Bitdeer’s Q4 Loss Expands to $532M Amid Heavy Investment in ASIC Mining Technology

Bitdeer Technologies Group (BTDR) reported a steep fourth-quarter net loss of $531.9 million, a significant increase from the $5 million loss recorded in the same period last year.

The Singapore-based bitcoin mining company attributed the losses to substantial investments in developing its proprietary ASIC mining chips, which it sees as a crucial step in securing long-term efficiency and competitive advantage.

“Our strategic focus on ASIC development has temporarily limited hashrate expansion, but it’s a critical move for strengthening our future mining operations,” said Matt Kong, Bitdeer’s chief business officer. “Owning and optimizing our ASIC technology allows us to control costs, scale efficiently, and improve capital utilization.”

Revenue for the quarter fell 40% year-over-year to $69 million, with declines in self-mining, hosting, and cloud hashrate services contributing to the downturn.

Despite short-term financial pressure, Bitdeer remains committed to expansion, aiming to boost its self-mining capacity to 40 exahashes per second (EH/s) by the end of 2025—placing it among the largest bitcoin mining firms globally.

The company is also significantly increasing its energy capacity, with plans to exceed 1 gigawatt (GW) by 2026, more than doubling its current 900 megawatts (MW).

In addition to mining, Bitdeer sees a lucrative opportunity in the ASIC hardware market and is positioning itself as a key supplier. It is also exploring potential energy partnerships with AI-driven data centers, capitalizing on the surging demand for high-performance computing infrastructure.

Bitdeer’s stock tumbled 28% following the announcement, reflecting broader market weakness in both traditional equities and cryptocurrency-related assets. Shares are now trading at $9.49, down 64% from their all-time high in December.