Bitdeer Revenue Skyrockets on Bitcoin Production Surge

Bitdeer's second-quarter revenue jumped 47% to $228.8 million, driven by a nearly fivefold surge in Bitcoin production to 2,694 coins.

The company reported a gross loss of $8.5 million, compared with a gross profit of $12 million in the same period last year, due to rising electricity and depreciation costs.

Bitdeer's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $31.1 million from $4.6 million.

The company's shares declined by 7% after the market opened on Monday, following the release of its unaudited earnings report.