Bitcoin miner Bitdeer reported a net loss of $266.7 million in Q3, with its stock price plummeting by 20%

According to Decrypt, Bitcoin miner Bitdeer Technology Group (NASDAQ: BTDR) reported a net loss of $266.7 million in the third quarter, a decrease of 422% compared to the same period last year, with overall performance falling short of institutional expectations.

It is reported that the recent trend of cryptocurrency mining companies transitioning to artificial intelligence has led to a sell-off in the industry, causing Bitdeer's stock price to drop nearly 20% on Monday, erasing the gains made in the previous month.

The report also states that since last year's halving event, the rewards for validating blockchain transactions have decreased from 6.25 BTC to 3.125 BTC, while operating costs have risen, putting increasing pressure on Bitcoin miners. Many miners have already transitioned to cryptocurrency vaults. In August of this year, Bitdeer is focusing on building mining machines and investing in U.S. mineral resources.