Bitdeer 2024 Q2 Financial Analysis: Total Revenue $99.2 million, a year-on-year increase of 5.8%
Bitdeer’s financial performance in Q2 2024 remains strong, with total revenue of $99.2 million and gross profit of $24.4 million.Author: Chris, Techub News
Summary:
Despite the significant growth in global network computing power and the Bitcoin block reward halving in April 2024, Bitdeer's financial performance in Q2 2024 remains strong, with total revenue of $99.2 million, gross profit of $24.4 million, and adjusted EBITDA of $24.9 million, representing year-on-year increases of 5.8%, 50.6%, and 33.2%, respectively.
Key Financial Data
- Total revenue for Q2 2024 was $99.2 million, with a gross margin of 24.6%, an increase of 5.8% compared to total revenue of $93.8 million in Q2 2023.
- Gross profit for Q2 2024 was $24.4 million, up 50.6% from gross profit of $16.2 million in Q2 2023.
- Adjusted EBITDA was $24.9 million, an increase of 33.2% compared to $18.7 million in Q2 2023.
- As of June 30, 2024, Bitdeer held cash and cash equivalents of $203.9 million.
Bitdeer's Chief Business Officer Matt Kong stated that despite the significant growth in global network computing power and the Bitcoin block reward halving in April 2024, Bitdeer's financial performance in Q2 2024 remains strong, with total revenue of $99.2 million, gross profit of $24.4 million, and adjusted EBITDA of $24.9 million, representing year-on-year increases of 5.8%, 50.6%, and 33.2%, respectively.
In Q2 2024, Bitdeer's managed total computing power increased by approximately 1.186 EH/s compared to 18.8 EH/s in Q2 2023, with proprietary computing power increasing by 2.3 EH/s, self-mining computing power increasing by 3.8 EH/s, cloud computing power decreasing by 0.4 EH/s, and hosted computing power increasing by 0.8 EH/s compared to Q2 2023.
In Q2 2024, the total number of mining machines managed by Bitdeer increased by 24,000 units compared to 199,000 units in Q2 2023, with self-owned mining machines increasing by 16,000 units from 70,000 units in Q2 2023, and hosted mining machines increasing by 8,000 units from 129,000 units in Q2 2023.
In Q2 2024, Bitdeer's total electricity consumption was 1,192,000 MWh, an increase of 56,000 MWh compared to 1,136,000 MWh in Q2 2023. The average electricity cost for Bitdeer in Q2 2024 was $43/MWh, an increase of $2/MWh compared to $41/MWh in Q2 2023.
Revenue and Cost Analysis
In Q2 2024, Bitdeer's total revenue was $99.2 million, an increase of 5.8% compared to total revenue of $93.8 million in Q2 2023.
Of this, self-mining revenue in Q2 2024 was $41.6 million, an increase of $20 million from self-mining revenue of $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, a decrease of $5.8 million from cloud computing revenue of $18 million in Q2 2023. The decline was due to changes in the volume of active cloud computing orders and a reduction in cloud computing order volume caused by the halving in April 2024, which led to lower customer profit margins.
General hosting revenue in Q2 2024 was $20.6 million, a decrease of $7.2 million from general hosting revenue of $27.8 million in Q2 2023. The decline was mainly due to the temporary shutdown of hosted mining machines after the halving in April 2024, which led to a decrease in average hosting capacity.
In Q2 2024, Bitdeer's operating costs were $74.8 million, a decrease of $2.9 million compared to operating costs of $77.7 million in Q2 2023. The decrease in operating costs was mainly due to reduced depreciation losses on mining machines and changes in taxes and surcharges.
In Q2 2024, Bitdeer's operating expenses were $26.1 million, an increase of $1.3 million compared to operating expenses of $24.8 million in Q2 2023, with selling expenses of $2.2 million, up from $1.9 million in the same period last year, mainly due to increased staff and salary costs. General and administrative expenses were $15.9 million, roughly flat compared to $16.5 million in the same period last year. R&D expenses were $8 million, up from $6.4 million in the same period last year, mainly due to increased personnel and material costs related to SEALMINER chip development.
Bitdeer ended the quarter with $228.8 million in cash and cash equivalents, as well as cryptocurrencies, indicating a strong financial position.
The financial report also mentioned that Bitdeer will execute the SEALMINER technology roadmap and will initiate a 30-year lease agreement for 570 MWh of power capacity in Ohio, increasing Bitdeer's total global capacity to 2.5 GW.
