Bitdeer Hits Record Sales Near $321 Million but Sinks Deeper Into the Red

Bitdeer took in $320.7 million over the third quarter, up 89% on the year and the best figure in its history. Profit went the other way. The Singapore miner lost $125.5 million, compared with $30.1 million a year before, and $54.6 million of that came from a non-cash charge linked to the changing value of a digital asset loan. Adjusted EBITDA, which strips out several one-off and non-cash items, jumped 173% to $69.6 million from $25.5 million, according to CFO Michael Potter.

Bitcoin Mining Output and Hashrate Growth

Production soared to 3,855 BTC from 1,109 BTC a year earlier, helped by proprietary hashrate rising to 86.4 EH/s from 35 EH/s. Self-mining brought in $217.5 million, up from $130.9 million, and co-mining added $59.9 million. The firm sold mostly mined coins for $221.5 million and ended September holding only 47 BTC, far below the 2,029 BTC it had last year. Digital assets of $43.2 million plus $343.8 million owed by a related party made up a combined $387 million.

AI Cloud Backlog Reaches $2.9 Billion

AI cloud sales grew to $20.4 million from just $1.8 million. Bitdeer says contracted backlog sits near $2.9 billion, with about 332 IT megawatts of capacity secured. Potter said the company is turning AI demand into long contracts, that building at Tydal remains on schedule, and that customer prepayments plus project financing are meant to pay for the new capacity.

Shares finished Monday up 9.4% at $6.31.