**Bitdeer Technologies Sees 50% Profit Surge Amid Bitcoin Mining Expansion**

Bitdeer Technologies Group has reported a significant 50% year-over-year increase in gross profits for Q2 2024, reaching $24.4 million, up from $16.2 million the previous year. This boost is largely attributed to nearly doubling its Bitcoin mining capacity from 3.8 EH/s to 7.3 EH/s.

Despite global challenges, including a surge in the total Bitcoin network hashrate to 677.43 EH/s and the April 2024 halving, Bitdeer has managed to thrive. The company credits its proprietary SEALMINER equipment for part of this success, with plans to install an additional 3.4 EH/s by year-end.

However, Bitdeer reported a net loss of $17.7 million for the quarter, an improvement from the $40.4 million loss a year prior. This loss is mainly due to investments in mining equipment and changes in the fair value of Tether warrants.

In recent moves, Bitdeer secured $150 million in private financing from Tether International Limited and acquired chip designer Desiweminer to bolster its product development capabilities.