BitDeer Reports Q1 2024 Unaudited Financial Results, Reveals 64.6% YoY Revenue Growth

According to BlockBeats, BitDeer announced its unaudited financial results and operational updates for the first quarter of 2024 on May 13. The company reported a total revenue of $119.5 million, a significant increase of 64.6% compared to the $72.6 million in the first quarter of 2023. The net profit for Q1 2024 was $600,000, a stark contrast to the net loss of $9.5 million in the same period of the previous year. The adjusted profit was $8.4 million, compared to $2.8 million in Q1 2023. The financial report highlighted that the increase in revenue was primarily due to the rise in self-mining hash power and an increase in Bitcoin production, which led to an increase in the company's self-mining business revenue. As of March 31, 2024, the company's cash and cash equivalents stood at $118.5 million.