Bitdeer: Net loss of US$50.1 million in the third quarter due to Bitcoin halving and increased R&D costs

Odaily News Bitcoin mining company Bitdeer announced a net loss of $50.1 million in the third quarter of 2024, and total revenue fell to $62 million from $87.3 million in the same period last year. The decline was mainly due to the Bitcoin halving in April 2024, an increase in the global hash rate, a decrease in hosting revenue, and an increase in R&D expenses related to the development of the SEAL02 chip. The company's gross profit fell sharply from $21.1 million in the third quarter of 2023 to $2.8 million, while adjusted EBITDA turned from $28 million in the same period last year to -$8.5 million. Despite the loss, cash and cash equivalents as of September 30 increased to $291.3 million from $203.9 million in the previous quarter. (Cryptoslate)