Crypto miner Bitdeer faces steep Q4 loss but eyes 40 EH/s hashrate goal

Bitdeer Technologies Group declared a loss of $ 531.9 million for the fourth quarter of 2024, a strong increase in relation to the loss of $ 5 million during the same period in the previous year.

Bitdeer, the blockchain and the company focused on fast IT released Financial results for the fourth quarter and the full year of 2024. The company declared a net loss of $ 531.9 million for the quarter, against a loss of $ 5 million during the same period last year . The total turnover of the fourth quarter of 2024 was $ 69 million, compared to $ 114.8 million in the fourth quarter of 2023.

The drop in income and the increase in net losses are assigned to strategic investments in the development of owners Integrated circuit technology specific to the application (ASIC) which has temporarily limited the growth of the hatch. Despite these challenges, Bitdeer held $ 476.3 million in cash and cash equivalent on December 31, 2024.

Bitdeer technological plan

This year, Bitdeer plans to activate its A1 Sealmin A1 and 28 exams per second of Sealmin A2S, aimed at reaching a hashrate of total self-exploitation of approximately 40 exams per second by the fourth quarter of 2025. This expansion is part Bitdeer’s strategy vertically vertically. Integrate and strengthen its competitive position in the blockchain and the high performance IT industry.

During the writing, Bitdeer (BTDR) shares are negotiated at $ 9.10, down more than 30% over the day.

Industry prospects

The substantial loss has raised concerns among investors, but power growth plans of 2.6 Gigawatts of Bitdeer and the data center for artificial intelligence could support a recovery. This trend is not unique to Bitdeer, as Bitcoin minors, including Crusoe energystarted to pivot towards the rental of the artificial intelligence data center to diversify sources of income.

The larger Bitcoin operating industry continues to deal with challenges after April 2024 Half event This reduced Bitcoin’s daily awards from 900 to 450 pieces. This reduction increased the average cost of production of a Bitcoin to $ 55,950 for minors listed in the United States in the third quarter of 2024, with certain estimates, in particular amortization and remuneration based on shares, reaching until ‘at $ 106,000.

However, some analysts remain optimistic in the perspectives of the industry. Notably, HC Wainwright analysts said in a recent note that the fourth quarter of 2024 was a positive period for bitcoin minors, because the assets exceeded $ 100,000 for the first time, driven by increased adoption following pro-Crypto policies -Mood under the return of President Donald Trump to the White House.