Bitdeer mined 2,694 bitcoin in the second quarter, nearly five times more than a year earlier. Cointelegraph reported on Aug. 10 that mining output and revenue both rose, but bitcoin holdings at the end of the quarter fell to 150 BTC and the net loss widened.

Second-quarter output rose to 2,694 BTC from 565 BTC a year earlier. By contrast, bitcoin holdings on its end-of-quarter financial statements fell 90 percent from 1,502 BTC in the same period last year.

Bitdeer sold all 943 BTC it held in February. The company said the move was a liquidity decision and not a step back from its core bitcoin mining business.

Second-quarter revenue rose 47 percent to $228.8 million from $155.6 million a year earlier. Of that, self-mining revenue was $168.4 million. Average self-mining hashrate jumped 389 percent to 69.5 exahash.

Net loss widened to $92.3 million from $62.9 million. Revenue slightly beat Wall Street expectations of $225 million. Bitdeer shares rose 1.5 percent in premarket trading on Aug. 10 but were down 15 percent over the past month.

Bitdeer is expanding into AI data centres and high-performance computing among bitcoin mining companies. In August, it signed a 16-year lease deal worth $4.7 billion in Norway related to 121 megawatts of AI computing capacity.