Bitdeer Mining Output Surges 377%, Despite Rising Losses

Bitdeer's Bitcoin mining output surged in Q2, with the company producing 2,694 BTC. This is an almost five-fold increase from the same period last year, when it mined 565 BTC. The growth was driven by Bitdeer's self-mining activities, which saw its average hashrate increase to 69.5 EH/s from 14.2 EH/s a year ago.

The company's revenue rose 47% to $228.8 million in Q2, with self-mining contributing $168.4 million of the total. However, despite the significant growth, Bitdeer reported a net loss of $92.3 million due to increased electricity consumption and infrastructure costs.

Bitdeer is expanding its operations beyond Bitcoin mining into AI computing, leveraging its energy infrastructure for both crypto mining and high-performance computing. The company has secured a 16-year lease agreement for its Norway operations, which will be used for NVIDIA GPU deployments with a major AI customer.