• Bitdeer Technologies shows resilience in Q1 2023.
• It reports a net loss of $9.5M but achieves a $2.8M adjusted profit.
• The company’s revenue reaches $72.6M despite challenges from the BTC price.

Bitdeer Technologies Group, a prominent crypto mining firm, has released its unaudited financial results for the first quarter of 2023, highlighting a robust performance and sufficient cash flow despite challenges from macroeconomic and crypto-market headwinds.

According to official records, Bitdeer reported a net loss of $9.5 million for the first quarter. However, the company’s non-IFRS adjusted profit reached $2.8 million, and non-IFRS adjusted EBITDA stood at $18.5 million.

Revenue sources for Bitdeer include self-mining, hashrate sharing including Cloud Hashrate, and hosting services. In Q1 2023, total revenue was $72.6 million, compared to $90.4 million in Q1 2022.

The firm attributed the decrease to changes in Bitcoin prices, impacting self-mining and Cloud Hashrate revenue. However, hosting service revenue increased while the company’s cash and cash equivalents as of March 31, 2023, were $173.9 million.

Bitdeer operates around 196,000 ASIC mining machin…

The post Bitdeer Mining Firm Q1 2023 Revenue Hits $72.6M, with $9.5M Net Loss appeared first on Coin Edition.

• Bitdeer Technologies shows resilience in Q1 2023.
• It reports a net loss of $9.5M but achieves a $2.8M adjusted profit.
• The company’s revenue reaches $72.6M despite challenges from the BTC price.

Bitdeer Technologies Group, a prominent crypto mining firm, has released its unaudited financial results for the first quarter of 2023, highlighting a robust performance and sufficient cash flow despite challenges from macroeconomic and crypto-market headwinds.

According to official records, Bitdeer reported a net loss of $9.5 million for the first quarter. However, the company’s non-IFRS adjusted profit reached $2.8 million, and non-IFRS adjusted EBITDA stood at $18.5 million.

Revenue sources for Bitdeer include self-mining, hashrate sharing including Cloud Hashrate, and hosting services. In Q1 2023, total revenue was $72.6 million, compared to $90.4 million in Q1 2022.

The firm attributed the decrease to changes in Bitcoin prices, impacting self-mining and Cloud Hashrate revenue. However, hosting service revenue increased while the company’s cash and cash equivalents as of March 31, 2023, were $173.9 million.

Bitdeer operates around 196,000 ASIC mining machin…

The post Bitdeer Mining Firm Q1 2023 Revenue Hits $72.6M, with $9.5M Net Loss appeared first on Coin Edition.