Bitdeer Reports Q4 Net Loss of $531.9 Million Amid ASIC Development

Bitdeer Technologies Group (BTDR) reported a fourth-quarter net loss of $531.9 million, an increase from $5 million in the same quarter last year. The company cited expenses related to strategic investments in developing proprietary ASIC mining rigs.

Key points include:

• Revenue fell to $69 million, down 40% year-over-year, affecting self-mining, hosting, and cloud hash rate services.
• The company aims to boost its self-mining capacity to 40 EH/s by the end of 2025.
• Plans to expand power infrastructure with over 1 GW of capacity to be operational next year, more than doubling current levels.
• Bitdeer sees strong demand for alternative ASIC suppliers and plans to provide energy for AI data centers.
• Shares dropped 28% amid overall market declines, now trading at $9.49, over 64% lower than its all-time high.