Bitdeer Applied sciences reported a web lack of $50.1 million for the third quarter of 2024, with whole income declining to $62 million from $87.3 million in the identical interval final yr.
The corporate’s unaudited monetary outcomes, launched on Nov. 18, attribute the lower primarily to the affect of the April 2024 Bitcoin halving, elevated international hash fee, decreased internet hosting income, and better analysis and improvement bills associated to the SEAL02 chip improvement.
Gross revenue dropped sharply to $2.8 million from $21.1 million within the third quarter of 2023, whereas adjusted EBITDA turned damaging at $8.5 million in comparison with a constructive $28 million a yr earlier. Regardless of the losses, money and money equivalents rose to $291.3 million as of Sept. 30, up from $203.9 million within the earlier quarter.
Bitdeer’s Chief Enterprise Officer, Matt Kong, emphasised developments in technological and strategic initiatives.
“In our ASICs enterprise, we made substantial progress within the commercialization of our SEALMINER mining rigs,” Kong acknowledged.
The corporate efficiently launched its second-generation SEALMINER A2 mining machine collection outfitted with the SEAL02 chip. It options air-cooling and hydro-cooling fashions with hash charges of 226 TH/s and 446 TH/s, respectively, and an influence effectivity ratio of 16.5 J/TH.
Mass manufacturing of the SEALMINER A2 collection started in October, with the primary manufacturing run anticipated to ship 18 EH/s. These items shall be used for self-mining and offered to exterior prospects. “We’re already engaged in discussions with a number of potential prospects, and early demand is promising,” Kong added.
Within the Cloud HPC and AI enterprise, Bitdeer’s NVIDIA DGX SuperPOD system in Singapore achieved roughly 98% utilization in September. The corporate expanded a pilot program in Canada and is exploring leveraging its 2.5 GW energy capability throughout three continents to satisfy rising demand from high-performance computing (HPC) and synthetic intelligence (AI) knowledge facilities.
Operationally, the whole hash fee underneath administration decreased to 17.1 EH/s from 21.2 EH/s within the third quarter of 2023. The decline was primarily because of the conversion of 100 MW of internet hosting capability on the Texas facility to hydro-cooling for self-mining, and a few prospects discontinued internet hosting much less environment friendly miners after the Bitcoin halving.
Self-mining income elevated barely to $31.5 million from $30.1 million, pushed by a 27.9% improve within the common self-mining hash fee to 7.8 EH/s and better Bitcoin costs throughout the quarter. Nevertheless, the general lower in income was not totally offset by the halving’s affect and elevated international community hash fee.
The corporate continues its international infrastructure growth, with tasks in Norway, Ohio, Texas, and Bhutan set to convey over an estimated 1.1 GW of recent energy capability on-line within the coming yr.
“We stay dedicated to executing the SEALMINER roadmap, increasing our self-mining hash fee, and leveraging our industry-leading international 2.5 GW energy portfolio,” Kong acknowledged.