Bitdeer Technologies Group (BTDR), a leading cryptocurrency mining company, saw its stock plunge by 5.69% in the 24-hour trading session on Thursday. The significant drop in share price came following the company's disappointing Q4 2024 earnings report, which revealed a substantial decline in sales and an increased net loss.

According to the earnings report, Bitdeer's sales for Q4 2024 dropped to $69 million, marking a significant decrease from the $115 million reported in the same period the previous year. Furthermore, the company's net loss surged to $532 million, reflecting the operational challenges it faced during the quarter.

The company cited reduced Bitcoin mining activities and an executive reshuffle as key factors contributing to its poor performance. These developments, coupled with the broader market uncertainties surrounding the technology sector, appear to have impacted investor confidence, resulting in the substantial 5.69% plunge in Bitdeer's stock price.