In the fourth quarter of 2024, the profit of the mining company Bitdeer fell to $69 million. This is almost 40% less than in the same period of 2023. Meanwhile, Bitdeer’s losses exceeded $530 million, which is much more than the figure for 2023, when the loss was only $5 million.
Following the downbeat report, the publicly traded company’s shares fell more than 28% from $13,10 per share to $9,30.
According to Bitdeer Chief Strategy Officer Harris Bassett, the company’s lower numbers compared to Q2023 2024 are «primarily due to the impact of the halving» that took place in April XNUMX. Other reasons include «increased global hash rate and higher R&D costs.»
To offset the decline in mining profits, Bitdeer has begun selling its own cryptocurrency mining hardware. According to Bassett, the company plans to ramp up ASIC production in the coming months.
This limits our hashrate growth, but gives us significant advantages in the future that differentiate our business from others in the sector,” Bassett said.