Feb 25, 05:12 PM

Bitdeer Posts $532M Loss in Q4 2024, Stock Falls 28% Amid Bitcoin Price Drop and Bybit Hack

Bitdeer Technologies Group reported a $531.9 million net loss for the fourth quarter of 2024, a sharp increase from the $5 million loss in the same period the previous year. The Bitcoin mining company attributed the loss to strategic investments in proprietary ASIC mining rigs, with $240 million allocated to TSMC chip development. Revenue for the quarter fell 40% year-over-year to $69 million, reflecting declines across self-mining, hosting, and cloud hash rate services. The company also reported a 64% drop in Bitcoin output for the quarter, holding 594 Bitcoin valued at $77.5 million. Despite the losses, Bitdeer is targeting significant expansion, aiming to increase its mining capacity to 40 exahash per second (EH/s) by the end of 2025 and scaling its power infrastructure to over 1 gigawatt. The firm sees potential in the ASIC market and is positioning itself to supply energy for AI data centers. Following the earnings report, Bitdeer's stock plunged 28%, amid a broader market downturn and concerns over the company's profitability. The Bitcoin price drop and the recent $1.4 billion Bybit hack have further weighed on the cryptocurrency sector.

#Bitdeer Technologies Group #Bitcoin #Bitdeer #By

Written with ChatGPT (GPT-4o).

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Bitdeer Posts $532M Loss in Q4 2024, Stock Falls 28% Amid Bitcoin Price Drop and Bybit Hack

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