Bitdeer reports $50 million loss due to Bitcoin halving, increased R&D costs

Bitdeer Technologies reported a nett nonaccomplishment of $50.1 cardinal for the 3rd 4th of 2024, with full gross declining to $62 cardinal from $87.3 cardinal successful the aforesaid play past year.

The company’s unaudited fiscal results, released connected Nov. 18, property the alteration chiefly to the interaction of the April 2024 Bitcoin halving, accrued planetary hash rate, decreased hosting revenue, and higher probe and improvement expenses related to the SEAL02 spot development.

Gross nett dropped sharply to $2.8 cardinal from $21.1 cardinal successful the 3rd 4th of 2023, portion adjusted EBITDA turned antagonistic astatine $8.5 cardinal compared to a affirmative $28 cardinal a twelvemonth earlier. Despite the losses, currency and currency equivalents roseate to $291.3 cardinal arsenic of Sept. 30, up from $203.9 cardinal successful the erstwhile quarter.

Bitdeer’s Chief Business Officer, Matt Kong, emphasized advancements successful technological and strategical initiatives.

“In our ASICs business, we made important advancement successful the commercialization of our SEALMINER mining rigs,” Kong stated.

The institution successfully launched its second-generation SEALMINER A2 mining instrumentality bid equipped with the SEAL02 chip. It features air-cooling and hydro-cooling models with hash rates of 226 TH/s and 446 TH/s, respectively, and a powerfulness ratio ratio of 16.5 J/TH.

Mass accumulation of the SEALMINER A2 bid began successful October, with the archetypal accumulation tally expected to present 18 EH/s. These units volition beryllium utilized for self-mining and sold to outer customers. “We are already engaged successful discussions with respective imaginable customers, and aboriginal request is promising,” Kong added.

In the Cloud HPC and AI business, Bitdeer’s NVIDIA DGX SuperPOD strategy successful Singapore achieved astir 98% utilization successful September. The institution expanded a aviator programme successful Canada and is exploring leveraging its 2.5 GW powerfulness capableness crossed 3 continents to conscionable increasing request from high-performance computing (HPC) and artificial quality (AI) information centers.

Operationally, the full hash complaint nether absorption decreased to 17.1 EH/s from 21.2 EH/s successful the 3rd 4th of 2023. The diminution was chiefly owed to the conversion of 100 MW of hosting capableness astatine the Texas installation to hydro-cooling for self-mining, and immoderate customers discontinued hosting little businesslike miners aft the Bitcoin halving.

Self-mining gross accrued somewhat to $31.5 cardinal from $30.1 million, driven by a 27.9% summation successful the mean self-mining hash complaint to 7.8 EH/s and higher Bitcoin prices during the quarter. However, the wide alteration successful gross was not afloat offset by the halving’s interaction and accrued planetary web hash rate.

The institution continues its planetary infrastructure expansion, with projects successful Norway, Ohio, Texas, and Bhutan acceptable to bring implicit an estimated 1.1 GW of caller powerfulness capableness online successful the coming year.

“We stay committed to executing the SEALMINER roadmap, expanding our self-mining hash rate, and leveraging our industry-leading planetary 2.5 GW powerfulness portfolio,” Kong stated.

The station Bitdeer reports $50 cardinal nonaccomplishment owed to Bitcoin halving, accrued R&D costs appeared archetypal connected CryptoSlate.