Bitdeer Doubles Bitcoin Production, Increases ASIC Production and Expands Global AI Footprint – Q3 Review

Bitdeer (Nasdaq: BTDR) delivered one of the strongest quarters in the mining sector this year, posting $169.7 million in revenue, a 173% year-over-year increase and turning adjusted EBITDA from negative $7.9 million last year to positive $43 million.

The mining company doubled its self-mined Bitcoin production to 1,109 BTC and reached 41.2 exahash capacity in October, marking a more than 4x increase in self-mining over the past ten months. With mass production of the Coal Miner A3 and the next-generation A4 chip in testing, Bitdeer is seeking efficiency gains as it repositions its computing footprint for both Bitcoin and AI.

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Bitdeer’s quarter was defined by aggressive growth in its proprietary mining footprint. Self-mined BTC doubled sequentially, jumping from 565 to 1,109 BTC, while the self-mined hashrate rose to 41.2 EH/s in October. Management attributed most of the revenue increase to the company’s continued shift from cloud hosting and mining to deploying its own hardware in-house.

The company reported a net loss of $207 million this quarter, driven almost entirely by non-cash changes related to convertible notes. Bitdeer also announced a combined strategy to retire existing convertibles and issue new ones, along with a private placement of 11 million shares to noteholders, as part of a broader balance sheet reshuffle ahead of the buildout of large-scale data and AI centers.

Bitdeer began mass production of the SEAL Miner A3 ASIC during the third quarter, while the first A4 prototype is undergoing internal testing at 6-7 J/TH at the chip level. The efficiency will be slightly lower once packaged into complete kits. Engineering teams continue to work through delays caused not by the chip architecture itself, but by the need to rewrite substantial parts of the internally designed software stack to accommodate Bitdeer’s unconventional architecture.

Despite the slowdown, the company says patent applications are underway and its traditional ASIC designs are already reaching 7 J/TH, putting them at the current forefront.

Bitdeer outlined a near-term AI cloud development of 40 MW split across Singapore, Malaysia, Washington and Tennessee, while planning a much larger 175 MW AI cloud facility at its Tidel site in Norway in 2026. The company is simultaneously pursuing a large-scale AI co-location, anchored at its 570 MW Clarion site in Ohio, where potential customer demand has reportedly been strong.

Bitdeer says it is capable of operating both AI cloud and AI co-location models, opting for flexibility depending on capital intensity, customer appetite and speed to revenue.

A welding-related fire at Bitdeer’s site in Massillon, Ohio, damaged two of the facility’s 26 buildings. About 17% of the site’s electrical capacity could face delays, but the remainder of the 220MW construction is expected to proceed as planned. No injuries were reported.

Bitdeer reaffirmed that AI workloads will be primarily concentrated in the US, Europe, Singapore and Malaysia, while Bitcoin mining will continue to rely on lower-cost regions such as Bhutan, Alberta and Ethiopia. Its new project in Alberta marks the company’s first direct power generation site, where Bitdeer plans to convert natural gas on-site into what could become its lowest-cost source of electricity.

The company’s 600 MW of operational capacity in Bhutan remains fully deployed for Bitcoin mining. While Bitdeer expects future opportunities there, there are no current plans to expand beyond mining into sovereign AI initiatives.

SEAL Miner unit sales fell from 5 EH/s in Q2 to 2.8 EH/s in Q3 due to Bitdeer’s decision to keep most of the new hardware for internal use. Third-party sales are expected to remain minimal until internal capacity is fully filled, after which the company anticipates a more substantial push toward the open market.Looking forward
Bitdeer expects continued growth in self-mining, an eventual production launch for the A4 chip, and incremental updates to both AI cloud and colocation deployments over the first half of next year. With three gigawatts of global capacity in some of the most diverse geographies in the industry, the company is positioning itself at the intersection of Bitcoin mining efficiency and large-scale AI computing.