Bitdeer Technologies Group shares fell more than 15% on Monday after the Bitcoin mining and AI infrastructure company reported sharply higher second-quarter revenue but a wider net loss, underscoring the cost of its attempt to build large-scale computing businesses alongside its mining operations.
Bitdeer reported second-quarter revenue of $228.8 million, up 47% from a year earlier, while its net loss widened by the same percentage to $92.3 million. The company attributed the heavier loss to rising electricity costs, depreciation, research and development, administrative expenses and interest costs.
The results showed the tension in Bitdeer’s current strategy. Its mining output and cloud-computing revenue expanded rapidly, but the company is spending heavily on equipment, data centers and technical development before those investments have fully translated into earnings.
Mining output rises as Bitcoin holdings remain low
Bitdeer mined 2,694 Bitcoin during the quarter, compared with 565 BTC in the corresponding period of 2025, according to its quarterly update. That near-400% increase reflects the continued deployment of the company’s mining hardware, including its proprietary SEALMINER fleet.
The company ended the quarter with 150 BTC on its balance sheet, a relatively small amount compared with its quarterly production. The figure indicates that Bitdeer sold much of the Bitcoin it mined rather than accumulating the cryptocurrency as a long-term treasury asset.
Selling production can provide cash for operating costs and construction projects, particularly during an expansion phase that requires large upfront payments for machines, energy infrastructure and sites. It also leaves the company with less direct exposure to any subsequent Bitcoin price recovery.
Bitdeer’s reported 73 exahashes per second of total network computing power by mid-summer places it among the miners pursuing industrial-scale operations. An exahash represents one quintillion calculations per second, a standard measure of the computing power used to secure the Bitcoin network and compete for block rewards.
More computing power can increase a miner’s potential Bitcoin output, though the economics depend heavily on the difficulty of the Bitcoin network, machine efficiency and electricity prices. A larger fleet also brings higher depreciation and operating costs, both of which featured prominently in Bitdeer’s quarterly loss.
AI cloud revenue grows from a small base
AI cloud revenue rose tenfold year over year to $14 million during the quarter. The increase gives Bitdeer an additional revenue stream beyond Bitcoin mining, though the business remains small beside the company’s $228.8 million in total quarterly revenue.
The company said its cloud-computing division had secured $76 million in annual booked revenue and maintained hardware utilization of 95%. Booked revenue generally refers to contracted business expected to generate sales over a specified period; it does not necessarily mean all of that revenue has already been recognized in the company’s financial statements.
The AI infrastructure push is closely linked to Bitdeer’s search for customers and uses beyond crypto mining. Data centers equipped for AI workloads can generate revenue under longer-term commercial agreements, potentially reducing the company’s dependence on Bitcoin’s price, mining rewards and network difficulty.
That diversification effort is now moving into large physical projects. Bitdeer announced a 16-year AI data center agreement worth $4.7 billion for its Tydal campus in Norway. The agreement could provide a long-term commercial base for the site, although delivering the capacity required under such a contract will demand substantial capital spending and construction execution.
The company expects an additional $500 million of building costs to complete the overseas data campus, according to the supplied information. That requirement places cash management at the center of Bitdeer’s next stage: the company must finance construction while meeting the running costs of a growing mining fleet and AI hardware operation.
Cost structure draws scrutiny after earnings release
Electricity remains one of the most consequential variables in Bitdeer’s mining economics. The company has emphasized fixed power-rate arrangements as a way to limit exposure to sudden increases in energy prices, which can rapidly compress margins when Bitcoin mining revenue weakens.
Fixed-price electricity contracts can provide greater predictability, but they do not eliminate the operational risks associated with construction delays, changing hardware delivery schedules or a decline in Bitcoin mining profitability. A miner’s revenue per machine can fall when the Bitcoin network’s total hashrate rises, because more participants compete for the same block rewards.
Depreciation also rose during the quarter as Bitdeer brought more equipment online. That accounting charge is common for operators that purchase large volumes of specialized hardware, but it can make profitability harder to achieve during a period of aggressive fleet expansion.
Research and development spending is another part of Bitdeer’s strategy. The company has been developing and deploying SEALMINER machines, seeking greater control over the performance and availability of its hardware. In-house equipment development could reduce dependence on outside machine suppliers if the technology performs as planned, while also requiring sustained engineering expenditure before the designs deliver meaningful cost advantages.
Michael Potter, who became Bitdeer’s chief financial officer in May after previously working at Corsair Gaming, is overseeing the company’s finances during that capital-intensive period. His role includes balancing the funding needs of the Tydal AI campus, mining fleet deployment and day-to-day operating expenses.
Monday’s share-price decline suggested traders focused less on the company’s revenue growth than on the widening loss and the cash demands attached to its expansion plans. Bitdeer has built a business that now spans Bitcoin mining, proprietary hardware and AI computing infrastructure, but its valuation will likely remain closely tied to whether those capital-heavy projects can produce revenue at costs below the company’s rising power, depreciation and financing expenses.
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