Bitdeer’s Q4 earnings are out (NASDAQ: BTDR), and the financial results show the bitcoin miner increasing its revenue by 225% to $224.8 million over the quarter.
Bitdeer booked a net profit of $70.5 million compared to a net loss of $531.9 million in Q4 2024. Bitdeer’s total revenue for the quarter was triple the $69.0 million it reported in the fourth quarter of 2024.
The surge in top-line growth stemmed primarily from the expansion of self-mining operations, which generated $168.6 million during the quarter. Bitdeer expanded its proprietary hashrate to 58.0 EH/s, up from 8.9 EH/s in the prior year period, and expanded its total hashrate under management to 71 EH/s.
Bitdeer mined 1,673 bitcoin in the quarter, a sharp rise from the 469 bitcoin produced a year earlier. It improved its bitcoin mining fleet efficiency to 17.9 J/TH as the firm replaced older machines with its proprietary SEALMINER rigs.
Bitdeer sales of SEALMINER rigs and accessories contributed $23.4 million to quarterly revenue. Bitdeer recently taped out its new SEAL-DL1 chip for Dogecoin and Litecoin mining as production of its bitcoin mining rigs topped 65 EH/s in January.
Bitdeer earned $2.3 million from its HPC and AI Cloud segment for the quarter. The firm recently deployed NVIDIA GB200 systems in a Malaysian data center to service AI workloads. This move aligns with Bitdeer’s stated dual-track strategy to leverage high-performance computing demand.
The company’s management outlined a strategic shift toward AI/HPC infrastructure, prioritizing colocation models for its largest power assets. Matt Kong, Chief Business Officer, noted the firm plans to prioritize colocation for sites like Tydal, Norway, and Clarington, Ohio, to capture superior economics.
The timeline for the 570 MW Clarington project remains under review following legal complications. Bitdeer faces a lawsuit from a neighboring tenant alleging the data center plans violate shared infrastructure rights. This dispute has introduced uncertainty regarding the deployment schedule for one of the company’s largest sites under development.
Bitdeer’s balance sheet featured $149.4 million in cash and cash equivalents as of December 31, with an additional 2,017 bitcoin valued at approximately $218.6 million. Bitdeer’s debt stands at $1.0 billion following recent convertible note issuances.
