Bitdeer Mined 3,855 BTC in Q3 but Held Just 47 as Its AI Backlog Hit $2.9 Billion

Bitdeer mined 3,855 bitcoin in the third quarter, about three and a half times as many as a year earlier. By September 30 it held just 47 of them.

The Singapore-based company, which trades on Nasdaq as BTDR, reported record revenue of $320.7 million in results furnished to the SEC on November 10. The numbers show a miner that has scaled its bitcoin output sharply and is building an AI cloud business on top of it.

Hashrate more than doubled in a year

Bitdeer’s total proprietary hashrate reached 86.4 EH/s at the end of the quarter, up from 35.0 EH/s a year earlier. Of that, 82.3 EH/s ran in its own data centers. A further 28.7 EH/s operated under co-mining arrangements in third-party facilities.

The fleet also got more efficient. Average miner efficiency improved to 15.4 joules per terahash from 20.1, as a significant number of new mining rigs were deployed during the year. Total power use rose to 3.1 million megawatt-hours from 1.66 million, while the average cost of electricity edged up to $47 per megawatt-hour from $43.

That growth shows up directly in output. Self-mining revenue climbed to $217.5 million from $130.9 million, driven by a 173.5% rise in average self-mining hashrate to 79.6 EH/s. The company noted the increase was partly offset by a lower average bitcoin price at which rewards were recognized.

Mined 3,855 BTC, kept 47

The most striking line in the operational table is the bitcoin balance. Bitdeer held 2,029 BTC at the end of the third quarter of 2025. A year later that figure stood at 47 BTC, even though the company mined 3,855 BTC in the latest quarter alone.

The company defines bitcoin held as excluding customer deposits but including coins it has pledged as collateral. Separately, it reported digital assets and digital asset receivables of $387.0 million at quarter-end.

The choice is a contrast with miners that hoard production. Earlier today, Canaan reported a treasury of 1,875 BTC despite far smaller output. Bitdeer’s balance shows it is not stockpiling production, and its ability to turn newly mined coins into cash reflects how liquid bitcoin has become as an operating asset.

Record revenue, thin margins and a bitcoin-linked loss

Revenue rose 89% from $169.7 million a year earlier and 40% from $228.8 million in the second quarter. Adjusted EBITDA, a non-GAAP measure, rose 173% to $69.6 million.

Profitability is the weak spot. Cost of revenues jumped to $309.9 million as the larger fleet drew more power and racked up depreciation, leaving gross profit of $10.8 million and a gross margin of 3.4%, compared with 23.4% a year earlier. Still, that was a $19.4 million improvement on the second quarter’s gross loss.

The net loss widened to $125.5 million from $30.1 million. That included a non-cash $54.6 million loss on the fair value of a bitcoin-denominated loan from a related party, which the company attributed mainly to bitcoin price movements. Interest expense rose to $34.3 million as Bitdeer borrowed more through convertible notes and from a related party.

Bitcoin mining still dominates. Self-mining and co-mining together produced $277.4 million, or about 86% of revenue. AI Cloud brought in $20.4 million, up from $1.8 million, while sales of the company’s SEALMINER rigs fell to $0.3 million from $11.4 million.

A $2.9 billion AI backlog built on mining sites

The longer-term plan is visible in the backlog. Bitdeer said its AI Cloud revenue backlog has grown to about $2.9 billion, and it has secured roughly 332 IT megawatts of AI Cloud capacity.

The flagship project is in Tydal, Norway, where the company signed a 16-year, $4.7 billion data center lease with Volta. Its 121 IT megawatts will run NVIDIA GPUs for what Bitdeer described as a leading AI lab, and the first phase is targeted for the fourth quarter of 2026. The lease carries a no-fee termination right for the tenant at 10 years.

Across its portfolio, Bitdeer lists 1,747.7 megawatts of online electrical capacity and 3,121 megawatts in total including its pipeline. Several sites, including Rockdale, Texas and Molde, Norway, are being evaluated for AI use alongside mining. Some timelines have slipped: Knoxville, Tennessee is now targeted for the fourth quarter of 2027 after equipment delays.

The same competition for power is reshaping the sector. Anthropic’s IPO filing named crypto miners as rivals for electricity, and Bitdeer is positioning its sites to serve both markets.

What to watch in BTDR stock

Chief Financial Officer Michael G. Potter summed up the priorities: “deliver Tydal, complete our financings and bring Malaysia online.” Cash, cash equivalents and restricted cash fell to $213.7 million from $496.3 million at the end of June, so funding those projects will be closely watched.

For now, bitcoin mining remains the engine. With 86.4 EH/s online, a more efficient fleet and nearly 4,000 BTC mined in a quarter, Bitdeer’s hashrate is one of the clearest examples of how much capital is still flowing into securing the bitcoin network.