Bitdeer Technologies Group (Nasdaq: BTDR), the Singapore-based Bitcoin mining company spun off from Bitmain and chaired by Bitmain co-founder Jihan Wu, reported a sharp increase in Bitcoin mining output in the second quarter of 2026, supported by a larger self-mining fleet and continued investment in AI infrastructure as the company works to turn its power and data center footprint into a broader computing business.

Bitcoin Mining Output Surges

Bitdeer mined 2,694 BTC in Q2, compared with 565 BTC in the same quarter of 2025. The result marked an increase of almost 377% year over year.

The higher output followed the expansion of Bitdeer’s self-mining activities. Average self-mining hashrate rose to 69.5 EH/s from 14.2 EH/s a year earlier. Total hashrate under management increased to 86.1 EH/s, up from 30.6 EH/s in Q2 2025.

By the end of the quarter, the company had 243,000 self-mining rigs, compared with 114,000 a year earlier. Including hosted machines, Bitdeer managed 289,000 mining rigs.

Mining efficiency also improved. Average miner efficiency fell to 15.8 J/TH from 25.7 J/TH a year earlier, indicating that the fleet used less energy per unit of computing power. Efficiency has been a central focus for the industry since the April 2024 Bitcoin halving cut per-block rewards from 6.25 BTC to 3.125 BTC, squeezing margins for miners running older hardware.

Despite the strong production growth, Bitdeer ended June with 150 BTC, down from 1,502 BTC a year earlier. At the end of the quarter, the company reported $196.9 million in digital assets and digital-asset receivables.

Revenue Climbs While Losses Continue

Bitdeer’s revenue increased 47% year over year to $228.8 million from $155.6 million in Q2 2025.

Self-mining revenue accounted for $168.4 million of the total, while co-mining contributed $25 million. AI Cloud revenue rose to $14 million from $1.3 million in the prior-year quarter. Cloud hash-rate revenue added another $3.7 million.

However, the higher revenue did not translate into quarterly profitability. Cost of revenue increased to $237.3 million, producing a gross loss of $8.5 million. Net loss widened to $92.3 million from $62.9 million a year earlier.

Bitdeer said higher electricity consumption, depreciation, staffing expenses, and infrastructure costs weighed on results as it expanded mining capacity. Even so, adjusted EBITDA improved sharply to $31.1 million from $4.6 million in Q2 2025. Adjusted EBITDA excludes non-cash costs such as depreciation, which increased alongside the expanded rig fleet.

Bitdeer Expands Beyond Bitcoin Into AI

Bitdeer is increasingly positioning its energy infrastructure for both Bitcoin mining and AI computing. That two-track approach has become common across the sector, with miners including Core Scientific and TeraWulf signing AI and high-performance computing contracts in the United States as demand for GPU capacity has grown.

The company reported 2,980.2 MW of total global electrical capacity, including 1,752 MW online and 1,228.2 MW in its development pipeline, meaning more than 40% of its stated capacity is still to be energized.

Its Norway operations remain central to that strategy. Bitdeer has secured a 16-year, $4.7 billion AI/HPC lease agreement tied to its Tydal site, with 121 IT MW planned for NVIDIA GPU deployments for a major AI customer. Norway’s largely hydro-powered grid and cool climate have made the country an attractive location for energy-intensive computing.