Bitdeer Technologies Group sells all 300.6 BTC in weekly update

A week's bitcoin production can leave a miner with no new coins in its own treasury. Bitdeer Technologies Group NASDAQBTDR, the Singapore-based operator of bitcoin mining and AI compute sites, said in an Oct. 10 post that it produced and sold 300.6 BTC in its weekly update as of Oct. 9, leaving pure holdings at zero.

Bitdeer shares slipped to US$9.63 at Friday's Nasdaq close, according to the Google Finance NASDAQBTDR quote at 4:00:01 p.m. EDT. The Oct. 9 close preceded the company's Saturday post, so it does not measure a share reaction to the update.

Bitdeer's previous weekly post put production and sales at 292.3 BTC apiece as of Oct. 2, also with zero pure holdings. Output rose by 8.3 BTC between the two weekly tallies while the posted net addition to holdings stayed at zero. Neither post gives the prices at which those coins were sold.

The Oct. 10 post lists no dollar proceeds, power costs or weekly hashrate, so it cannot show the cash left after operating expenses or explain the extra 8.3 BTC of output. It gives no date for another weekly report. The company has, however, published two snapshots seven days apart.

Bitdeer Reported Higher Weekly Output

Bitdeer defines the zero balance as pure holdings, excluding customer deposits. Its exact wording in the Oct. 10 post was: