SINGAPORE - Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing technology, has released an unaudited update of its mining and operations for April 2024.
The company reported mining 265 Bitcoins during the month, marking a 13.7% increase from April 2023, despite a 9.9% decrease from March 2024. This decline was attributed to the recent Bitcoin halving event on April 19, 2024.
The company's Gedu datacenter continued stable operations throughout April, benefiting from a power pricing agreement that helped lower operating costs. Progress on the Jigmeling datacenter in Bhutan was noted, with approximately 70% of ground leveling for substation construction completed. The purchase of electrical equipment for the substation is scheduled for June 2024.
Bitdeer operates across three main business lines: Self-mining, Hash Rate Sharing, and Hosting. The total hash rate under management as of April 30 was 22.3 EH/s, with a proprietary hash rate of 8.4 EH/s. The self-owned mining machines numbered 86,000, and hosted machines totaled 138,000. The aggregate electrical capacity across six datacenters remained stable at 895MW.
Infrastructure developments include the ongoing construction of datacenters in Tydal, Norway, and Ohio, United States, both expected to be completed in 2025. The Jigmeling Datacenter, also expected to be operational by mid-2025, commenced construction in March 2024.
The company's mining machine project is advancing as planned, with laboratory testing complete and trial production set for May and June 2024. Machines produced during this phase will undergo stability testing at Bitdeer's datacenters.
Bitdeer will participate in the B. Riley Securities 24th Annual Institutional Investor Conference in Beverly Hills, California, and Consensus 2024 in Austin, Texas, to discuss these updates with investors.
The information provided is based on a press release statement from Bitdeer. The company, headquartered in Singapore, operates datacenters in the United States, Norway, and Bhutan and offers advanced cloud capabilities for artificial intelligence applications. For further information, Bitdeer encourages following its social media accounts and website communications.
InvestingPro Insights
Bitdeer Technologies Group (NASDAQ: BTDR) has shown resilience in its Bitcoin mining operations, reporting a steady increase in mining output year-over-year. The company's strategic developments in datacenter infrastructure also seem poised to bolster its operational capacity in the near future. As investors evaluate Bitdeer's performance and future prospects, certain financial metrics and analyst insights from InvestingPro are worth considering:
With a market capitalization of $693.3 million, Bitdeer is navigating the highly volatile cryptocurrency market. The company's gross profit margin for the last twelve months as of Q4 2023 stood at 21.11%, which indicates room for improvement when compared to industry standards. While the company has been managing its finances with liquid assets exceeding short-term obligations, it's important to note that Bitdeer has been quickly burning through cash, which is reflected in its negative operating income of -$21.52 million for the same period.
Investors should also be aware of the stock's price volatility. Bitdeer's stock price has experienced significant fluctuations, with a 6-month price total return of 53.68%, contrasted by a year-to-date price total return of -40.77%. This erratic movement could be indicative of the broader uncertainties in the cryptocurrency market, but also presents potential opportunities for risk-tolerant investors.
Two InvestingPro Tips that stand out for Bitdeer include:
- The company holds more cash than debt on its balance sheet, which may provide some financial flexibility in its operations and growth initiatives.
- Analysts have revised their earnings upwards for the upcoming period, signaling potential confidence in Bitdeer's ability to navigate the post-halving environment and capitalize on its infrastructure investments.
For those looking to delve deeper into Bitdeer's financial health and stock performance, InvestingPro offers additional insights. There are currently 12 more InvestingPro Tips available for Bitdeer at https://www.investing.com/pro/BTDR. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to comprehensive analytics tools and real-time data to inform investment decisions.
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