Bitdeer Technologies reported a internet loss of $50.1 million for the third quarter of 2024, with complete income declining to $62 million from $87.3 million in the identical interval final 12 months.
The firm’s unaudited monetary outcomes, launched on Nov. 18, attribute the lower primarily to the influence of the April 2024 Bitcoin halving, increased international hash price, decreased internet hosting income, and better analysis and improvement bills associated to the SEAL02 chip improvement.
Gross revenue dropped sharply to $2.8 million from $21.1 million within the third quarter of 2023, whereas adjusted EBITDA turned destructive at $8.5 million in contrast to a constructive $28 million a 12 months earlier. Despite the losses, money and money equivalents rose to $291.3 million as of Sept. 30, up from $203.9 million within the earlier quarter.
Bitdeer’s Chief Business Officer, Matt Kong, emphasised developments in technological and strategic initiatives.
“In our ASICs business, we made substantial progress in the commercialization of our SEALMINER mining rigs,” Kong acknowledged.
The firm efficiently launched its second-generation SEALMINER A2 mining machine collection outfitted with the SEAL02 chip. It options air-cooling and hydro-cooling fashions with hash charges of 226 TH/s and 446 TH/s, respectively, and an influence effectivity ratio of 16.5 J/TH.
Mass manufacturing of the SEALMINER A2 collection started in October, with the primary manufacturing run anticipated to ship 18 EH/s. These items can be used for self-mining and offered to exterior prospects. “We are already engaged in discussions with several potential customers, and early demand is promising,” Kong added.
In the Cloud HPC and AI enterprise, Bitdeer’s NVIDIA DGX SuperPOD system in Singapore achieved roughly 98% utilization in September. The firm expanded a pilot program in Canada and is exploring leveraging its 2.5 GW energy capability throughout three continents to meet rising demand from high-performance computing (HPC) and synthetic intelligence (AI) knowledge facilities.
Operationally, the entire hash price below administration decreased to 17.1 EH/s from 21.2 EH/s within the third quarter of 2023. The decline was primarily due to the conversion of 100 MW of internet hosting capability on the Texas facility to hydro-cooling for self-mining, and a few prospects discontinued internet hosting much less environment friendly miners after the Bitcoin halving.
Self-mining income increased barely to $31.5 million from $30.1 million, pushed by a 27.9% enhance within the common self-mining hash price to 7.8 EH/s and better Bitcoin costs in the course of the quarter. However, the general lower in income was not absolutely offset by the halving’s influence and increased international community hash price.
The firm continues its international infrastructure growth, with tasks in Norway, Ohio, Texas, and Bhutan set to convey over an estimated 1.1 GW of recent energy capability on-line within the coming 12 months.
“We remain committed to executing the SEALMINER roadmap, expanding our self-mining hash rate, and leveraging our industry-leading global 2.5 GW power portfolio,” Kong acknowledged.
