Bitdeer Stock Plummets 20% Following Q1 Earnings Miss and ASIC Mining Chip Production Delay

Bitdeer Technologies Group witnessed a significant 20% decline in its stock value during Thursday's trading session. This sharp downturn was triggered by the company's Q1 2024 financial report, which revealed a net loss substantially wider than initial analyst forecasts. Compounding the negative earnings surprise, Bitdeer also announced an unexpected delay in the production timeline for its proprietary ASIC mining chips. This dual setback of greater financial losses and postponed hardware development has raised serious concerns among investors regarding the company's near-term profitability and competitive positioning within the Bitcoin mining sector.