Bitdeer’s Self-Mining Boom Fuels Stellar 173% Revenue Surge—But Bitcoin’s Slump Hammers Stock
Mining giant Bitdeer just posted a jaw-dropping 173% revenue surge—thanks to its aggressive self-mining expansion. Yet Wall Street shrugged, hammering the stock as Bitcoin’s price wobbles. Classic case of ‘sell the news’ meets crypto volatility.
Self-mining pays off—until it doesn’t
While rivals scramble for hosting deals, Bitdeer doubled down on proprietary mining ops. The bet paid off… for now. Revenue skyrocketed, but the market’s allergic to Bitcoin weakness—shares tanked despite the fundamentals. Guess hodling only works when the Fed isn’t breathing down your neck.
Wall Street’s fickle love affair with crypto miners continues. Next earnings call better come with a side of hopium.
Bitdeer’s self-mining output surges, cloud contracts phased out
Revenue from self-mining alone exploded to $130.9 million, up from $31.5 million a year earlier. Bitdeer mined 1,109 Bitcoins during Q3, more than doubling its 511 BTC output from the same time last year.
The company completely wound down its Cloud Hashrate contracts, which used to bring in $7.1 million, and instead reallocated that hardware to its in-house mining fleet, boosting efficiency.
As of September 30, Bitdeer held $196.3 million in cash and equivalents, alongside $246.2 million worth of cryptocurrency on its books. But costs followed revenue, so Bitdeer’s operating expenses surged by 41% year-over-year, hitting $60.5 million, as the company scaled up infrastructure.
Research and development expenses jumped to $39.1 million, from $24.8 million, due to active work on the SEAL04 chip, Bitdeer’s next-generation ASIC miner.
By the end of October, Bitdeer said it had hit 41.2 EH/s (exahash per second) of self-mining capacity, overshooting its 40 EH/s target for the year. Mass production of SEALMINER A3 machines is already underway.
But SEAL04 development hit a snag. The company flagged “significant delays” in manufacturing due to design hurdles.
Chief Strategy Officer Haris Basit said the delays stem from technical complexities involving both EDA tools and design flows, and added that “we completed the first tape-out in September”.
He confirmed that volume production for SEAL04 remains on schedule for Q1 2026, though the version with updated architecture won’t meet its initial launch timeline.
GPU rollout builds momentum, data centers break ground
Bitdeer is also building out AI data centers beyond crypto. By October, the company had deployed 584 GPUs, pulling in an annualized $8 million in recurring revenue.
They’ve already placed orders for NVIDIA’s GB300 and B300 systems, which are expected to arrive in December.
The company now controls 1,611 megawatts of energized power capacity spread across Texas, Norway, Bhutan, and Ethiopia, while another 1,381 megawatts are under development.
Among the projects in motion: a 221 MW facility in Massillon, Ohio, scheduled to go live in early 2026, and a 570 MW site in Clarington, Ohio, set to finish by mid-2027. On top of that, Bitdeer has begun energizing new capacity in Massillon and Oromia, Ethiopia, per the earnings report.
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