Techub News: According to Cryptoslate, BTC mining company Bitdeer reported a net loss of $50.1 million in the third quarter of 2024, with total revenue dropping from $87.3 million in the same period last year to $62 million. The decline is mainly attributed to the BTCHalving in April 2024, the increase in global Hash Rate, a decrease in hosting revenue, and an increase in research and development expenses related to the development of the SEAL02 chip.

In addition, the company's gross profit plummeted from $21.1 million in the third quarter of 2023 to $2.8 million, while the adjusted EBITDA dropped from $28 million in the same period last year to a negative $8.5 million. Despite the losses, cash and cash equivalents as of September 30 increased from $2.039 billion in the previous quarter to $2.913 billion.