Bitdeer Technologies Group's stock fell by over 28% on February 25, 2025, following a disappointing earnings report for Q4 2024. The company reported revenues of $69 million, a 40% decrease from the previous year, and net losses exceeding $530 million, compared to a $5 million loss in Q4 2023. The decline in performance is attributed to the April 2024 Bitcoin halving, which halved mining revenues, increased global network hash rates, and higher R&D costs. Bitdeer is focusing on developing its own ASIC mining hardware to counteract declining revenues, with expectations of increased availability in the coming months. The market for ASIC chips is estimated at $4-5 billion. Other miners like Marathon Digital and Core Scientific are also set to report earnings soon.

Bitdeer Technologies Group’s stock dropped by over 28% on Feb. 25 after the Bitcoin miner reported lower-than-expected earnings and revenues for the fourth quarter of 2024. Bitdeer clocked Q4 revenues of $69 million, down nearly 40% from the same period last year. Meanwhile, it reported net losses of more than $530 million, far worse than Q4 2023’s $5-million loss, according to the company’s earnings release. As of early trading on Feb. 25, Bitdeer’s stock dropped from more than $13.10 per share to around $9.30 per share. Related: Analysts eye Bitcoin miners’ AI, chip sales ahead of Q4 earnings The earnings miss comes as miners continue to struggle to adapt after the Bitcoin network’s April 2024 halving event, which effectively cut Bitcoin ( BTC ) mining revenues in half. Bitdeer’s “lower performance compared to Q4 2023 was primarily driven by the impact of the April 2024 halving” as well as other factors, including “increased global network hash rate” and higher research and development costs, Harris Bassett, Bitdeer’s chief strategy officer, said during Bitdeer’s Feb. 25 earnings call. In January, Bitcoin’s hashrate — the total computing power securing the network — reached a new all-time high of over 1,000 exahashes per second (EH/s). Bitdeer has sought to offset declining mining revenues by selling its own energy-efficient Bitcoin mining hardware. However, sales are still ramping up and did not offset weakness in other business lines in Q4. “We made a deliberate decision to prioritize resources on the development of our own ASIC [mining hardware] technology,” Bassett said. “This limited our Hash rate growth but gives us massive advantages going forward that differentiate our business from the rest of the sector,” Bassett said, adding he expects the machines to “become available in volume in the coming months.” Bitdeer said the market for specialized hardware known as ASIC chips totals $4 billion–$5 billion. Miners’ non-core business lines, such as chipmaking and servicing artificial intelligence models, are taking center stage after the halving eroded Bitcoin mining revenues. Every four years, the number of BTC mined per block, a bundle of transaction data stored on the blockchain, is reduced by half. The April event reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Bitcoin miners Marathon Digital and Core Scientific both report earnings on Feb. 26. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions 

Bitdeer Stock Plummets 28% After Q4 Earnings Miss