The cryptocurrency mining firm, Bitdeer, has reported a net loss of $50.1 million in the third quarter of 2024, which is a significant decline from the same period in 2023. The decline was mainly due to the Bitcoin halving event in April 2024, an increase in global hash rate, and a decrease in hosting revenue.
Additionally, the company’s gross profit dropped significantly from $21.1 million in the third quarter of 2023 to $2.8 million. However, its cash and cash equivalents as of September 30th increased from $203.9 million in the previous quarter to $291.3 million.