Bitdeer, a company focused on blockchain and high-performance computing, unveiled its financial results for the fourth quarter and full year of 2024. Despite significant losses, the company has plans to further develop its technologies.
Bitdeer's Financial Results
Bitdeer reported a net loss of $531.9 million for the fourth quarter of 2024, compared to $5 million in the same period last year. Total revenue for the quarter was $69 million, down from $114.8 million in Q4 2023. The decline in revenue and increased loss are attributed to the company's investment in the development of application-specific integrated circuit (ASIC) technology, which temporarily limited hashrate growth.
Strategic Development Plan
This year, Bitdeer plans to activate its SEALMINER A1s and 28 exahashes per second of SEALMINER A2s, aiming to achieve a total self-mining hashrate of approximately 40 exahashes per second by Q4 2025. This expansion is part of Bitdeer’s strategy to vertically integrate and strengthen its competitive position in the blockchain and high-performance computing industries.
Industry Outlook
The substantial loss has raised concerns among investors, but Bitdeer’s 2.6-gigawatt power growth and artificial intelligence data center plans could support a recovery. This trend is not unique to Bitdeer as other bitcoin miners, like Crusoe Energy, have started pivoting toward artificial intelligence data center leasing to diversify revenue streams. The broader bitcoin mining industry continues to face challenges following the April 2024 halving event which reduced daily bitcoin rewards from 900 to 450 coins.
Despite significant losses in Q4 2024, Bitdeer remains committed to developing its technology and executing a strategy focused on improving its future competitive positions.
