Key Takeaways
- Revenue for Q4 2024 was $69.0 million, a decline from $114.8 million in Q4 2023
- The decrease was attributed to lower Bitcoin prices and reduced transaction activity.
Leading crypto mining firm, Bitdeer reported a net loss of $531.9 million for the fourth quarter of 2024. The firm noted that the loss was mainly owing to non-cash fair value changes in derivative liabilities—$413.7 million related to convertible notes and $55.8 million related to warrants. The company’s share price fell approximately 23% following the announcement.
Revenue for Q4 2024 was $69.0 million, a decline from $114.8 million in Q4 2023. The decrease was attributed to lower Bitcoin prices and reduced transaction activity. Bitdeer’s gross profit for the quarter stood at $12.7 million, with a gross margin of 18.4%, compared to 41.7% during the same period in the previous year.
The company also provided a full-year update for 2024. Total revenue for the year was $370.3 million, with a gross profit of $98.0 million and an adjusted EBITDA of $33.4 million. Bitdeer’s total net loss for the year was $835.3 million, again largely due to non-cash fair value changes in derivative liabilities.
Bitdeer is currently advancing the development of its proprietary ASIC mining machines, the SEALMINER A1 and A2. The company aims to deploy these units in 2025 and increase its proprietary hash rate to approximately 40 EH/s by Q4 2025. The firm is also expanding its data center infrastructure in the U.S. and Norway.
Following the April 2024 Bitcoin halving event—which reduced block rewards from 6.25 BTC to 3.125 BTC, miners have faced significant revenue challenges. Many firms have scaled back operations or shifted toward high-efficiency infrastructure to survive thinner margins. High energy costs have exacerbated crypto mining particularly in North America and Europe, increasing pressure on mining profitability.
