TL;DR:
- Bitdeer’s Q3 revenue surged 174% to $150M with stronger mining operations.
- The company added over 500 BTC, raising reserves to 859 BTC.
- Expansion in Bhutan and Norway boosted capacity ahead of the halving.
Bitcoin mining firm Bitdeer has reported a remarkable 174% surge in Q3 revenue, climbing to $150 million, as the company continues to expand its operations and capitalize on improving Bitcoin market conditions. The Singapore-based miner credited the rise to its strategic efficiency, scaling initiatives, and an uptick in Bitcoin’s average price during the quarter.
Strong growth and mining performance
Bitdeer mined over 500 BTC in Q3, boosting its self-mined reserves to 859 BTC by September 30, marking a notable rise from 360 BTC at the end of Q2. This increase stemmed from higher operational capacity, particularly at its Tydal mining site in Norway and new facilities in Bhutan. These expansions helped Bitdeer offset network difficulty increases while maintaining high mining efficiency.
The company’s infrastructure expansion underpinned revenue growth, as hosting services contributed significantly alongside self-mining. Bitdeer’s total hash rate rose to 22 EH/s, reflecting its strong operational base. The firm also completed construction of a new 175 MW data center in Bhutan, aimed at scaling future capacity and strengthening its presence in the Asia-Pacific mining sector.
Financial performance improved sharply, with adjusted EBITDA reaching $34.5 million compared to $5.1 million in the same period last year. This improvement was attributed to higher Bitcoin output and effective cost management. The company also saw a 59% rise in its hosting segment revenue, underscoring its growing diversification beyond direct mining.
Looking ahead, Bitdeer remains confident about sustaining growth, driven by a solid balance sheet and an optimistic outlook for Bitcoin’s price trajectory. The firm’s CEO emphasized continued investment in efficient infrastructure and energy optimization, preparing Bitdeer for the 2024 Bitcoin halving event.
With a focus on scaling and sustainability, Bitdeer has positioned itself as one of the fastest-growing global mining firms. Its Q3 results signal strong momentum heading into the next phase of the Bitcoin cycle.
