Bitdeer Reports $50.1 Million Loss Amid Bitcoin Halving and Revenue Decline

On November 18th, COINOTAG reported that Bitcoin mining firm Bitdeer recorded a substantial net loss of $50.1 million for Q3 2024. This represents a sharp decrease in revenue, plummeting from $87.3 million in the comparable year-ago quarter to $62 million. The primary factors influencing this downturn include the Bitcoin halving event in April 2024, a notable rise in the global hash rate, diminished hosting revenues, and elevated research and development costs associated with their new SEAL02 chip. Furthermore, the company’s gross profit fell drastically from $21.1 million in Q3 2023 to only $2.8 million this year. In terms of adjusted EBITDA, a considerable shift occurred, going from $28 million to – $8.5 million. Nevertheless, it is noteworthy that as of September 30th, Bitdeer reported an increase in cash and cash equivalents, surging from $203.9 million to $291.3 million over the previous quarter.