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

Bitdeer (Nasdaq: BTDR) delivered one of the strongest quarters in the mining sector this year, posting $169.7 million in revenue, up 173% year over year, and flipping adjusted EBITDA from negative $7.9 million last year to positive $43 million.

The miner company doubled its self-mined Bitcoin output to 1,109 BTC and hit 41.2 exahash of capacity in October, marking a more than 4x increase in self-mining over the last ten months. With mass production underway for the Coal Miner A3 and the next-gen A4 chip in testing, Bitdeer is pursuing efficiency gains while repositioning its compute footprint for both Bitcoin and AI.

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Bitdeer’s quarter was defined by aggressive growth in its proprietary mining footprint. Self-mined BTC doubled sequentially, jumping from 565 to 1,109 BTC, while self-mining hashrate climbed to 41.2 EH/s as of October. Management attributed most of the revenue surge to the company’s ongoing shift away from hosting and cloud-mining toward internal deployment of its own hardware.

The company reported a $207 million net loss this quarter, almost entirely driven by non-cash changes related to convertible notes. Bitdeer also announced a combined strategy to retire existing convertibles and issue new ones, along with an 11 million-share private placement to noteholders, as part of a broader balance-sheet reshuffling ahead of large-scale AI and data-center builds.

Bitdeer began mass production of the SEAL Miner A3 ASIC during Q3, while the first A4 prototype is now undergoing in-house testing at 6–7 J/TH at the chip level. Efficiency will be slightly lower once packaged into full rigs. Engineering teams continue to work through delays caused not by the chip architecture itself, but by the need to rewrite substantial parts of the internal design software stack to accommodate Bitdeer’s unconventional architecture.

Despite the slowdown, the company says patent filings are underway and that its traditional ASIC designs are already reaching 7 J/TH, placing them at the current leading edge.

Bitdeer outlined a 40MW near-term AI cloud buildout split across Singapore, Malaysia, Washington, and Tennessee, while planning a much larger 175MW AI cloud facility at its Tidel site in Norway in 2026. The company is simultaneously pursuing large-scale AI co-location, anchored by its 570MW Clarion site in Ohio, where demand from potential customers has reportedly been strong.

Bitdeer says it is capable of operating both models, AI cloud and AI co-location, opting for flexibility depending on capital intensity, customer appetite, and speed to revenue.

A welding-related fire at Bitdeer’s Massillon, Ohio site damsaged two of the facility’s 26 buildings. Roughly 17% of the site’s power capacity may face delays, but the remainder of the 220MW buildout is expected to proceed on schedule. No injuries were reported.

Bitdeer reaffirmed that AI workloads will primarily be concentrated in the US, Europe, Singapore, and Malaysia, while Bitcoin mining will continue to rely on lower-cost regions such as Bhutan, Alberta, and Ethiopia. Its new Alberta project marks the company’s first direct power-generation site, where Bitdeer plans to convert on-site natural gas into what could become its lowest-cost electricity source.

The company’s 600MW of operating capacity in Bhutan remains fully deployed for Bitcoin mining. While Bitdeer expects future opportunities there, no current plans exist to expand beyond mining into sovereign AI initiatives.

Sales of SEAL Miner units fell from 5 EH/s in Q2 to 2.8 EH/s in Q3 due to Bitdeer’s decision to keep most new hardware for internal use. Third-party sales are expected to remain minimal until internal capacity is fully filled, after which the company anticipates a more substantial push into the open market.Looking ahead
Bitdeer expects continued growth in self-mining, an eventual production launch for the A4 chip, and incremental updates on both AI cloud and co-location deployments through the first half of next year. With three gigawatts of global capacity across some of the industry’s most diverse geographies, the company is positioning itself at the intersection of Bitcoin mining efficiency and large-scale AI compute.