Bitdeer Technologies Group (NASDAQ: BTDR) shares gave ground Friday, as the Singapore-based technology company for blockchain and high-performance computing announced its unaudited mining and operations updates for December 2023.
CEO Linghui Kong commented, “In December, we continued to generate positive results in our core business and posted another solid performance. We mined 434 Bitcoins in total in December, a 7.7% increase from the month prior and a 149.4% increase from December 2022. This success came despite our retiring of approximately 6,000 legacy mining machines. Meanwhile, our Gedu Datacenter remained fully operational during December, providing us with 3.3EH/s hash rate, and mining 230 Bitcoins, representing approximately 53.0% of our Bitcoins mined for the month. We also added a new general hosting customer in December, which contributed to a month-over-month increase in our hosting hash rate.”
The Company primarily operates three distinct business lines: Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency; Hash Rate Sharing currently primarily includes Cloud Hash Rate, in which the Company offers hash rate subscription plans and shares mining income with customers under certain arrangements; Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.
BTDR shares weakened 78 cents, or 9.7%, to $7.24.
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