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Bitdeer Technologies Group Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024
Financial Highlights
Bitdeer Technologies Group (BTDR) has reported an unaudited net loss of $531.9 million for the fourth quarter of 2024, which is a significant increase from the $5 million net loss reported in the same period last year.
Strategic Investments
The company attributed the expenses to strategic investments in developing its proprietary ASIC mining rigs. According to Matt Kong, the firm’s chief business officer, "While our focus on ASIC development has temporarily limited hashrate expansion, we made significant progress in strengthening our technology roadmap. Owning our own ASICs allows us to rapidly deploy hashrate, lower costs, and improve capital efficiency."
Revenue Decline
Revenue fell to $69 million, a 40% decrease from the year-earlier period, with declines across self-mining, hosting, and cloud hash rate services.
Growth Strategy
The company is doubling down on growth, aiming to increase its self-mining capacity to 40 exahash per second (EH/s) by the end of 2025, which would place it among the largest bitcoin mining operations in the world. Additionally, Bitdeer plans to scale its power infrastructure, with over 1 gigawatt (GW) of capacity set to go online next year, more than doubling its current 900 megawatts (MW).
Opportunities in ASIC Market
The company sees potential in the ASIC market, noting strong demand for alternative suppliers. Bitdeer is positioning itself to supply energy for AI data centers, aiming to capitalize on rising demand for computing power.
Stock Performance
The company’s shares fell 28% on the day amid a broader decline in traditional and crypto markets. The stock is now trading at $9.49, more than 64% lower than its end-December all-time high.
Conclusion
Bitdeer Technologies Group’s financial results for the fourth quarter and full year of 2024 highlight the company’s strategic investments in developing its proprietary ASIC mining rigs, as well as its growth strategy aimed at increasing its self-mining capacity and scaling its power infrastructure. Despite the challenges faced by the company, its focus on innovation and expansion positions it for long-term growth and success.
FAQs
Q: What is the company’s current self-mining capacity?
A: Bitdeer’s current self-mining capacity is not specified.
Q: What is the company’s target self-mining capacity by the end of 2025?
A: The company aims to increase its self-mining capacity to 40 exahash per second (EH/s) by the end of 2025.
Q: What is the company’s strategy for scaling its power infrastructure?
A: Bitdeer plans to scale its power infrastructure, with over 1 gigawatt (GW) of capacity set to go online next year, more than doubling its current 900 megawatts (MW).
Q: What are the company’s plans for the ASIC market?
A: The company sees potential in the ASIC market, noting strong demand for alternative suppliers. It is positioning itself to supply energy for AI data centers, aiming to capitalize on rising demand for computing power.
