According to BlockBeats, on November 18, Bitcoin mining company Bitdeer announced a net loss of US$50.1 million in the third quarter of 2024, and its total revenue fell to US$62 million from US$87.3 million in the same period last year.
The decline was due to the Bitcoin halving in April 2024, an increase in global hash rate, a decrease in hosting revenue, and an increase in SEAL02 chip R&D expenses. Gross profit fell to $2.8 million from $21.1 million in the third quarter of 2023.
Adjusted EBITDA turned to -$8.5 million from $28 million in the same period last year. Despite the loss, cash and cash equivalents increased to $291.3 million as of September 30.