Bitdeer Ramps to 70 EH/s as ‘Seasonal Factors’ Hit Bitcoin Mining Uptime

Bitdeer (NASDAQ: BTDR) has ramped up its proprietary Bitcoin hashrate to 70 EH/s despite a historically low hashprice environment, though its March production suggests notable downtime during the month.

Bitdeer said Wednesday that it mined 661 BTC in March, up 480% from a year earlier. The increase reflects continued deployment of its own SEALMINER rigs as demand for mining hardware from external customers has cooled.

However, the March production implies a realized hashrate of roughly 47.4 EH/s based on network conditions, suggesting a sizable portion of the fleet was offline or underperforming at times.

The company attributed the shortfall to “seasonal factors” affecting operations in Norway and Bhutan, two regions where hydropower availability and weather conditions can materially affect uptime.

Despite the operational volatility, Bitdeer expects its proprietary hashrate and Bitcoin output to continue rising over the next several months.

The production update comes as mining economics remain under pressure, with bitcoin’s hashprice hovering in the low-$30/PH/s range, levels that leave little margin even for operators with relatively efficient fleets.

Bitdeer is also accelerating its push beyond Bitcoin mining. The company said its AI cloud segment reached an annualized revenue run rate of about $43 million in March, driven by a jump in GPU utilization to 94% and stronger uptake of longer-term contracts.

At the same time, the company said it is in active negotiations with potential tenants for its colocation AI data center in Tydal, Norway, in its bid to monetize power infrastructure across both Bitcoin mining and high-performance computing workloads.