Shares of Singapore-based Bitcoin miner Bitdeer Technologies experienced a nearly 20% decline on Monday following the announcement of a significant jump in its quarterly losses. The company reported a net loss of $266.7 million for the third quarter of 2025, a substantial increase from the $50.1 million loss in the same period last year. This widened loss was primarily attributed to non-cash losses stemming from the revaluation of its convertible debt.
Despite the quarterly loss, Bitdeer showcased robust revenue growth, climbing 174% from the previous year to reach $169.7 million. This surge was driven by the expansion of its self-mining operations. The company also demonstrated improvements in its operating performance, with adjusted EBITDA rising to $43 million from a $7.9 million loss in Q3 2024. Furthermore, Bitdeer doubled its Bitcoin production, mining 1,109 BTC during the quarter, and ended the period holding 2,029 BTC, a considerable increase from 258 BTC a year earlier. The company now manages 241,000 mining rigs, up from 165,000 in the prior year.
A significant new development for Bitdeer is its entry into high-performance and AI cloud services, which generated $1.8 million in revenue during Q3. This marks a strategic shift as the company begins to reallocate a portion of its computing power towards artificial intelligence. Matt Kong, Bitdeer’s chief business officer, expressed confidence in the company’s position to capitalize on the growing demand for computing power in the AI sector. He projected that dedicating “200 MW of power capacity to AI cloud services could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026.”
Bitdeer’s pivot reflects a broader trend within the Bitcoin mining industry. An increasing number of mining companies are exploring and investing in AI and high-performance computing (HPC) by repurposing their existing power infrastructure. This strategic diversification aims to meet the escalating demand for computing power in the AI space.
Recent examples of this trend include MARA Holdings’ acquisition of a 64% stake in Exaion to expand into low-carbon AI infrastructure, and TeraWulf’s 10-year colocation agreements with AI company Fluidstack, valued at $3.7 billion. In a notable development, Bitcoin miner IREN recently secured a five-year, $9.7 billion GPU cloud services deal with Microsoft, providing the tech giant access to Nvidia GB300 chips hosted in IREN’s data centers.
While this momentum has accelerated this year, the integration of AI and HPC isn’t entirely new for the sector. HIVE Blockchain Technologies rebranded as HIVE Digital Technologies in July 2023 to reflect its shift towards an HPC strategy. Similarly, Core Scientific entered a multi-year, $100 million deal with GPU cloud firm CoreWeave in March 2024 to host HPC workloads at its Texas data center.
This strategic pivot by Bitcoin miners into AI and HPC could prove to be a crucial move, allowing them to leverage their considerable computing infrastructure and expertise to diversify revenue streams and mitigate the inherent volatility of the cryptocurrency market.
