The mining giant reports a sharp increase in bitcoin production and expands into the AI sector with investments worth hundreds of millions of dollars.
Bitdeer Technologies has announced a 541% year-over-year increase in bitcoin production. The Singapore-based company mined 705 BTC in February, while also reporting a 225% revenue increase compared to the previous quarter. Following the announcement, BTDR shares rose 8% in early trading, reaching $8.13.
The company is pursuing a strategy that combines mining with the emerging artificial intelligence business. To finance this expansion, it completed a $375 million senior convertible notes offering, specifically aimed at developing its AI and High-Performance Computing (HPC) infrastructure.
Bitdeer’s GPU cloud division has already generated $21 million in annual recurring revenue as of February 28. Company executives have announced plans to increase hourly rates for H100 GPU rentals in March, capitalizing on strong customer demand. Currently, Bitdeer has deployed 2,096 GPUs with a 64% utilization rate and expects to reach full capacity by the end of March.
On the mining side, the figures confirm Bitdeer’s dominant position in the global landscape. Its self-mining hashrate reached 68 EH/s during the period, while total managed hashrate stands at 79.1 EH/s, distributed across 314,000 machines.
Total global power capacity amounts to 3,013.50 megawatts, spread across operational sites and projects in the pipeline. To free up physical space for conversion into AI/HPC data centers, Bitdeer has begun decommissioning Bitcoin miners at its facilities in Tydal, Norway, and Wenatchee, Washington.
On the financial side, Tether recently acquired $42 million in Bitdeer shares, increasing its stake to 20.1%. Company executives expect to finalize colocation agreements for sites in Norway and Ohio in the near term, further strengthening the company’s international presence.
