Bitdeer Reports $532M Q4 Loss as It Bets on ASIC Development for Long-Term Growth
Bitcoin mining firm Bitdeer Technologies Group (BTDR) saw its fourth-quarter net loss expand significantly, reaching $531.9 million compared to just $5 million in the same period last year.
The Singapore-based company attributed the loss to its aggressive investment in proprietary ASIC mining chip development, which it believes will enhance efficiency and future scalability.
“While prioritizing ASIC development has temporarily slowed our hashrate expansion, we’ve made major strides in advancing our technology roadmap,” said Matt Kong, Bitdeer’s chief business officer. “By owning our ASICs, we can scale mining operations faster, reduce costs, and improve capital efficiency.”
Revenue for the quarter dropped 40% year-over-year to $69 million, with declines across self-mining, hosting, and cloud hashrate services.
Despite short-term financial pressures, Bitdeer is doubling down on growth, aiming to ramp up its self-mining capacity to 40 exahashes per second (EH/s) by the end of 2025. If successful, this expansion would place it among the world’s largest bitcoin mining firms.
The company is also boosting its energy infrastructure, with plans to bring over 1 gigawatt (GW) of power capacity online next year—more than doubling its existing 900 megawatts (MW).
Beyond mining, Bitdeer sees opportunities in the ASIC market, positioning itself as an alternative supplier amid increasing demand. Additionally, the firm is eyeing expansion into AI-related energy supply, capitalizing on the surging need for computing power.
The stock price tumbled 28% following the report, reflecting broader weakness in both traditional and crypto markets. Shares are now trading at $9.49, marking a 64% decline from their all-time high in late December.
