Bitdeer Technologies reported a headline net loss of $266.7 mn for the third quarter, but the figure hides a business in rapid transition as the Singapore-based miner accelerates its pivot from Bitcoin production to AI and high-performance computing.
Bitdeer’s Record Loss Masks Expansion Into AI Infrastructure
11 November 2025 - 14:25 CET
By Stu Clelland
The loss was mostly on paper, the result of revaluing convertible debt rather than money flowing out of the business. Beneath that accounting swing, Bitdeer delivered one of its strongest quarters to date: revenue rose 174% year-on-year to $169.7mn, and adjusted EBITDA turned positive at $43mn, compared with a loss a year earlier.
Its self-mining hashrate jumped 273% to 29.1 EH/s in the quarter and reached 41.2 EH/s by the end of October, roughly level with CleanSpark’s 46.6 EH/s and just behind Marathon Digital’s 50 EH/s, placing Bitdeer firmly among the top three global miners.
Despite the operational gains, markets reacted sharply. Shares fell from $22.98 at the open to $17.65 at the close, a 23% drop on the day, leaving the stock down nearly 20% since the start of the year as investors weighed the headline loss against the still-nascent AI transition.
AI ambitions take shape
Chief Strategy Officer Haris Basit told investors that Bitdeer is building a vertically integrated model spanning Bitcoin mining, ASIC desigdesign,AI cloud computing.
Bitdeer’s AI division remains modest for now, generating about $8mn in annualised revenue, but it is already running close to full capacity and plans to double its AI hardware fleet by year-end to meet demand.
The company is converting 200 MW of its 1.6 GW live power capacity toward AI workloads, a scale comparable to a hyperscale data-centre cluster, with a long-term goal of $2bn in annualised AI revenue by 2026. Facilities in Tydal, Norway, and Clarington, Ohio, are being refitted for high-density, liquid-cooled compute infrastructure.
Reframing the mining business
Bitdeer’s 3.0 GW global pipeline now rivals CleanSpark’s 1.3 GW and Marathon’s 1.1 GW, giving it one of the fastest build-out speeds in the industry - the time it takes to switch on new power capacity and start producing returns.
“The mining arm is now the foundation, not the future, of our business,” Basit said.
Investors may not yet be convinced, but Bitdeer’s direction is clear: less about mining Bitcoin, more about monetising the machines that make it.
