Why Bitdeer Technologies Group (BTDR) Crashed on Tuesday?

We recently published a list of 10 Stocks Kick Off Trading Week With Losses. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against other stocks kick off trading week with losses.

Wall Street’s main indices began the shortened trading week on a lackluster note, albeit finishing in the green, as investors continued to digest corporate earnings results.

The S&P 500 led the charge, recording a modest 0.24 percent gain. However, the Dow Jones and the tech-heavy Nasdaq posted gains of only 0.02 percent and 0.07 percent, respectively.

Ten companies performed poorly on Tuesday amid a series of negative catalysts that disappointed investors. In this article, we identified the 10 worst performers and detailed the reasons behind their drop.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A construction team in a mining datacenter building work site with plans and equipment in hand.

Bitdeer Technologies Group (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR) fell for a second straight day on Tuesday as investor sentiment was dampened by news that Bitcoin mining performance dropped last month due to temporary curtailments at its site in Bhutan.

In a statement last week, BTDR said it was only able to mine 126 Bitcoins for January, down month-on-month, due to higher seasonal electricity prices that curtailed its Bhutan site.

In addition, it expects production for its SEALMINER A2 will be delayed for one month due to a 6.4-magnitude earthquake that struck Taiwan on January 21.

However, BTDR said mass production of its SEALMINER A1 remains on schedule, while SEALMINER A3 is expected to be the most advanced and energy-efficient Bitcoin mining chip on the market.

Bitdeer Technologies Group (NASDAQ:BTDR) is a world-leading technology company for blockchain and high-performance computing.

Overall, BTDR ranks 5th on our list of stocks kick off trading week with losses. While we acknowledge the potential of BTDR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as BTDR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.