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Date: 2025-02-25 17:03:02
Bitdeer Technologies Group (BTDR) reported that its net loss for the fourth quarter had expanded to $531.9 million, a significant increase from the $5 million recorded in the same quarter of the previous year.
The bitcoin (BTC) mining firm, which is based in Singapore, attributed these costs to strategic investments aimed at developing its own proprietary ASIC mining rigs.
Matt Kong, the company's chief business officer, stated that while their focus on ASIC development had temporarily hindered hashrate expansion, they had made significant strides in bolstering their technology roadmap. "By owning our own ASICs, we can rapidly deploy hashrate, reduce costs, and enhance capital efficiency," he added.
Revenue experienced a decline to $69 million, a decrease of 40% compared to the previous year's period, with reductions observed across self-mining, hosting, and cloud hash rate services.
The company is making a concerted effort to expand, targeting an increase in self-mining capacity to 40 exahash per second (EH/s) by the end of 2025. This would place the company among the world's largest bitcoin mining operations.
Furthermore, Bitdeer plans to expand its power infrastructure, with over 1 gigawatt (GW) of capacity expected to come online next year. This represents an increase of more than double the current 900 megawatts (MW).
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According to Bitdeer, there is potential in the ASIC market due to strong demand for alternative suppliers. Additionally, the company intends to supply energy for AI data centers, aiming to take advantage of the growing demand for computing power.
The shares fell by 28% on the day, coinciding with a broader decline in both traditional and crypto markets. The stock is currently trading at $9.49, representing a decrease of more than 64% from its all-time high at the end of December.
Disclaimer: Certain sections of this article were produced with the aid of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, please refer to CoinDesk's full AI Policy.
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