Bit deer Technologies experienced a net loss of $50.1 million in Q3 2024, with revenue dropping to $62 million from $87.3 million in the same period last year. The decrease is mainly attributed to the April 2024 Bitcoin halving, increased global hash rate, decreased hosting revenue, and higher R&D expenses for SEAL02 chip development.
Gross profit fell to $2.8 million from $21.1 million in Q3 2023, and adjusted EBITDA turned negative at $8.5 million compared to a positive $28 million a year earlier. Despite losses, cash and cash equivalents increased to $291.3 million as of Sept. 30, up from $203.9 million in the previous quarter.
Bitdeer’s Chief Business Officer, Matt Kong, highlighted advancements in technological and strategic initiatives, including progress in ASICs business commercialization of SEALMINER mining rigs. The company successfully launched its second-generation SEALMINER A2 mining machine series, featuring air-cooling and hydro-cooling models with different hash rates and a power efficiency ratio of 16.5 J/TH.
Mass production began in October, with the first production run expected to deliver 18 EH/s, used for self-mining and external customers. In the Cloud HPC and AI business, Bitdeer’s NVIDIA DGX SuperPOD system in Singapore achieved approximately 98% utilization in September. The company expanded a pilot program in Canada and plans to leverage its 2.5 GW power capacity across three continents to meet growing demand from HPC and AI data centers.
The total hash rate under management decreased to 17.1 EH/s from 21.2 EH/s in Q3 2023 due to a conversion of 100 MW of hosting capacity at the Texas facility to hydro-cooling for self-mining. Self-mining revenue increased slightly to $31.5 million from $30.1 million, driven by a 27.9% increase in the average self-mining hash rate to 7.8 EH/s and higher Bitcoin prices during the quarter.
Bitdeer continues global infrastructure expansion, with projects in Norway, Ohio, Texas, and Bhutan set to bring over an estimated 1.1 GW of new power capacity online in the coming year. The company remains committed to executing the SEALMINER roadmap, expanding self-mining hash rate, and leveraging its industry-leading global 2.5 GW power portfolio.