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Bitdeer Technologies Reports $531.9 Million Loss in Q4 2024 Amidst Blockchain and Computing Expansion
Bitdeer Technologies Group, a leading company in the blockchain and fast computing space, has released its financial results for the fourth quarter and full year of 2024. The company reported a significant net loss of $531.9 million for the quarter, marking a substantial increase from the $5 million loss in the same period last year.
Financial Performance and Strategic Investments
Total revenue for the fourth quarter of 2024 was $69 million, down from $114.8 million in the fourth quarter of 2023. The decline in revenue and increased net loss are attributed to strategic investments in developing proprietary application-specific integrated circuit (ASIC) technology, which temporarily limited hashrate growth. Despite these challenges, Bitdeer held $476.3 million in cash and cash equivalents as of December 31, 2024.
Bitdeer’s Tech Plan and Expansion Strategy
This year, Bitdeer plans to activate its SEALMINER A1s and 28 exahashes per second of SEALMINER A2s, aiming to achieve a total self-mining hashrate of approximately 40 exahashes per second by the fourth quarter of 2025. This expansion is part of Bitdeer’s strategy to vertically integrate and strengthen its competitive position in the blockchain and high-performance computing industry.
As of writing, Bitdeer’s stock (BTDR) is trading at $9.10, down just over 30% on the day.
Industry Outlook and Challenges
The substantial loss has raised concerns among investors, but Bitdeer’s 2.6-gigawatt power growth and artificial intelligence (AI) data center plans could support a recovery. This trend is not unique to Bitdeer, as bitcoin miners have started pivoting toward AI data center leasing to diversify revenue streams.
The broader bitcoin mining industry continues to face challenges following the April 2024 halving event, which reduced daily bitcoin rewards from 900 to 450 coins. This reduction has increased the average cost of producing one bitcoin to $55,950 for U.S.-listed miners in the third quarter of 2024, with some estimates, including depreciation and stock-based compensation, reaching as high as $106,000.
Analysts Remain Bullish on Bitcoin Mining Industry
“The fourth quarter of 2024 was a positive period for bitcoin miners as the asset surpassed $100,000 for the first time, driven by increased adoption following pro-cryptocurrency policies under President Donald Trump’s return to the White House.”
Some analysts remain bullish in the industry’s outlook, citing the potential for growth and increased adoption in the coming year.
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