Bitdeer Bitcoin mining output jumps nearly fivefold in Q2
Bitdeer mined 2,694 BTC in Q2 2026, nearly five times its output a year earlier, but held just 150 BTC after liquidating its treasury. Revenue rose 47% to $228.8M, beating Wall Street estimates.
Intelligence analysis by Llama
Bitdeer's Q2 2026 Bitcoin mining output surged fivefold year-over-year to 2,694 BTC, with revenue up 47% to $228.8M, beating consensus. Yet the company holds just 150 BTC after a February treasury liquidation, and its net loss widened to $92.3M as it pivots toward AI data centers.
Bitdeer is like a kid who found a really fast way to dig up five times more pretend coins than last year, but instead of saving the coins in a piggy bank, the company sold most of them to pay for a giant new computer warehouse in Norway that does AI work.
Analysis
69.5 exahashes per second
Bitdeer's average self-mining hashrate climbed 389% year-over-year to 69.5 EH/s, the operational engine behind the nearly fivefold jump in Bitcoin production. That 2,694 BTC Q2 output compares with 565 BTC a year earlier, marking one of the steepest growth rates reported by a listed miner this cycle. Self-mining revenue alone reached $168.4 million, reflecting both the higher BTC price and the dramatic expansion of Bitdeer's installed capacity. For investors, the hashrate metric is the leading indicator: it shows how much of the network's computational work the company is capturing, and 389% growth is exceptional even in a sector known for capacity arms races.
943 BTC
The most striking counterpoint to Bitdeer's mining surge is the company's dwindling Bitcoin holdings. Bitdeer closed Q2 with just 150 BTC on its balance sheet, down 90% from 1,502 BTC a year earlier, after liquidating its entire 943 BTC treasury in February. The company framed the sale as a liquidity decision rather than a strategic retreat from Bitcoin, but the effect is the same: Bitdeer is no longer a vehicle for direct BTC price exposure. This mirrors a broader pattern among publicly traded miners who have moved away from holding mined coins in favor of covering operating costs, funding expansion, or pursuing AI infrastructure investments. The choice has consequences for shareholders who once valued miners as leveraged Bitcoin proxies.
$4.7 billion Norway lease
Bitdeer's pivot to AI computing is now measured in billions. In August, the company signed a 16-year, $4.7 billion lease for 121 megawatts of AI computing capacity in Norway, locking in long-duration cash flows that look very different from the volatile economics of Bitcoin mining. The deal underscores how miners with access to cheap power and data-center expertise are repositioning as AI infrastructure providers, where contracts tend to be longer and clients more creditworthy than crypto markets. The widening net loss, $92.3 million in Q2 versus $62.9 million a year earlier, suggests the transition is still expensive. Yet beating the $225 million Wall Street revenue estimate, with $228.8 million reported, shows the market is rewarding the diversification narrative even as profitability remains elusive.
Key points
- Bitdeer mined 2,694 BTC in Q2 2026, up nearly fivefold from 565 BTC a year earlier
- Self-mining hashrate jumped 389% to 69.5 exahashes per second
- Q2 revenue rose 47% to $228.8 million, beating the $225 million Wall Street consensus
- Net loss widened to $92.3 million from $62.9 million a year earlier
- Treasury holdings fell 90% to 150 BTC after February's full liquidation of 943 BTC
- Company signed a 16-year, $4.7 billion AI computing lease for 121 MW in Norway
If AI computing demand continues to outpace supply, Bitdeer's $4.7 billion Norway lease and broader HPC pivot could generate stable, long-duration revenue that smooths out Bitcoin's price volatility. Beating Wall Street's $225M estimate with $228.8M in revenue suggests the diversification strategy is already gaining traction with investors.
The widening net loss, $92.3M in Q2 versus $62.9M a year earlier, and the 90% drawdown in BTC holdings to just 150 coins leave Bitdeer more exposed to AI capex risk and power costs. The shares' 15% decline over the past month, despite the revenue beat, hints that the market is skeptical the AI pivot can offset the loss of its Bitcoin treasury hedge.
