According to PANews, Bitcoin mining company Bitdeer reported a net loss of $50.1 million for the third quarter of 2024, with total revenue declining from $87.3 million in the same period last year to $62 million.
The company's gross profit plummeted from $21.1 million in the third quarter of 2023 to $2.8 million, while adjusted EBITDA changed from $28 million in the same period last year to -$8.5 million.
Despite losses, cash and cash equivalents as of September 30 increased from $203.9 million in the previous quarter to $291.3 million.
In terms of operations, the total hash rate managed by the company decreased from 21.2 EH/s in the third quarter of 2023 to 17.1 EH/s, mainly due to the hosting capacity conversion at the Texas facility and clients stopping the hosting of inefficient mining machines.
Self-mining revenue slightly increased from $30.1 million to $31.5 million, benefiting from a 27.9% growth in average self-mining hash rate to 7.8 EH/s and an increase in Bitcoin prices. However, the halving and the increase in global hash rate did not fully offset the decline in revenue.
