Bitdeer’s Bitcoin Output Climbs to 990 as AI Cloud Run Rate Reaches $76M

Bitdeer (NASDAQ: BTDR) Technologies Group mined 990 bitcoin in June, up 7.5% from the previous month, as the company continued deploying its proprietary mining machines while expanding its artificial-intelligence cloud business.

June production increased 388% from 203 bitcoin a year earlier, according to an operations update filed with the US Securities and Exchange Commission on Tuesday. Bitdeer mined 921 bitcoin in May.

The Singapore-based company’s self-mining computing power reached 73 exahashes per second at the end of June, compared with 70.2 EH/s in May and 16.5 EH/s a year earlier. The number of machines deployed for self-mining rose by 12,000 during the month to 243,000.

Bitdeer also operated 56,000 of its mining machines at third-party data centers under what it calls co-mining arrangements, up from 39,000 in May. The computing power associated with those operations increased 59% month over month to 15.9 EH/s.

The growth reflects Bitdeer’s strategy of designing and manufacturing its own SEALMINER machines and deploying much of that equipment into its own or third-party facilities. The company broke ground this month on a $36 million manufacturing plant in Sparks, Nevada, which it expects to complete by year-end with capacity to produce 10,000 machines a month.

Bitdeer held 150 bitcoin at the end of June, down from 171 a month earlier despite the additional production, indicating that outflows during the month exceeded the amount mined. The company does not disclose monthly bitcoin sales directly in its production reports.

Alongside the mining expansion, Bitdeer said its AI Cloud annualized revenue run rate increased to about $76 million from $69 million in May. GPU utilization rose to 95% from 90%, while the number of GPUs under external subscription increased to 3,517 from 3,305.

The run-rate figure is not recognized annual revenue or a forward revenue forecast. Bitdeer calculates it by annualizing the daily revenue generated from contractually obligated GPU orders active on the final day of the month.

The company said it completed customer deliveries under a five-year GPU cloud contract following the deployment of two Nvidia GB300 NVL72 clusters. It did not identify the customer or disclose the contract value.

Bitdeer also signed a 10-year lease for a data center in Johor Bahru, Malaysia, providing 21.7 megawatts of information-technology capacity. The facility is scheduled to be handed over in the first quarter of 2027 and is planned to support 128 Nvidia GB300 NVL72 systems. That capacity is in addition to the 4,248 GPUs Bitdeer had deployed as of June 30.

The Malaysia agreement broadens Bitdeer’s AI infrastructure footprint as it evaluates converting portions of its roughly 3-gigawatt global power portfolio from bitcoin mining to AI cloud or colocation use. Projects under evaluation include its Rockdale, Texas, and Molde, Norway, sites, while conversions are underway or planned in Tennessee, Washington state and Tydal, Norway.

Bitdeer signed a colocation lease for its Tydal facility in June, but the agreement has not become effective. It remains subject to conditions involving external arrangements by the counterparty, and Bitdeer has yet to disclose the tenant, commercial terms or expected financial contribution.

The company’s growing AI operations remain small compared with bitcoin mining in reported financial results. AI Cloud generated $3.7 million of revenue in the first quarter, while self-mining contributed $146.9 million. Bitdeer reported a $159.5 million first-quarter net loss, reflecting higher electricity, depreciation and interest costs as it expanded its mining fleet.

Bitdeer shares were up 9.7%, closing at $12.48 on Tuesday.