Bitdeer Applied sciences reported a web lack of $50.1 million for the third quarter of 2024, with complete 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 world 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 optimistic $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 business, we made substantial progress in the commercialization of our SEALMINER mining rigs,” Kong acknowledged.
The corporate efficiently launched its second-generation SEALMINER A2 mining machine sequence geared up 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 sequence 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 are already engaged in discussions with several potential customers, 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 fulfill rising demand from high-performance computing (HPC) and synthetic intelligence (AI) information facilities.
Operationally, the full hash fee below 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 through the quarter. Nevertheless, the general lower in income was not totally offset by the halving’s affect and elevated world community hash fee.
The corporate continues its world infrastructure growth, with tasks in Norway, Ohio, Texas, and Bhutan set to carry over an estimated 1.1 GW of latest energy capability on-line within the coming yr.
“We remain committed to executing the SEALMINER roadmap, expanding our self-mining hash rate, and leveraging our industry-leading global 2.5 GW power portfolio,” Kong acknowledged.
