PANews reported on November 18 that according to Cryptoslate, 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 company's unaudited financial results released on November 18 attributed the decline mainly to the impact of the Bitcoin halving in April 2024, the increase in global hash rate, the decrease in hosting income, and the 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 changed 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.
In terms of operations, the company's total managed hash rate fell from 21.2EH/s in the third quarter of 2023 to 17.1EH/s. The main reason for the decline was the conversion of 100 MW of hosting capacity at the Texas plant to water cooling for self-mining, and some customers stopped hosting less efficient miners after the Bitcoin halving. Self-mining revenue increased slightly from US$30.1 million to US$31.5 million, thanks to a 27.9% increase in average self-mining hash rate to 7.8EH/s and higher Bitcoin prices during the quarter. However, the impact of the halving and the increase in the global network hash rate did not completely offset the decline in overall revenue.
