Bitdeer Applied sciences Group (BTDR) mentioned its fourth-quarter web loss widened to $531.9 million from $5 million within the year-earlier quarter.
The Singapore-based bitcoin (BTC) mining firm attributed the bills to strategic investments in creating its proprietary ASIC mining rigs.
“Whereas our deal with ASIC growth quickly restricted hashrate growth, we made vital progress in strengthening our expertise roadmap,” mentioned Matt Kong, the agency’s chief enterprise officer. “Proudly owning our personal ASICs permits us to quickly deploy hashrate, decrease price and enhance capital effectivity.”
Income fell to $69 million, down 40% from the year-earlier interval, with declines throughout self-mining, internet hosting and cloud hash charge companies.
The corporate is doubling down on development, aiming to extend its self-mining capability to 40 exahash per second (EH/s) by the tip of 2025, which might place the corporate among the many largest bitcoin mining operations on the earth.
It additionally plans to scale its energy infrastructure, with over 1 gigawatt (GW) of capability set to go surfing subsequent 12 months — greater than doubling the present 900 megawatts (MW).
Bitdeer mentioned it sees potential within the ASIC market, noting robust demand for various suppliers. The agency can be positioning itself to produce vitality for AI knowledge facilities, aiming to capitalize on rising demand for computing energy.
The shares fell 28% on the day amid a broader decline in conventional and crypto markets. The inventory is now buying and selling for $9.49, greater than 64% decrease than its end-December all-time excessive.
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