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Bitdeer Releases Full-Year Results For 2023 Revenue Up And Forecast For Continued Growth

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–News Direct–

By Austin DeNoce, Benzinga

Bitdeer Technologies Group (NASDAQ: BTDR), a leader in Bitcoin mining and high-performance computing, reported its financial results for the full year ending December 31, 2023. Overall, the company showcased both growth and challenges in a market notorious for its volatility and capital intensity. With that in mind, and as competition in the space heats up, identifying the outliers capable of long-term growth is going to be critical. Here is a simplified breakdown of Bitdeers 2023 performance and what investors need to know going forward.

Financial Performance

  • Revenue Growth: Bitdeers total revenue increased to $368.6 million in 2023, up from $333.3 million in 2022. The company reports that this 10.6% growth reflects healthy growth in its operations driven primarily by its self-mining and hosting services.

  • Net Loss Reduction: Bitdeer managed to reduce its net loss from $60.4 million in 2022 to $56.7 million in 2023. Despite still operating at a loss, the reduction indicates some level of financial improvement as it gradually balances growth with efficiency. However, it should be noted that Bitdeer incurred expenses for going public, including a $33M one-time listing fee, meaning the year-over-year improvements were even better.

  • Adjusted Profit and EBITDA: While Bitdeers adjusted profit declined from $30.3 million in 2022 to $22 million in 2023, its adjusted EBITDA rose to $100.3 million from $93.2 million. Unlike competitors including Marathon Digital (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT), Bitdeer doesnt hold bitcoins on its balance sheet, meaning its Adjusted EBITDA doesnt include mark-to-market adjustments for the value of Bitcoin. If you remove these adjustments across its peers results and compare pro-forma Adjusted EBITDA, Bitdeer reports it had the highest 2023 adjusted EBITDA in the industry.

  • Strong Cash Position: With cash and cash equivalents sitting at $144.7 million as of the end of 2023, Bitdeer appears to be in a solid liquidity position to support its operations and expansion plans.

Strategic Achievements And Future Plans

In 2023, Bitdeer achieved a significant milestone by mining 3,694 bitcoins, a 74.8% increase over the previous year. This feat was largely made possible through its expanded self-mining capacity from the energization of its Gedu data center in Bhutan as part of its ongoing efforts to diversify and grow its global mining operations.

This accomplishment also coincided with notable technological advancements, including the successful testing of its first proprietary Bitcoin mining chip, the 4nm SEAL01, If nothing else, these developments are a testament to Bitdeer's leadership in mining technology innovation.

Additionally, the company embarked on substantial infrastructure expansions in Norway and Ohio, as well as deployed an NVIDIA DGX SuperPOD H100 system. By operating across three main business lines self-mining, hash rate sharing (with a focus on Cloud Hash Rate) and offering comprehensive hosting solutions Bitdeer has broadened its reach within the Bitcoin mining market. Moreover, Bitdeer has allocated 25% of its workforce to R&D, showcasing a commitment to diversification and capturing new market opportunities.

Other Key Developments

Early this year, Bitdeer underwent a significant leadership change when its founder, Jihan Wu, stepped into the CEO role. That signaled a pivotal shift toward enhancing the company's growth and innovative capabilities, especially in the chip development space.

Further underlining its ambitious trajectory, the company announced plans to bolster its self-mining hash rate by approximately 3.4 EH/s. The move highlights Bitdeer's dedication to scaling its mining operations and solidifying its position as a stable player in an increasingly competitive industry.

Investor Takeaway

For interested investors, Bitdeers financial results could potentially present a promising picture worth looking into. As an industry leader in adjusted EBITDA (when evaluated on a pro-forma basis), the company continues to show growth potential, largely driven by technological advancements, strategic expansions and continued progress in operational efficiencies, but it will require capital to fund its growth plan. Its commitment to diversifying its revenue streams and enhancing its technological capabilities could likewise position it well for the future.

The Bitcoin mining industry is still very much a growth story and companies like Bitdeer, capable of sustainable expansion and efficiency gains, could be instrumental in that narrative over time.

Featured photo by Kanchanara on Unsplash.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

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Eminence Capital Accelerates Expansion in the Asia-Pacific Market

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Eminence Capital LTD., a subsidiary of Mesirow, specializes in investment management, capital markets, and investment banking in the Asia-Pacific region. It also offers advisory services, including retirement planning and wealth management. Its core business includes a wide range of traditional and alternative investment strategies, utilizing advanced trading technologies and comprehensive investment analysis tools to help clients achieve higher returns with lower risk in global markets. Eminence Capital’s goal is to provide convenient investment channels for global clients, especially as the Asia-Pacific region becomes a focal point for international investors.

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Mesirow, a privately held financial services firm headquartered in Chicago, Illinois, is employee-owned, with 100% of its voting shares held by employees. Mesirow provides services in investment management, capital markets, wealth management, and investment banking. Founded in 1937, Mesirow has established a strong reputation in the financial industry and operates offices in 21 cities worldwide.

Mesirow’s investment banking division offers sell-side advisory, corporate divestitures, buy-side advisory, private placements, debt advisory, and capital restructuring services. The company focuses on serving institutional investors, public sector entities, and broker-dealers. Its private equity division has invested in private equity markets on behalf of various institutional and high-net-worth clients. Mesirow is committed to global growth, carefully monitoring global financial market dynamics, expanding its international outlook, and actively seeking opportunities in emerging markets. The firm is dedicated to building core competencies in financial markets and providing informed decision-making support to global investors.

As a subsidiary of Mesirow, Eminence Capital LTD. will take full responsibility for strategic direction in the Asia-Pacific region. It has successfully completed the filing process with the U.S. Securities and Exchange Commission (SEC), obtaining an exemption from securities sales regulations. This compliance certificate ensures that the company can operate within a flexible capital market framework, allowing it to quickly respond to market opportunities while maintaining adherence to financial regulations, thereby enhancing its competitiveness in global capital markets.

In recent years, the Asia-Pacific region has garnered global attention due to its economic vitality and technological innovation, attracting increasing international capital. Eminence Capital recognizes this potential and is committed to providing a bridge for global investors to access the Asia-Pacific capital markets. With a deep understanding of the region’s complexities and opportunities, Eminence Capital offers tailored financial solutions through localized operations, making it an ideal partner for both local and international investors.

Through Eminence Capital, Mesirow’s entry into the Asia-Pacific market supports its broader global expansion strategy, enabling clients to achieve global asset allocation and portfolio diversification. This strategy not only brings greater global investment opportunities to the Asia-Pacific market but also provides global investors access to this rapidly growing region. Eminence Capital delivers competitive services and solutions to both individual and institutional investors.

Eminence Capital’s advanced trading system allows clients to swiftly adapt to global market changes, improving transaction speed and efficiency. The system enables clients to benefit from significant price advantages and flexibly adjust their investment strategies with 24/7 support. Additionally, Eminence Capital offers a free customer relationship management (CRM) system and a suite of investment analysis tools, making portfolio management and transaction reporting more convenient and efficient.

Moreover, Eminence Capital’s platform not only focuses on expanding investment opportunities but also aims to optimize trade execution and reduce investment costs. Its technology platform allows institutional investors to access global markets at highly competitive costs while benefiting from efficient and transparent settlement services. This makes Eminence Capital a top choice for global investors, particularly in the fast-growing Asia-Pacific market.

Through Eminence Capital’s global expansion and localized operations, Mesirow has strengthened its ties with global capital markets, further reinforcing its leadership in the financial services industry. This strategic partnership will drive Mesirow’s and its subsidiaries’ growth in global markets, laying a solid foundation for continued success in the future.

Eminence Capital LTD.’s innovative trading platform and financial services offer significant convenience to investors, serving as an important gateway to global capital markets. As the Asia-Pacific market continues to mature, Eminence Capital will maintain its pivotal role in the region, combining global and localized strategies to offer professional and efficient financial services to both global and regional investors.

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New Action-Packed Thriller “Christmas in Havana” Explores Love and Loyalties Amidst International Intrigue

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Centreville, VA – Christmas in Havana, the gripping third installment of Stephen Hiemstra’s Masquerade series, is now available. Combining political intrigue, action, and romance, Hiemstra’s latest novel dives deep into the complexities of love and loyalty in the face of personal grief and international crisis.

Luke Stevens, a CIA agent working undercover as a pastor, finds himself haunted by his ex-wife’s death as he eulogizes her. Just when Luke is ready to move forward, North Korean law student Ruth Chǔ (Yong Dae Chû) enters his life. She is secretly entangled in a dangerous game of espionage, working as a courier for North Korea’s Reconnaissance General Bureau (RGB) to support her family. Both Luke and Ruth must navigate their complicated pasts and present loyalties, all while international tensions threaten to boil over.

When China’s plan to invade Taiwan comes to light, with Cuba playing a key role in the diversionary attacks, Luke and Ruth are thrown into a whirlwind of danger. The novel raises the stakes with rogue operatives, international betrayal, and a contract placed on Luke’s life. Despite the chaos surrounding them, Luke and Ruth form a bond, quietly supporting each other as they face impossible choices.

Hiemstra’s skillful writing combines fast-paced action with thoughtful character development. Readers are treated to rapid-fire dialogue and a suspenseful plot that turns on a dime, keeping them on the edge of their seats. As Luke and Ruth struggle with their own personal dilemmas, Hiemstra skillfully weaves in commentary on international politics, hinting at larger global consequences and political missteps.

Praise for Christmas in Havana

“Having traveled to Havana, I can attest to the city’s rich history and intrigue, and Stephen Hiemstra captures this perfectly. Christmas in Havana is a thrilling read filled with action and suspense.”

— Percy M. Burns, Author of Glorious Freedom

“Stephen Hiemstra guides readers through a captivating adventure that reflects life itself, blending action and emotion with ease. Christmas in Havana is a fascinating story of love, loyalty, and survival.”

— Julio Martinez, Senior Pastor, Shadai Phoenix Church

“Christmas in Havana is a powerful conclusion to Hiemstra’s trilogy. It’s a fast-moving drama full of romance, action, and spiritual reflection.”

— Sharron Giambanco, Business Owner and Writer

About the Author

Stephen W. Hiemstra (MDiv, PhD) is a husband, father, and writer with a passion for Christian spirituality and ministry. After a 27-year career as an economist with the U.S. government, Hiemstra transitioned into ministry, serving as a pastor and writer. He has published numerous books, including Called Along the Way and A Christian Guide to Spirituality, and writes regularly on his blog. Stephen holds a Master of Divinity from Gordon-Conwell Theological Seminary and a PhD in Agricultural Economics from Michigan State University.

For more information and to sign up for Stephen’s newsletter,

Visit www.stephenwhiemstra.net

Contact Information:

Contact Person : Stephen W. Hiemstra

Email: t2pneuma@gmail.com

Blog: https://t2pneuma.net

Books: https://t2pneuma.com

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A Darkly Comic Journey into the Absurd with Slaphappy by Dug Brown

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Dug Brown’s latest novel, Slaphappy, is a hilariously eccentric and daringly unpredictable tale that dives deep into the absurdities of human nature, morality, and the chaotic pursuit of fame. Set in a morally decaying society, Slaphappy follows the life of Bruiser, the irreverent host of the Atlanta-based internet game show Greed, where contestants are enticed to sacrifice their moral values for cash rewards.

This bold novel blends dark humor with elements of New Age smut, bringing readers a unique genre mashup that explores the fringes of human desires and moral boundaries. The novel takes an unexpected turn when Bruiser encounters Bootleg, a mysterious transient, during a show taping. After receiving a handful of change from Bootleg, Bruiser wakes up three days later with an uncanny ability: he can heal people by slapping them. What follows is a bizarre and darkly humorous journey across the country, as Bruiser embarks on a slap-fueled healing tour, raising questions about his sanity and whether his newfound power is a curse or a blessing.

 As Bruiser slaps his way through moral dilemmas, addictions, and a deep-seated disdain for humanity, the novel explores complex themes, including the savior complex, societal decay, and the human obsession with finding heroes in the most unlikely places. His bizarre journey is further complicated by his growing relationship with Vanessa, his new producer, who sees the entertainment potential in his powers, yet senses a deeper purpose behind his strange gift.

Brown’s writing, reminiscent of satirists like Philip Roth and Ishmael Reed, takes readers on a thought-provoking, surreal, and often darkly comedic ride. Through Bruiser’s exploits, Slaphappy satirizes reality TV, the pursuit of the American Dream, and the fine line between good and evil. 

Praise for Slaphappy

Slaphappy challenges readers to reflect on their own beliefs, fears, and anxieties through a blend of ultra-black humor, vivid surrealism, and characters who exist on the fringes of society. Bruiser’s story, while outlandish, embodies the darkest fears and desires of the modern world, creating a narrative that is as entertaining as it is thought-provoking.

With its irreverent tone and unpredictable twists, Slaphappy is a must-read for fans of dark comedy, New Age smut, and unconventional storytelling. Dug Brown’s unique voice, honed by years of bartending and transcendent spiritual practices, brings a raw, authentic edge to the novel, blending satire with a profound commentary on human nature.

Slaphappy is now available for purchase and promises to take readers on a wild, unforgettable journey.

Contact Information:

Contact Person: Dug Brown

Website: www.dugbrown.com

Email: dugbrown3@gmail.com

Dug Brown has spent most of his life observing humanity from behind a bar, where much of his dialogue and perspective on human nature was shaped. A Reiki master and Johrei practitioner, Brown brings a transcendental perspective to his writing. Having studied film in Los Angeles, Brown worked as a screenwriter before venturing into documentary filmmaking and eventually returning to the South. Slaphappy is part of a broader library of thought-provoking novels that aim to take readers from the darkness of human experience into the light of a new generation.

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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