Bitdeer Reports Substantial Loss in Q4 as it Prioritizes ASIC Development for Future Growth
The company suffered a net loss of $531.9 million during the fourth quarter last year, a stark increase from $5 million net loss the same quarter previous year. The losses resulted from significant investments aimed at developing proprietary ASIC mining rigs.
- Revenue dipped to $69 million, falling from $114.8 million from the previous year.
- The company aims to boost its self-mining capacity to 40 EH/s by the end of the year, aiming to position itself among the leading bitcoin mining firms globally.
“While our focus on ASIC development temporarily limited hashrate expansion, we made significant progress in strengthening our technology roadmap,” said Matt Kong, the firm’s chief business officer. “Owning our own ASICs allows us to rapidly deploy hashrate, lower cost and improve capital efficiency.”
Additionally, Bitdeer plans to expand its energy capacity, intending to increase its infrastructure from the existing 900 megawatts to 1 gigawatt by next year. This comes amid plans to meet the growing demand in the ASIC market and position itself to supply energy for AI data centers, thus capitalizing on rising needs for computing power.
Despite these advancements, Bitdeer’s shares have fallen by 28% recently, now trading at $9.49, down 64% from its all-time high recorded at the end of December.
