial 64% augmentation in its total hash rate under management over the past year, reaching 21.2 EH/s. This positions BTDR as one of the premier publicly traded commercial miners globally in terms of hash rate. The company’s operational and strategic prowess remained evident, with developments in the quarter laying the groundwork for sustained, long-term growth.
Bitdeer recently achieved the status of a Preferred Cloud Service Provider in the NVIDIA Partner Network. Furthermore, the company is poised to launch the Bitdeer AI Cloud in the first quarter of the upcoming year, representing one of the initial cloud services powered by NVIDIA DGX SuperPod with DGX H100 systems in the Asia region. This advancement creates avenues for new opportunities that harmonize with Bitdeer’s existing expertise in cloud services and high-performance computing.
In the realm of infrastructure, Bitdeer expanded and diversified its global footprint with the full-scale operation of its Gedu datacenter in Bhutan, the company’s inaugural datacenter in Asia, in August. This environmentally sustainable datacenter, devoid of carbon emissions, contributes 100MW to BTDR’s overall electrical capacity and 3.3EH/s to its exclusive hash rate.
This expansion positions Bitdeer to further amplify its operational scale in the future. Additionally, progress is underway for the construction of a 175MW immersion cooling datacenter at Bitdeer’s Tydal mining facility in Norway, expected to reach completion in 2025.