Bitdeer Technologies Group released its unaudited financial and operational results for the third quarter ended September 30, 2024. The company reported a year-over-year decrease in revenue and adjusted EBITDA, primarily due to the impact of the 2024 Bitcoin halving event, an increased global hashrate, and decreased hosting revenue.
The financial performance was also affected by increased research and development costs associated with the one-time development expenses of the SEAL02 chip. Despite these headwinds, Bitdeer ended the quarter with a strong liquidity position, holding $291.3 million in cash and cash equivalents.
Operationally, the company made substantial progress in the commercialization of its SEALMINER mining rigs and successfully launched its second-generation SEALMINER A2 mining machine series in October. Bitdeer's NVIDIA DGX SuperPOD system in Singapore achieved approximately 98% utilization in September, and the company is actively exploring opportunities to leverage its 2.5 GW power capacity for High-Performance Computing (HPC) and Artificial Intelligence (AI) datacenters.
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