Bitdeer Technologies Group (BTDR) said its net loss in the fourth quarter expanded to $ 531.9 million from $ 5 million a year before the quarter.
The Singapore-based Bitcoin (BTC) The mining company attributed the cost of strategic investments in the development of its proprietary ASIC mining rig.
“While our focus on ASIC development temporarily limited hashrate extension, we made significant progress in strengthening our technological roadmap,” said Matt Kong, the company’s head of business manager. “Owning our own ASICs allows us to quickly implement hashrate, lower costs and improve capital efficiency.”
Revenue fell to $ 69 million, 40% from the previous year, with falls across self -mining, hosting and cloudshash speed services.
The company doubles growth with the aim of increasing its self -mining to 40 exahash per day. Second (EH/S) by the end of 2025, which would place the company among the biggest Bitcoin mining in the world.
It also plans to scale its effect infrastructure with over 1 gigawatt (GW) capacity to go online next year – more than doubled the current 900 megawatt (MW).
Bitdeer said it sees potential in the ASIC market and notices a strong demand for alternative suppliers. The company also places itself to supply energy to AI data centers for the purpose of utilizing the growing demand for computing power.
The shares fell 28% in the day in the midst of a wider fall in traditional and crypto markets. The stock now trades for $ 9.49, more than 64% lower than its end-December all the time high.
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