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Bitdeer uses its own mining rigs to supply computing power to mining pools, which pay it cryptocurrency rewards from processing blockchain transactions. This self-mining business supplies most of its revenue, overwhelmingly from Bitcoin; selling mined cryptocurrency turns those rewards into cash. Related-party BIT Group holds substantially all of Bitdeer’s cryptocurrency in custody and is its main counterparty for spot cryptocurrency sales.
Bitdeer also develops its own mining chips and SEALMINER rigs, deploying the rigs internally and selling them to other miners. Rig and accessory sales are its second-largest revenue source. Miners also pay Bitdeer to house, power and maintain their equipment. Customers who do not want to buy rigs can subscribe to computing power from Bitdeer’s fleet through Cloud Hash Rate, with mining pools paying the rewards directly to customers.
Its AI cloud business gives customers access to NVIDIA computing hardware for developing, training and running AI models, earning subscription and usage fees. This business remains small and early-stage. Bitdeer is also developing datacenter space, power and cooling for customers’ own AI equipment, partly by converting mining capacity; this colocation business has not yet generated revenue.
Mining earnings depend on Bitcoin prices, network mining difficulty and access to suitably priced, reliable electricity. Bitdeer relies on a single outside chip foundry for its mining-rig business. Datacenters require local operating approvals, some rig exports require licenses, and Bitdeer restricts U.S. persons from buying Cloud Hash Rate products because of potential securities-law requirements.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Bitdeer’s results hinge on Bitcoin mining economics and SEALMINER execution, with privately held Bitmain and MicroBT also important equipment rivals to watch.
Canaan’s AvalonMiner machines compete with Bitdeer’s SEALMINER rigs for Bitcoin miners’ equipment budgets. Watch Canaan’s mining-machine sales as a gauge of the market Bitdeer entered in 2025, when rig and accessory sales became its second-largest revenue source.
MARA Holdings and Bitdeer run large international mining fleets, earning Bitcoin rewards whose value must cover electricity and other mining costs. MARA’s Bitcoin output shows how much its fleet earns under the same Bitcoin prices, network difficulty and block rewards that shape Bitdeer’s self-mining revenue.
CleanSpark and Bitdeer expand their own fleets to earn Bitcoin, so efficient machines and low-cost power matter to both companies’ mining margins. Watch CleanSpark’s fleet energy use and uptime as benchmarks for whether Bitdeer’s SEALMINER deployment is turning added computing power into economical production.
Riot Platforms and Bitdeer earn Bitcoin from substantial mining fleets, with output and margins tied to computing power, machine efficiency and electricity costs. Riot’s Bitcoin production alongside deployed computing power—its hash rate—offers a comparison for Bitdeer’s fleet expansion, while Riot cites low-cost Texas power as an advantage.
HIVE Digital Technologies Ltd. and Bitdeer both supply mining pools with computing power for Bitcoin-linked payments and are adapting powered data centers for AI. HIVE’s sales of computing capacity to AI businesses offer a comparison for Bitdeer’s effort to turn mining infrastructure into AI cloud and customer-equipment hosting services.
Core Scientific overlaps Bitdeer in mining digital assets for itself and providing facilities for third-party miners, while both develop space and power for customers’ AI equipment. Watch Core Scientific’s high-density customer hosting business as a reference for Bitdeer’s colocation plans, which had not yet generated revenue.
Cipher Digital and Bitdeer earn Bitcoin through mining pools and are developing powered sites into high-performance computing facilities. Cipher’s facilities under development for hyperscaler tenants are worth watching alongside Bitdeer’s AI conversion plans: secured power and future tenant capacity are not the same as operating mining revenue.
American Bitcoin and Bitdeer contribute their own rigs’ computing power to mining pools that pay them Bitcoin rewards, but American Bitcoin relies on Hut 8 to manage its facilities. Its miner deployments and fleet efficiency offer a hardware-focused comparison for Bitdeer, without the same emphasis on owning site infrastructure.
Hut 8 overlaps Bitdeer in developing powered sites and managing facilities for miners, while positioning infrastructure for higher-value computing uses. Watch how Hut 8 puts sites into paying customer service, including facilities it manages for American Bitcoin, as Bitdeer balances mining hosting with AI infrastructure development.
Keel Infrastructure Corp. and Bitdeer combine Bitcoin mining with plans to lease powered data-center space for high-performance computing. Keel had no HPC infrastructure revenue at December 31, 2025 and expects its first data-center revenue in 2027, making the move from planned capacity to paying cloud and AI tenants the milestone to watch.
IREN competes with Bitdeer’s AI cloud expansion by providing customers with computing capacity and software for AI training and inference from its own powered data centers. Watch IREN’s operating AI cloud capacity, rather than its much larger secured-power portfolio, when comparing it with Bitdeer’s existing Asian AI cloud platform and planned infrastructure expansion.
Soluna Holdings, Inc. and Bitdeer both earn Bitcoin and charge third-party miners for powered hosting, while developing high-performance computing opportunities. Hosting supplied about 57% of Soluna’s 2025 revenue, making its hosting sales and power economics a useful comparison for Bitdeer’s services to professional miners.
Applied Digital overlaps Bitdeer in hosting mining equipment and developing powered AI data centers, but is further along in shifting its business toward high-performance computing. Its long-term leases and hosting for hyperscalers and other computing customers offer a reference for Bitdeer’s planned AI equipment colocation, which had not yet earned revenue.
TeraWulf provides space and power for customers’ AI and other high-performance computing equipment, competing with the colocation capacity Bitdeer is developing. Watch delivery of TeraWulf’s contracted capacity to hyperscale and enterprise customers as a benchmark for turning Bitdeer’s power infrastructure into a paying hosting business.
BitFuFu and Bitdeer sell mining computing power to customers who want crypto rewards without buying or running rigs, but Bitdeer has moved nearly all that capacity to self-mining. BitFuFu’s cloud-mining business is therefore a comparison for a shrinking Bitdeer revenue line, which fell to US$2.1 million in 2025.
Strategy and Bitdeer both have substantial exposure to Bitcoin prices, but Strategy buys and holds Bitcoin rather than bearing Bitdeer’s mining costs. Strategy sells analytics software to enterprise customers; its Bitcoin holdings and related financing, not those software sales, are the comparison to watch for Bitdeer’s Bitcoin exposure.
Fed Interest Rate Decision
Bitdeer’s rate decision tracks the cost of borrowing across the economy, which can change interest expense on its variable-rate loans and the cost of funding its mining and datacenter operations.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates are higher than expected, interest expense can rise on Bitdeer’s variable-rate loans, leaving less cash for rigs, power and datacenter expansion.
If it comes in below expectations
If rates are lower than expected, interest expense can ease on Bitdeer’s variable-rate loans, leaving more cash available for rigs, power and datacenter expansion.
Strategy Inc earningsMSTR
Strategy's Bitcoin holdings and financing show how another kind of Bitcoin exposure is funded, though they do not show Bitdeer's mining costs.
Look at how Strategy's Bitcoin holdings change and set that beside how it finances them. Rising holdings without heavier financing pressure would show continued funding for a large Bitcoin position; slower accumulation or greater financing pressure would show that route becoming more constrained. Either outcome speaks to holding and financing, not Bitdeer's mining profit.
Riot Platforms, Inc. earningsRIOT
Riot Platforms' report will show how its deployed computing power and electricity costs shape Bitcoin output, a reference for Bitdeer's own mining.
Compare Riot Platforms' Bitcoin output with its deployed hash rate, or computing power, and note its reported electricity costs. If output keeps pace with more hash rate and power costs remain manageable, its fleet is turning equipment into Bitcoin effectively; if output lags or power costs rise, that points to pressure also relevant to Bitdeer's mining, though the two companies' costs are not the same.
Core Scientific, Inc. earningsCORZ
Core Scientific's high-density customer hosting shows whether power and data-center space are producing revenue, a reference for Bitdeer's not-yet-revenue-generating colocation plans.
Check whether Core Scientific's high-density hosting capacity for customer equipment is operating, and compare it with hosting revenue. Operating customer capacity that brings in revenue shows power and space becoming a paid service; projects still under development without revenue show that power or planned capacity alone does not mean Bitdeer can earn from colocation.
IREN Limited earningsIREN
IREN's report will show whether its operating AI cloud capacity brings in customer revenue, a direct reference for Bitdeer's AI cloud business.
Compare IREN's operating AI cloud capacity with its AI cloud revenue; do not treat secured or planned power as service already running. More operating capacity alongside higher revenue would show customers paying for AI computing, a demand signal relevant to Bitdeer's expansion; weak operating capacity or revenue would show how hard it can be to turn infrastructure into sales.
Bitdeer Technologies Group earningsThis company
Bitdeer's report will show whether revenue from its own Bitcoin mining and SEALMINER sales leaves cash after power and expansion costs.
Read self-mining revenue alongside Bitcoin mined and mining costs, then check whether rig sales come with healthier inventory and operating cash flow. Sound mining returns and sales that turn into cash would show growth beyond a higher revenue line; costs that absorb mining revenue, or sales that leave inventory and cash outflows elevated, would show expansion still consuming funds.
Soluna Holdings, Inc. earningsSLNH
Soluna Holdings, Inc.'s report will show whether miner customers keep paying for hosting and how power costs affect a service Bitdeer also provides.
Read Soluna Holdings, Inc.'s hosting revenue alongside power costs. Steady hosting sales with contained power costs would show miners still paying a third party to run their equipment; falling revenue or rising power costs would point to pressure on demand or margins for this service, a concern for Bitdeer's miner hosting too.
Canaan Inc. earningsCAN
Canaan's mining-machine sales will show miner demand for new equipment, a reference for the market where Bitdeer sells SEALMINER rigs.
Check whether Canaan's machine sales grow and whether sales revenue follows. Stronger sales would show miners still buying equipment, giving Bitdeer's SEALMINER rigs a market with active demand; weaker sales would point to fewer buyers or tougher competition, making Bitdeer's orders and inventory harder to convert.
