Bitcoin mining agency Bitdeer Applied sciences Group (BTDR) reported huge progress in its third-quarter outcomes, with complete income surging 173.6% year-over-year to $169.7 million, up from $62 million throughout the identical interval final 12 months.
The corporate’s gross revenue additionally rose sharply to $40.8 million in comparison with $2.8 million in Q3 2024, underscoring important operational progress.
Regardless of these sturdy efficiency metrics, Bitdeer posted a web lack of $266.7 million, primarily on account of losses tied to convertible senior notes. Nonetheless, adjusted EBITDA climbed to $43 million, reflecting improved operational effectivity and stronger output from its self-mining operations.
“Q3 marked 1 / 4 of sturdy execution and monetary efficiency,” stated Matt Kong, Bitdeer’s Chief Enterprise Officer. “Our self-mining growth and effectivity beneficial properties proceed to strengthen our place within the Bitcoin mining panorama.”
The corporate’s Bitcoin reserves elevated to 2,029 BTC, up from 1,502 BTC the earlier quarter, equating to roughly $214 million at present costs. This accumulation got here at the same time as Bitcoin’s value declined from round $119,000 to $105,000 through the quarter.
Bitdeer additionally reported a self-mining hashrate of 41.2 exahashes per second (EH/s), demonstrating fast capability progress. The agency’s new SEAL04 chip reached 6–7 joules per terahash (J/TH) in testing – a key effectivity benchmark within the mining trade that indicators progress towards next-generation efficiency targets.
Because the mining sector adapts to fluctuating Bitcoin costs and rising competitors, Bitdeer’s technique of scaling self-mining and diversifying into AI infrastructure positions it as one of many few miners efficiently balancing progress, innovation, and resilience in an evolving market.
