BitDeer's Q2 Gross Profit Surges 50% YoY to $24.4 Million
CryptoNewsTerminal Staff12 Aug, 2024
BitDeer's Q2 Gross Profit Surges 50% YoY to $24.4 Million
BitDeer, a leading Bitcoin cloud mining company spearheaded by former Bitmain co-founder Wu Jihan, recently unveiled its impressive financial performance for the second quarter of 2023. According to a report by Cointelegraph, the company's gross profit soared to $24.4 million, representing an impressive increase of approximately 50% compared to the $16.2 million reported during the same period last year. Bitdeer attributes this remarkable growth trajectory to the strategic expansion of its self-owned Bitcoin mining capacity, which witnessed a significant increase from 3.8 EH/s to 7.3 EH/s. This move has played a pivotal role in bolstering the company's overall profitability. Furthermore, Bitdeer has outlined ambitious plans to reach a hashrate of 11.8 EH/s by the fourth quarter of this year, signaling its commitment to capturing an even larger share of the competitive Bitcoin mining market.
