Bitcoin miner Bitdeer, based in Singapore, has reported a fourth-quarter loss of $532 million as it works on developing its own mining chips. The company's stock dropped 20% and hit a three-month low following the news. Bitdeer is focusing on developing specialised application-specific integrated circuits (ASICs) specifically designed for mining Bitcoin. The firm believes it can become a leading supplier of energy-efficient mining ASICs and has entered the final stage of designing its second and third generation mining chips. Bitdeer's financial performance was impacted by the development costs of its proprietary mining chips, but it has also strengthened its competitiveness in the market. Tether holds a 25% stake in the mining firm.



Other News from Today