Why Bitdeer Technologies Stock Was a Massive Winner on Wednesday
Key Points
It released an operational update late on Tuesday.
This revealed a double-digit increase in the number of Bitcoin mined.
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Bitdeer Technologies (NASDAQ: BTDR), one of a clutch of crypto miners currently diversifying into adjacent business activities, was a white-hot stock on the exchange Wednesday. Its share price zoomed almost 29% higher on the day, thanks to an operational update that was extremely well-received by investors. That huge share price leap crushed the 0.4% advance of the S&P 500 (SNPINDEX: ^GSPC).
New and better
Just after market close on Tuesday, Bitdeer issued its monthly operational update (a fairly habitual occurrence in the crypto mining sector).
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Image source: Getty Images.
The company is a something of an outlier in its business, as it both self-mines its own digital coin and produces and sells the advanced rigs used in the activity. In terms of the former, Bitdeer mined 452 Bitcoin in September, a notably higher number than the 375 it produced the previous month.
On the rig-producing front, the company was surely happy to announce that it has launched the mass production of its latest product line in the category, the Sealminer 3. This line contains four models, and Bitdeer isn't wasting any time getting them into customers' hands -- it said it expects initial deliveries to occur this month.
Excellent timing
Crypto miners are having quite a moment these days, on the back of generally frothy prices for digital coins and tokens like Bitcoin, plus their expansion deeper into data center operation and provisioning. There are many tailwinds for the sector in general, Bitdeer in particular, so Wednesday's strong rally feels justifiable.
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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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