Bitdeer Reports Net Loss of $531M in Q4 Last Year

JH Kim

Summary

Bitdeer announced a net loss of $531 million in the fourth quarter of last year.
Performance significantly declined with revenue dropping by 40%% to $69 million compared to the same period last year.
Bitdeer reported that they are exploring measures to improve profitability and reduce costs.

According to CoinDesk, a cryptocurrency-focused media outlet, on the 25th (local time), Bitdeer, a Bitcoin (BTC) cloud mining company, reported a net loss of $531 million in the fourth quarter of last year.

This figure shows a significant increase compared to the same period of the previous year ($5 million), clearly demonstrating poor performance.

Moreover, revenue also declined by 40% to $69 million compared to the same period last year.

Regarding this, the media analyzed that "the decline in performance across the company's main business areas, including self-mining, hosting, and cloud hashrate services, was the main cause."

Bitdeer is reportedly seeking ways to continuously improve profitability and reduce costs.