Bitdeer (NASDAQ: BTDR) announced Monday it mined 526 bitcoin in November 2025, representing a 251% increase compared to the same period last year. The company attributed the production growth to the continued deployment of its proprietary SEALMINER rigs, with Bitdeer’s self-mining hashrate reaching 45.7 EH/s during the month. The company expects to surpass 50 EH/s by the end of the year, per Bitdeer Chief Business Officer Matt Kong. Bitdeer would join MARA (NASDAQ: MARA), IREN (NASDAQ: IREN), CleanSpark ...

Core Insights - Bitdeer Technologies Group reported a revenue of $169.7 million for Q3 2025, marking a year-over-year increase of 173.6% and a sequential growth of 9.1% [2][4] - The company achieved an adjusted EBITDA of $43.0 million, a significant improvement from a negative $7.9 million in the same quarter last year [2][19] - Bitdeer is expanding its AI strategy and has commenced mass production of the SEALMINER A3, with early samples showing promising power efficiency [1][2] Financial Performance - Total revenue for Q3 2025 was $169.7 million compared to $62.0 million in Q3 2024 [4][14] - Cost of revenue increased to $128.9 million from $59.3 million, primarily due to higher electricity usage and costs associated with SEALMINER sales [4][12] - Gross profit rose to $40.8 million, resulting in a gross margin of 24.1%, up from 4.5% in the previous year [4][15] Operational Metrics - The total hash rate under management increased to 49.2 EH/s from 17.1 EH/s year-over-year, with self-mining hash rate reaching 35.0 EH/s [3][4] - The number of mining rigs under management grew to 241,000, up from 165,000 in the previous year [3] - Bitcoin mined through self-mining operations increased to 1,109 from 511 year-over-year [3] AI and Infrastructure Development - The company is focusing on AI cloud services, with a potential revenue run-rate exceeding $2 billion by the end of 2026 if 200 MW of power capacity is allocated to AI [2] - As of October 31, 2025, Bitdeer has a total electrical capacity of 1,611 MW, with additional pipeline capacity of 1,381 MW planned [6] Balance Sheet and Cash Flow - As of September 30, 2025, Bitdeer had cash and cash equivalents of $196.3 million and a crypto balance of $246.2 million [4][24] - The company reported a net loss of $266.7 million for the quarter, compared to a net loss of $50.1 million in Q3 2024 [4][17] - Net cash used in operating activities was $520.3 million, driven by supply chain and manufacturing costs [23]

Core Insights - Bitdeer Technologies Group reported an increase in self-mining hashrate to 41.2 EH/s, surpassing its target of 40 EH/s, driven by the deployment of SEALMINER mining rigs [1][4][6] - The company mined 511 Bitcoins in October 2025, reflecting a 13% increase from September 2025 [4][7] - Bitdeer achieved an annual recurring revenue (ARR) of US$8 million from its AI cloud services, supported by strong customer demand for NVIDIA B200 systems [5][6] Mining Operations - The total proprietary hash rate deployed reached 41.3 EH/s in October 2025, up from 35.0 EH/s in September 2025 [2][7] - The company has 254,000 mining rigs under management, with 166,000 self-owned and 88,000 hosted [7] - The total hash rate under management increased to 55.5 EH/s, compared to 49.2 EH/s in September 2025 [7] SEALMINER Development - The SEALMINER A3 and A2 models are in final assembly, with the A3 model achieving a hashrate of 0.3 EH/s and the A2 model at 2.6 EH/s [2] - The first SEAL04 chip demonstrated power efficiency of approximately 6-7 J/TH, with mass production targeted for Q1 2026 [5][6] Infrastructure Updates - The company has completed construction of several data centers, including a 175 MW site in Tydal, Norway, and a 50 MW site in Oromia, Ethiopia, with 40 MW already energized [10][15] - Ongoing projects include a 221 MW site in Massillon, Ohio, expected to be fully energized by Q1 2026 [13][15] - The total global electrical capacity across all sites is 2,992 MW, with additional pipeline capacity of 1,381 MW [12][14] AI Cloud Services - Bitdeer deployed 584 GPUs with an 87% utilization rate, indicating strong demand for its AI cloud services [5][6] - The company is expanding its GPU infrastructure and has placed orders for NVIDIA's next-generation systems, expected to be delivered in December 2025 [5][6]

Core Insights - Bitdeer Technologies Group reported significant operational updates for September 2025, highlighting advancements in self-mining, chip development, and expansion into HPC/AI data centers [1][2]. Operational Update - The company increased its self-mining hashrate to 35.0 EH/s, with a target of reaching 40 EH/s by the end of October 2025, marking a 20.5% increase in Bitcoins mined to 452 compared to August 2025 [5][10]. - Mass production of the SEALMINER A3 series has commenced, with initial shipments expected in October 2025 [5][9]. - The first design of SEAL04 chips has been taped out, demonstrating sub-10 J/TH efficiency in initial testing, with plans for mass production [5][9]. Mining Rig Manufacturing and R&D - A total of 34.2 EH/s in mining rigs have been manufactured, with 6.1 EH/s shipped to external customers and 22.6 EH/s deployed for self-mining [5][10]. - The SEALMINER A3 series includes models with power efficiencies ranging from 12.5 J/TH to 14 J/TH and hashrates from 260 TH/s to 660 TH/s [5][9]. Infrastructure Development - The company is expanding its HPC/AI strategy, with a focus on the Clarington, Ohio site, which will have 570 MW of electrical capacity available by the end of Q3 2026 [7][8]. - Bitdeer plans to convert its Tydal Phase 2 site into an AI data center by Q4 2026, with minimal impact on current mining operations [8][9]. - The total global power pipeline has increased to 3 GW, with various sites under construction or in planning stages [8][10]. Financial Outlook - Bitdeer anticipates that by the end of 2026, it could generate an annualized revenue run-rate exceeding US$2 billion from its AI factory operations [8][9]. - The company's neo cloud business, Bitdeer.AI, achieved US$8 million in AI cloud ARR in September 2025, with significant growth expected [8][9].

Core Viewpoint - Bitdeer Technologies Group has reported significant operational updates for August 2025, highlighting a 35% increase in self-mining hashrate to 30.0 EH/s and a target of reaching 40 EH/s by the end of October 2025 [1][4]. Operational Update - The company mined 375 Bitcoins in August 2025, representing a ~33% increase from July 2025 due to higher average self-mining hashrate [4]. - The total hash rate under management increased to 44.2 EH/s in August 2025, up from 36.4 EH/s in July 2025 and 16.8 EH/s in August 2024 [5]. - The self-owned mining rigs increased to 143,000, up from 127,000 in July 2025 and 87,000 in August 2024 [5]. Mining Rig Manufacturing and R&D - A total of 27.8 EH/s in mining rigs have been manufactured, with 6.0 EH/s shipped to external customers [4]. - The SEALMINER A1 has been energized to 4.1 EH/s, while 1.2 EH/s of additional rigs are in final assembly [4]. - The company is preparing for mass production of new mining rigs, expected to begin in late September or early October 2025 [4]. Infrastructure Construction Update - Total electrical capacity across various sites reached 1,424.55 MW, with several sites fully online [8][9]. - New projects are in progress, including a 221 MW site in Massillon, Ohio, expected to be energized by Q1 2026, and a 570 MW site in Clarington, Ohio, expected to be completed by Q2 2027 [10][11]. HPC/AI Developments - Bitdeer.AI achieved an annualized run-rate revenue of US$8 million in August 2025 from GPU cloud services, with growth anticipated in Q4 2025 [4]. - The company is actively developing AI technologies to enhance its cloud services and is investigating modular data centers for deployment [4].

Financial Performance - Q2 2025 revenue reached $155.6 million[9], compared to $99.2 million[9] in Q2 2024, representing a significant increase - Adjusted EBITDA for Q2 2025 was $17.3 million[11], while Q2 2024 saw $23.5 million[11] - The company reported a net loss after tax of $147.7 million[12] for Q2 2025 - Cash and cash equivalents totaled $299.8 million[12], with crypto holdings of $169.3 million[12] Operational Highlights - SEALMINER A2 sales generated $69.5 million[12] in revenue - 21.2 EH/s of SEALMINER A2 mining rigs have been manufactured, with an additional 0.4 EH/s in final assembly as of the end of July 2025[13] - Self-mining hash rate increased from 11.5 EH/s in March 2025 to 16.5 EH/s in June 2025[15] - Hash rate of mining rigs sold increased ~17x, from 0.3 EH/s in Q1 2025 to 5.0 EH/s in Q2 2025[17] Future Growth & Capacity - The company has 1.3 GW of existing power capacity and a secured 2.7 GW pipeline[35] - Potential ASIC Revenue TAM is estimated at ~$21.25 billion[24] - Potential SEALMINER Revenue at 30% market share is estimated at ~$6.4 billion[26]

Core Insights - Bitdeer Technologies Group reported a significant increase in Q2 2025 revenue, reaching $155.6 million, which is up 56.8% year-over-year and 121.9% sequentially, driven by growth in self-mining and external sales of SEALMINER A2s [2][3][12] Financial Performance - Total revenue for Q2 2025 was $155.6 million compared to $99.2 million in Q2 2024 [5][10] - Self-mining revenue increased to $59.3 million from $41.6 million, attributed to a 103.3% rise in average self-mining hashrate to 14.2 EH/s [12] - Cloud Hash Rate revenue dropped to $0.0 million from $12.2 million due to the expiration of long-term contracts [12] - General Hosting revenue decreased to $9.3 million from $20.6 million, and Membership Hosting revenue fell to $14.6 million from $22.1 million, both impacted by reduced mining economics post-April 2024 halving [12] - SEALMINER sales generated $69.5 million in revenue [12] Cost and Profitability - Cost of revenue rose to $142.8 million from $74.8 million, primarily due to increased costs associated with SEALMINER sales and higher employee expenses [13] - Gross profit was $12.8 million, down from $24.4 million, resulting in a gross margin of 8.2% compared to 24.6% [20] - Net loss for the quarter was $147.7 million, compared to a loss of $17.7 million in the previous year [16] Operational Highlights - The company is on track to achieve a self-mining hashrate of 40 EH/s by the end of October 2025, with expectations to exceed this target by year-end [3][12] - Year-to-date, Bitdeer has energized 361 MW of datacenter capacity for self-mining, with a total electrical capacity expected to reach over 1.6 GW by year-end [3][12] Research and Development - R&D efforts are focused on the SEALMINER A4 project, targeting a chip efficiency of approximately 5 J/TH [3] - The company has made significant progress in customized silicon software development and expanded its U.S. engineering team to support the SEAL04 chip [3] Cash and Liquidity - As of June 30, 2025, Bitdeer had $299.8 million in cash and cash equivalents and $169.3 million in cryptocurrencies [5][28] - The company reported net cash used in operating activities of $334.9 million, primarily due to payments for SEALMINER wafers and electricity costs [21]

Core Viewpoint - Bitdeer Technologies Group has reported significant operational updates for July 2025, highlighting a 35% increase in self-mining hashrate and advancements in infrastructure and technology development [1][5][7]. Operational Update - The self-mining hashrate increased to 22.3 EH/s, with a target of reaching 40 EH/s by the end of October 2025 [1][5]. - A total of 159 MW has been energized in Bhutan and Norway, and the hydro-cooling conversion in Rockdale, Texas has been completed [1][7]. Self-Mining Performance - The company mined 282 Bitcoins in July 2025, representing a ~39% increase from June 2025 due to higher average self-mining hashrate [6]. - The total hash rate under management rose to 36.4 EH/s, up from 30.6 EH/s in June 2025 [8]. Mining Rig Manufacturing and R&D - SEALMINER A1 has been energized to 4.1 EH/s, while SEALMINER A2 has a total of 21.2 EH/s manufactured, with 0.4 EH/s in final assembly [6]. - The company is preparing for mass production and commercial launch of SEALMINER A3, with R&D efforts now focused on the next-generation SEAL04 architecture targeting 5 J/TH efficiency [5][6]. Infrastructure Development - The total available electrical capacity globally has reached 1,257 MW, with ongoing projects in various locations including Rockdale, Texas, Tydal, Norway, and Jigmeling, Bhutan [7][10]. - The construction of a 221 MW site in Massillon, Ohio is underway, with an adjusted energization timeline to the end of Q1 2026 [13]. Future Plans - The company is in advanced negotiations for a development partner regarding its Clarington, Ohio site, and is evaluating further deployment of GPU cloud services [6][7]. - Upcoming projects include a 50 MW Bitcoin mining project in Ethiopia expected to be energized in Q4 2025 [15].

Core Insights - Bitdeer Technologies Group has joined the Russell 2000® and 3000® Indexes as of June 30, 2025, marking a significant milestone for the company [1][5] - The company has increased its self-mining hashrate by 21% to 16.5 EH/s and aims to reach 40 EH/s by the end of October 2025 [1][3] - The SEALMINER A3 series is nearing mass production, with all machine level testing results meeting expectations [1][3] Operational Update - Self-mined Bitcoin increased to 203 Bitcoins in June 2025, a rise of approximately 4% from May 2025 [4] - Total hash rate under management reached 30.6 EH/s in June 2025, up from 27.4 EH/s in May 2025 [5] - The company has manufactured a total of 14.9 EH/s in mining rigs, with 5.3 EH/s shipped to external customers [4] Mining Rig Manufacturing and R&D - SEALMINER A1 has 3.9 EH/s energized, while SEALMINER A2 has 14.9 EH/s manufactured and 1.1 EH/s in final assembly [4] - SEALMINER A4 is on track to achieve an expected chip efficiency of approximately 5 J/TH [4] Infrastructure Update - Total electrical capacity across various sites is 1,098 MW, with several sites in progress and expected to be fully energized by Q3 2025 [7][9] - The company has ongoing discussions for HPC/AI projects with multiple development partners in the U.S. [4] Financial Update - Bitdeer successfully closed a total of US$375.0 million principal amount of 4.875% Convertible Senior Notes due 2031 through an oversubscribed private placement offering [4] - Bitcoin held by the company increased to 1,502 Bitcoins as of June 2025, compared to 1,351 in May 2025 [5]

Financial Performance - Total revenue in Q1'25 was $70.1 million[9], a decrease compared to $119.5 million in Q1'24[9] - The company experienced a gross loss of $3.2 million in Q1'25[11] - Adjusted EBITDA showed a loss of $56.1 million in Q1'25[10] - Net income after tax was $409.5 million in Q1'25[11] - The company holds $215.6 million in cash and cash equivalents and $131.1 million in crypto holdings[11] Operational Highlights - Energized hashrate reached 3.7 EH/s, with the remaining 0.1 EH/s expected to be energized in Q2 2025[12] - Mass production of SEALMINER A2s reached 3.3 EH/s manufactured, with 1.2 EH/s being assembled as of April[12] - Approximately 1.3 EH/s of miners have been shipped to customers[12] - 0.5 EH/s have been deployed and energized at Bitdeer sites[12] ASIC Market Opportunity - Potential ASIC Revenue TAM could reach approximately $21.25 billion[15] - Potential SEALMINER revenue at a 30% market share is estimated at around $6.4 billion[17]