3 hours ago
Bitdeer Technologies Group (BTDR) said its fourth-quarter net nonaccomplishment widened to $531.9 cardinal from $5 cardinal successful the year-earlier quarter.
The Singapore-based bitcoin (BTC) mining institution attributed the expenses to strategical investments successful processing its proprietary ASIC mining rigs.
“While our absorption connected ASIC improvement temporarily constricted hashrate expansion, we made important advancement successful strengthening our exertion roadmap,” said Matt Kong, the firm’s main concern officer. “Owning our ain ASICs allows america to rapidly deploy hashrate, little outgo and amended superior efficiency.”
Revenue fell to $69 million, down 40% from the year-earlier period, with declines crossed self-mining, hosting and unreality hash complaint services.
The institution is doubling down connected growth, aiming to summation its self-mining capableness to 40 exahash per 2nd (EH/s) by the extremity of 2025, which would spot the institution among the largest bitcoin mining operations successful the world.
It besides plans to standard its powerfulness infrastructure, with implicit 1 gigawatt (GW) of capableness acceptable to spell online adjacent twelvemonth — much than doubling the existent 900 megawatts (MW).
Bitdeer said it sees imaginable successful the ASIC market, noting beardown request for alternate suppliers. The steadfast is besides positioning itself to proviso vigor for AI information centers, aiming to capitalize connected rising request for computing power.
The shares fell 28% connected the time amid a broader diminution successful accepted and crypto markets. The banal is present trading for $9.49, much than 64% little than its end-December all-time high.
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