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Bitdeer Technologies Reports $532M Q4 Loss as It Invests Heavily in ASIC Mining Technology
In a recent announcement, Bitdeer Technologies Group revealed a staggering $532 million net loss for the fourth quarter of 2024. The company attributed this significant financial setback to its aggressive investments in proprietary mining hardware development and vertical integration within the Bitcoin mining sector.
Revenues declined by an astonishing 40% year-over-year to $69 million, while gross profits plummeted from $27 million in Q4 2023 to a mere $5.1 million. The management team linked this downturn to the April 2024 halving event and the strategic pivot towards in-house ASIC (application-specific integrated circuit) mining chips.
Operating expenses skyrocketed to $42.5 million, with $22.9 million dedicated to research and development costs focused on its Sealminer ASIC chip series. Despite the substantial losses, Bitdeer emphasized that these investments will ultimately drive long-term gains by enhancing mining efficiency and reducing reliance on third-party hardware providers.
A substantial chunk of this loss can be attributed to the massive $243.4 million in payments made to Taiwan Semiconductor Manufacturing Company (TSMC) for ASIC chip production. The organization dedicated a significant $190.6 million towards mass-producing its SEAL02 mining chips and a further $52.8 million for SEAL03 tapeouts, setting the stage for a 40 exahash per second (EH/s) self-mining target by 2025.
As of February 26, 2025, Bitdeer’s stock (BTDR) trades at $9.26, representing a decline of $3.83 from its previous close.
Source: https://www.crypto-news.net/bitdeer-technologies-reports-532m-q4-loss-as/
