Bitdeer (BTDR) Q2 2026 Revenue Jumps 47% Amid Mining Expansion

Bitdeer Technologies Group (NASDAQ: BTDR) reported a 47% increase in Q2 2026 revenue to $228.8 million, up from $155.6 million in the same period last year. The growth was fueled by a massive ramp-up in self-mining operations, with the company achieving an average self-mining hashrate of 69.5 EH/s—nearly a 390% increase from Q2 2025.

Despite the revenue growth, Bitdeer’s net loss widened to $92.3 million, compared to $62.9 million a year earlier. Rising electricity and depreciation costs, linked to the deployment of new SEALMINER rigs, contributed to the losses. Adjusted EBITDA, however, showed significant improvement, jumping to $31.1 million from $4.6 million in Q2 2025.

Mining Metrics and Revenue Breakdown

Bitdeer mined 2,694 Bitcoin (BTC) in the quarter, nearly five times the 565 BTC mined in Q2 2025. However, its BTC holdings fell sharply to 150 BTC as of June 30, 2026, compared to 1,502 BTC in the previous year—likely reflecting operational cash needs.

Self-mining revenue soared to $168.4 million, up from $59.3 million a year earlier, accounting for 73.6% of total revenue. Co-mining, a newer segment, contributed $25 million. AI Cloud revenue also saw significant growth, reaching $14 million, up from $1.3 million in Q2 2025, as Bitdeer expanded its infrastructure for artificial intelligence and high-performance computing (HPC).

Meanwhile, general hosting and membership hosting revenues declined to $2.8 million and $12.8 million, respectively, reflecting a strategic pivot toward self-mining and AI-focused services.

Operational Expansion and AI Focus

Bitdeer continued to ramp up its global infrastructure. The company reported 289,000 mining rigs under management, a 45% increase from 200,000 a year earlier. Total power usage surged to 2.54 million MWh, up from 1.18 million MWh in Q2 2025, with an average electricity cost of $44/MWh.

Notably, the company’s colocation strategy gained traction. CFO Michael G. Potter highlighted a 16-year colocation lease agreement for its Tydal, Norway data center, which will house NVIDIA GPUs for AI/HPC applications. Bitdeer’s recent deployment of NVIDIA GB300 NVL72 clusters further underscores its dual focus on AI and Bitcoin mining.

Bitcoin Price and Market Context

As of August 10, 2026, Bitcoin was trading at $65,030, up marginally by 0.001% over 24 hours. Bitdeer’s performance remains closely tied to BTC price movements, given its heavy reliance on mining economics. The Bitcoin network’s hashrate and rising difficulty also impact operational margins.

With BTC’s market cap hovering around $1.30 trillion, the broader market environment remains favorable for miners, though profitability is increasingly challenged by operational costs.

Looking Ahead

Bitdeer’s Q2 results reflect its aggressive push into both AI and Bitcoin mining. However, the widening net loss raises questions about its ability to balance growth with profitability. Investors will be watching for updates on its colocation strategy, further AI deployments, and how it manages operational costs amid fluctuating BTC prices.

The company’s full Q2 2026 earnings call, expected in mid-August, will provide further insights into its roadmap and financial outlook.