Shares of Singapore-based Bitcoin miner Bitdeer Technologies fell nearly 20% on Monday after the company reported a widening of its quarterly losses.
Bitdeer reported a net loss of $266.7 million for the third quarter of 2025, compared to a net loss of $50.1 million for the same period last year, largely due to non-cash losses from the revaluation of its convertible debt.
Revenue soared to $169.7 million, up 174% from the previous year, driven by the expansion of its self-mining operations, according to the company.
Bitdeer also saw gains in its operational performance, with adjusted EBITDA reaching $43 million, compared to a loss of $7.9 million during the same period in 2024. The company also doubled its Bitcoin production, mining 1,109 BTC during the quarter.
Bitdeer reported its first revenue from high-performance cloud and AI services, bringing in $1.8 million in the third quarter as it began to shift some of its computing power to artificial intelligence.
Matt Kong, Bitdeer’s chief commercial officer, said the company was “uniquely positioned to capitalize” on AI and increasing demand for computing power. He added that allocating “200 MW of electrical capacity to AI cloud services could generate an annualized revenue rate of more than $2 billion by the end of 2026.”
Bitdeer ended the quarter holding 2,029 BTC, up from 258 BTC a year earlier, and managed 241,000 mining rigs, up from 165,000 at the same time last year.
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Bitcoin miners turn to AI
A growing number of Bitcoin mining companies are turning to AI and high-performance computing (HPC), reusing some of their electrical capacity to meet the growing demand for computing power.
In August, MARA Holdings announced a $168 million deal to acquire a 64% stake in Exaion, a subsidiary of France’s EDF, to expand into low-carbon AI infrastructure, while TeraWulf signed 10-year co-location agreements with AI company Fluidstack worth $3.7 billion in contract revenue.
On November 3, Bitcoin miner IREN announced a five-year, $9.7 billion GPU cloud services deal with Microsoft, giving the tech giant access to Nvidia GB300 chips hosted in IREN’s data centers.
Although Bitcoin miners’ shift toward AI and HPC has accelerated this year, it’s not entirely new.
In July 2023, HIVE Blockchain Technologies was rebranded as HIVE Digital Technologies, reflecting its move towards an HPC strategy, alongside its traditional cryptocurrency mining operations.
In March 2024, Core Scientific signed a multi-year, $100 million deal with GPU cloud company CoreWeave to host HPC workloads in its Texas data center.
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