According to BlockBeats, on November 18, 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.
Reasons for the decline include the Bitcoin halving in April 2024, an increase in global hash rate, a decrease in hosting revenue, and increased R&D expenses for the SEAL02 chip. Gross profit fell from $21.1 million in the third quarter of 2023 to $2.8 million.
Adjusted EBITDA decreased from $28 million in the same period last year to -$8.5 million. Despite the losses, cash and cash equivalents increased to $291.3 million as of September 30.
