Bitdeer, which produces and sells high-performance computer hardware components for cryptocurrency mining, had the second-worst debut among the ten so-called special purpose acquisition companies or SPACs this year. The company values itself at above US$2 billion, when combined with its institutional investors and private shareholding in April.

The company had announced its intention to go public earlier this year via a merger with Vision Ridge Acquisition Corp. The company raised US$254 million in IPO proceeds, US$93 million in private placements and US$175 million in Trustee's Warrants.

Bitdeer Technologies Inc is a leading cryptocurrency mining hardware supplier and services provider based in Singapore. Founded in 2018, the company specializes in the research, development, manufacture and sale of cryptocurrency mining hardware and provides cloud based cryptocurrency mining services. The company primarily operates in Europe, Asia, and the United States.

Bitdeer's success in the cryptocurrency mining industry has been due in part to the company's focus on innovating high performance, energy efficient cryptocurrency mining hardware that yields the highest cryptocurrency mining returns in the market, enabling clients to quickly pivot to new and increasingly profitable cryptocurrencies.

On Thursday, Bitdeer reported a net loss for 2022 of $154.4 million, or $1.90 a share. That was more than double the losses posted in 2021 and significantly higher than the $44 million loss forecast by analysts.

The company said it did not expect to turn a profit until at least 2024. Bitdeer's Chief Financial Officer Kevin Beige said the company had seen strong demand for its mining hardware and services, which should help it to break even in the second half of 2023.

Since its IPO and merger in April, Bitdeer has been actively seeking to expand its operations. In May, the company closed its acquisition of Spanish-based miner Gibba to gain access to Gibba's team with experience in both cryptocurrency miner and data center businesses. Bitdeer has been on an expansion drive, increasing its hash rate to generate higher profits and launching new services such as cloud mining and Poolin, a blockchain-enabled mining pool.

Bitdeer Technologies Inc is a leading provider of cryptocurrency mining and related services. Founded in 2018, the company is based in Singapore and primarily operates in Europe, Asia, and the United States. Bitdeer leverages innovative mining technologies and cost-effective resources to maximize returns while minimizing risks.

The company offers a range of products and services, including mining hardware, cloud mining services, and blockchain-enabled mining pools. Bitdeer’s high-performance computer hardware components are designed to produce the highest cryptocurrency mining returns in the market. The company's data center and cloud-based services enable clients to quickly pivot to new and increasingly profitable cryptocurrencies.

Bitdeer has experienced significant growth since its Nasdaq IPO debut in April 2021. Over the following months, the company sought to expand its operations through the acquisition of Spanish-based miner Gibba, increasing its hash rate to generate higher profits, and launching new services such as cloud mining and a blockchain-enabled mining pool.

Today, the company has reported a net loss for 2022 of $154.4 million, or $190 a share; however its Chief Financial Officer, Kevin Beige, has said that the company expects to break even in the second half of 2023 due to the strong demand for its hardware and services. Bitdeer will continue to focus on its goal of providing high-performance hardware and services that generate the highest returns in the market to increase its profitability.



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