Markets sold off Tuesday after President Donald Trump said U.S. tariffs on imports from Canada and Mexico "will go forward" as scheduled next week and the risk-off sentiment in equity markets has impacted the crypto sector.
With equities trading lower, a pair of bitcoin mining companies took an even bigger hit following the release of their fourth-quarter earnings reports. Bitcoin's fourth halving in April 2024 cut miners' revenue in half, and these companies have tried to diversify their operations, moving beyond pure crypto mining toward hosting infrastructure for AI and high-performance compute (HPC).
Bitdeer Technologies reported annual revenue of $69 million, down 40% year-over-year. The company's gross profit also dropped from $27 million to $5.1 million. Its crypto balance stands at $77.5 million as of Dec. 31, 2024.
Bitdeer's total hash rate under management ticked up slightly to 21.6 EH/s, while the amount of bitcoin mined fell from 1,299 in 2023 to 469 in 2024.
"Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance," Matt Kong, chief business officer at Bitdeer said in the press release. "However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond."
Cipher Mining reported increased revenues from bitcoin mining in 2024, but also increasing costs of revenue and depreciation. While its revenue rose to $151 million, the company's full-year adjusted earnings loss came out to $106.6 million, wider than the $46 million loss in 2023.
Cipher increased its self-mining hash rate in the fourth quarter to approximately 13.5 EH/s after its Odessa fleet upgrade.
"With our 2.8 GW pipeline and proven track record of execution, we are confident in our vision of becoming a leading data center developer for HPC infrastructure while remaining best-in-class in bitcoin mining," CEO Tyler Page said in the release.
Bitdeer's stock was down 28% to $9.38 per share at publication time, while Cipher Mining's stock was down 20% to $3.96 a share. The companies sport market caps of $2.5 billion and $1.9 billion, respectively, according to The Block's price data.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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