Bitdeer has increased its Bitcoin production nearly fivefold year over year to 2,694 BTC in the second quarter of 2026, while revenue rose 47% as the miner expanded its self-mining capacity.
- Bitdeer mined 2,694 BTC in Q2 2026, up nearly fivefold from 565 BTC a year earlier.
- Revenue rose 47% to $228.8 million as average self mining hashrate increased 389% to 69.5 EH/s.
- Bitdeer ended the quarter with 150 BTC after liquidating its 943 BTC treasury in February.
- The company’s net loss widened to $92.3 million from $62.9 million a year earlier.
- Bitdeer has also signed a 16 year, $4.7 billion AI data center agreement covering 121 MW in Norway.
According to Bitdeer Technologies Group’s second-quarter report published Monday, the company generated $228.8 million in revenue, up from $155.6 million during the same period last year, while its net loss widened to $92.3 million from $62.9 million.
Self-mining generated $168.4 million of quarterly revenue as Bitdeer’s average self-mining hashrate climbed 389% year over year to 69.5 exahashes per second. The higher computing capacity helped production reach 2,694 BTC, compared with 565 BTC in the second quarter of 2025.
The revenue figure also came slightly above Wall Street expectations. Analyst estimates compiled by Yahoo Finance had placed consensus revenue at about $225 million for the quarter.
Despite producing substantially more Bitcoin, Bitdeer ended the quarter holding only 150 BTC on its balance sheet, down 90% from 1,502 BTC a year earlier. The lower treasury balance follows the company’s decision in February to liquidate all 943 BTC it held at the time.
Bitdeer said the February sale was made for liquidity purposes and did not represent a move away from Bitcoin mining, a business where the company has continued adding computing capacity, manufacturing operations and internally developed mining hardware.
Bitdeer Bitcoin production rises with self-mining capacity
The increase in quarterly production follows several months of higher output as Bitdeer deployed additional mining capacity. Its June operational update showed self-mining capacity had reached 73 EH/s, while the company produced 990 BTC during that month alone.
May production had already reached 921 BTC, representing an increase of about 370% from the same month in 2025. The two monthly figures accounted for more than 70% of the company’s second-quarter Bitcoin production.
Rather than relying only on third-party mining machines to support future expansion, Bitdeer has also continued developing its SEALMINER hardware business.
In July, the Singapore-based company announced a $36 million manufacturing facility in Sparks, Nevada, where it plans to produce key components for SEALMINER Bitcoin mining machines. Commercial production is scheduled to begin before the end of 2026.
The Nevada project received support from the administration of Gov. Joe Lombardo and local officials, including state tax incentives. CEO Catherine Guo told local media that the package included reduced qualifying sales taxes.
Unlike some of Bitdeer’s recent infrastructure investments, the Sparks facility is dedicated to Bitcoin mining equipment rather than artificial intelligence hardware. The company said the plant would allow it to manufacture more components in the United States and reduce reliance on external suppliers.
AI data centers add another revenue business for Bitdeer
While Bitdeer has continued spending on Bitcoin mining, the company has also converted parts of its power portfolio for artificial intelligence and high-performance computing workloads.
On Aug. 4, Bitdeer disclosed that its Tydal Data Center subsidiary had entered a 16-year colocation and services agreement with Volta Tydal AS covering 121 megawatts of critical IT capacity in Norway.
The contract is expected to generate approximately $4.7 billion in payments during its initial term, according to company projections. An eight-year renewal option could increase the potential contract value to about $8 billion if exercised and fully performed.
Volta plans to use the capacity for a leading AI laboratory operating NVIDIA graphics processing units, while Dell Technologies will provide technology for the project. Neither company identified the end customer.
Under the agreement, Volta will occupy 121 MW of critical IT capacity supported by about 133 MW of total power. Bitdeer said contract payments average roughly $202 per kilowatt each month during the first 16 years and will increase 3% annually, while electricity costs will be reimbursed by the tenant.
Management projects average annual revenue of $2.4 million per IT MW and a project net operating income margin of roughly 90%. Bitdeer cautioned that the figures are company projections rather than GAAP revenue or operating profit and exclude financing costs, depreciation, corporate expenses and other items.
The Tydal contract follows work started earlier this year to convert the Norwegian site into a 180 MW gross AI facility based on NVIDIA reference designs. In March, Bitdeer hired Data Center Installations AS for the conversion.
After allocating 133 MW of gross capacity to the Volta agreement, Bitdeer plans to develop two additional halls totaling 47 MW for potential AI and HPC customers during the second half of 2027.
Tydal requires about $500 million in additional investment
Securing the long-term contract does not remove the financing requirements attached to the Norwegian development.
Bitdeer estimates that completing the contracted Tydal capacity will require approximately $500 million in capital expenditure, equivalent to about $4 million per contracted IT MW. The company has said it plans to use additional debt to finance construction and other infrastructure projects.
Financial institutions have been engaged for the financing process, although Bitdeer has not disclosed expected borrowing costs, maturity dates or the final debt structure.
Volta’s contractual obligations are expected to be supported by approximately $1.3 billion in letters of credit arranged by affiliates of J.P. Morgan and another global financial institution. The credit support remains subject to customary conditions, and Bitdeer can terminate the agreement if Volta fails to meet specified milestones connected with the package.
The stated $4.7 billion contract value also depends on the agreement remaining in force for the full initial term. Volta has a no-fee termination right after ten years, while the additional eight-year extension remains optional.
Mining and AI investments continue alongside quarterly losses
Bitdeer’s higher second-quarter revenue and Bitcoin output came as the company remained unprofitable. Its $92.3 million quarterly net loss widened by nearly $30 million from the $62.9 million loss recorded a year earlier.
The result follows a $159.5 million net loss in the first quarter, when Bitdeer generated $188.9 million in revenue. At March 31, the company reported $297.7 million in cash and restricted cash and approximately $1.9 billion in borrowings.
Alongside the planned Tydal development, Bitdeer has continued operating its AI cloud business. Its June update placed AI cloud annualized run-rate revenue at about $76 million with utilization of approximately 95%.
Other publicly traded Bitcoin miners have also committed capital to computing infrastructure outside cryptocurrency mining. MARA Holdings disclosed plans in July to acquire a Texas site capable of supporting up to 2 gigawatts of AI and digital infrastructure capacity, while TeraWulf announced a 20-year data center lease with Anthropic that it said could generate roughly $19 billion over the contract period.
Bitdeer, however, has continued investing directly in its mining operations while developing the AI business. The Nevada SEALMINER facility is scheduled to enter commercial production before the end of 2026, while the remaining 47 MW planned at Tydal is being developed for potential AI and HPC customers during the second half of 2027.
Bitdeer shares rose about 1.5% in premarket trading Monday following the quarterly results, after falling approximately 15% over the previous month.
