Bitdeer doubles bitcoin output, ramps ASIC production, and expands global AI footprint: Q3 Review

Bitdeer (Nasdaq: BTDR) delivered 1 of the strongest quarters successful the mining assemblage this year, posting $169.7 cardinal successful revenue, up 173% twelvemonth implicit year, and flipping adjusted EBITDA from antagonistic $7.9 cardinal past twelvemonth to affirmative $43 million.

The miner institution doubled its self-mined Bitcoin output to 1,109 BTC and deed 41.2 exahash of capableness successful October, marking a much than 4x summation successful self-mining implicit the past 10 months. With wide accumulation underway for the Coal Miner A3 and the next-gen A4 spot successful testing, Bitdeer is pursuing ratio gains portion repositioning its compute footprint for some Bitcoin and AI.

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Bitdeer’s 4th was defined by assertive maturation successful its proprietary mining footprint. Self-mined BTC doubled sequentially, jumping from 565 to 1,109 BTC, portion self-mining hashrate climbed to 41.2 EH/s arsenic of October. Management attributed astir of the gross surge to the company’s ongoing displacement distant from hosting and cloud-mining toward interior deployment of its ain hardware.

The institution reported a $207 cardinal nett nonaccomplishment this quarter, astir wholly driven by non-cash changes related to convertible notes. Bitdeer besides announced a combined strategy to discontinue existing convertibles and contented caller ones, on with an 11 million-share backstage placement to noteholders, arsenic portion of a broader balance-sheet reshuffling up of large-scale AI and data-center builds.

Bitdeer began wide accumulation of the SEAL Miner A3 ASIC during Q3, portion the archetypal A4 prototype is present undergoing in-house investigating astatine 6–7 J/TH astatine the spot level. Efficiency volition beryllium somewhat little erstwhile packaged into afloat rigs. Engineering teams proceed to enactment done delays caused not by the spot architecture itself, but by the request to rewrite important parts of the interior plan bundle stack to accommodate Bitdeer’s unconventional architecture.

Despite the slowdown, the institution says patent filings are underway and that its accepted ASIC designs are already reaching 7 J/TH, placing them astatine the existent starring edge.

Bitdeer outlined a 40MW near-term AI unreality buildout divided crossed Singapore, Malaysia, Washington, and Tennessee, portion readying a overmuch larger 175MW AI unreality installation astatine its Tidel tract successful Norway successful 2026. The institution is simultaneously pursuing large-scale AI co-location, anchored by its 570MW Clarion tract successful Ohio, wherever request from imaginable customers has reportedly been strong.