Bitdeer’s Bitcoin Output Nearly Quintuples, but Expansion Deepens the Loss
Second-quarter revenue rose 47% and mining output reached 2,694 bitcoin, while financing costs and infrastructure investment kept the company in the red.
Bitdeer produced almost five times as much bitcoin in the second quarter as it did a year earlier, but the scale-up came with a wider net loss and a heavier financing burden. The results capture the central tension facing large miners: higher output can improve revenue quickly, while the power, equipment and data-centre investments behind that growth consume capital long before their full returns are visible.
The company reported quarterly revenue of $228.78 million, up from $155.58 million a year earlier and broadly in line with market expectations. It mined 2,694 bitcoin during the period, compared with 565 in the same quarter of 2025—an increase of roughly 377%.
That operating growth did not translate into bottom-line profit. Bitdeer posted a net loss of $92.28 million, wider than the $62.94 million loss a year earlier. Basic and diluted loss per share was $0.37. Net interest expense increased to $31.1 million from $9.6 million, reflecting the cost of a much larger financing structure.
Borrowings stood near $1.8 billion, while financing activities generated $428.9 million of net cash during the quarter. Those figures matter because mining economics are exposed to the bitcoin price, network difficulty and electricity costs. Debt and other fixed obligations continue even when mining margins compress, making liquidity management as important as machine efficiency.
Bitdeer has expanded self-mining capacity aggressively. Its June operational update showed a self-mining hash rate of about 73 exahashes per second, alongside 15.9 exahashes of co-mining capacity operated for third parties. Vertical integration through its own mining-machine development and manufacturing programme is intended to lower equipment costs and improve control over deployment.
The company is also becoming a hybrid infrastructure business. It has been developing artificial-intelligence cloud services and high-performance-computing data centres, including projects in Norway and the United States. That strategy could diversify revenue beyond bitcoin, especially where sites have access to large power allocations and grid connections. It also adds construction, customer-concentration and execution risk.
The case for diversification is straightforward. Bitcoin mining revenue is cyclical and depends on an external protocol that periodically reduces block rewards. AI and high-performance computing can produce contracted or usage-based revenue with different demand drivers. But converting or designing campuses for dense AI workloads requires cooling, networking and reliability standards that differ from conventional mining facilities.
Investors therefore need to separate three sources of performance: bitcoin production, equipment economics and AI infrastructure. Higher coin output can mask weak unit margins if the network becomes more competitive. AI announcements can support long-dated valuations before facilities are operating. Financing can bridge the gap, but it transfers more of the risk to the balance sheet.
The initial share-price reaction was negative in early trading, according to market reports, suggesting that investors focused on the widening loss and capital requirements rather than the revenue beat. A single session is not a verdict, but it reflects the market’s demand for evidence that growth will generate cash rather than only scale.
Upcoming quarters should make that evidence more visible. Useful measures will include electricity cost per coin, fleet efficiency, depreciation, interest coverage and contracted AI revenue rather than only headline hashrate. The company’s ability to finance expansion without repeated dilution or sharply higher borrowing costs will determine how much of the operating growth accrues to shareholders.
Why it matters
Bitdeer is becoming a useful test of whether bitcoin miners can turn power access and data-centre expertise into durable infrastructure businesses. The production increase shows strong execution on mining capacity, while the loss and interest expense show the cost. For shareholders, lenders and hosting customers, the next phase depends on unit economics, cash conversion and the ability to deliver AI projects without weakening the company’s liquidity position.