Bitdeer Announces November 2025 Production and Operations Update

Rhea-AI Summary

Bitdeer (NASDAQ: BTDR) reported November 2025 operational results: self-mined 526 BTC (≈+251% YoY) and achieved a self-mining hashrate of 45.7 EH/s. Total proprietary deployed hash rate reached 47.3 EH/s and total hash rate under management was 60.3 EH/s as of November 30, 2025. Bitdeer deployed 720 GPUs for AI cloud (≈94% utilization) and reported ARR ≈ $10 million (up from $8 million in October). R&D: SEAL04-1 chip verified ~6–7 J/TH chip-level efficiency; mass production targeted in Q1 2026. Infrastructure updates include multiple AI data center conversions and a Massillon, Ohio energization delay after a recent fire affecting ~26 MW.

Positive

• Bitcoin production +251% YoY to 526 BTC (November 2025)
• Self-mining hashrate reached 45.7 EH/s (November 2025)
• Proprietary deployed hash rate 47.3 EH/s (up from 41.3 EH/s)
• ARR increased to approximately $10 million (end of November)
• 720 GPUs deployed for cloud with ~94% utilization
• SEAL04-1 chip verified ~6–7 J/TH; mass production targeted Q1 2026

Negative

• Energization of ~26 MW in Massillon postponed after a recent fire
• Bitcoin held decreased to 2,179 from 2,233 month-over-month
• Hosting proprietary hash rate down to 13.0 EH/s from 14.2 EH/s

Key Figures

Bitcoin mined 526 Bitcoins Self-mining in November 2025, up 251% year over year

Bitcoin production growth 251% year-over-year increase Change in self-mined Bitcoin, November 2025 vs. November 2024

Self-mining hashrate 45.7 EH/s Self-mining hashrate reached in November 2025

AI cloud ARR $10 million Annual Recurring Revenue as of end of November 2025 (vs. $8M in October)

GPUs deployed 720 GPUs Deployed for cloud services as of November 2025

GPU utilization 94% Utilization rate for deployed GPUs in November 2025

Total hash rate under management 60.3 EH/s Across business lines in November 2025

Mining rigs under management 264,000 rigs Total rigs under management in November 2025

Market Reality Check

$10.67 Last Close

Volume Volume 5,114,055 is about in line with but below the 7,606,706 share 20-day average. low

Technical Price $10.669 is trading below the $13.74 200-day moving average, indicating a weaker intermediate trend.

Peers on Argus 1 Up

BTDR fell while key software peers showed mixed moves, from -4.12% (GRND) to +0.85% (AGYS). Momentum scanners only flagged ASAN, up 4.18% without news, supporting a stock-specific move for BTDR.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 13	Equity & notes pricing	Negative	-20.3%	Registered direct equity and convertible notes pricing drove dilution concerns.
Nov 13	Convertible notes pricing	Negative	-20.3%	US$400M 4.00% convertible notes due 2031 added leverage and dilution risk.
Nov 12	Proposed notes placement	Negative	-7.2%	Proposed US$400M convertible notes private placement signaled sizable new financing.
Nov 12	Proposed equity offering	Negative	-7.2%	Planned registered direct share sale alongside notes to fund note repurchases.
Nov 12	Fire incident update	Neutral	-7.2%	Massillon construction-site fire with no injuries and no current hashrate impact.

Pattern Detected

Recent history shows consistently negative price reactions to financing-related announcements, with multiple equity and convertible note offerings followed by sharp declines.

Recent Company History

Over the past month, Bitdeer reported several major financing actions. On Nov 12–13, 2025, it announced and then priced a registered direct equity offering and US$400.0 million of convertible senior notes, plus a proposed private placement, which coincided with -7.19% to -20.3% moves. A Massillon site fire on Nov 12, 2025 caused no injuries or equipment loss but still saw a -7.19% reaction. Today’s operational update contrasts with those prior capital-raising and incident-driven headlines.

Market Pulse Summary

This announcement details substantial progress in Bitdeer’s Bitcoin mining and AI cloud businesses, including a self-mining hashrate of 45.7 EH/s, November production of 526 Bitcoins, and AI cloud ARR of $10 million. It also outlines large-scale global infrastructure and data center projects. In light of recent equity and convertible note financings, observers may track how these investments translate into sustained cash flow and balance-sheet resilience.

Key Terms

hash rate technical

"Total hash rate under management 1 (EH/s) | 60.3 | 55.5 | 20.7"

Hash rate is the measure of how quickly a computer system can process complex calculations needed to verify transactions and add new blocks to a blockchain. It can be thought of as the speed at which a miner's equipment works, similar to how a car's horsepower indicates its power. Higher hash rates generally mean more mining power and greater chances of earning rewards, making it an important indicator of the network's security and competitiveness.

EH/s technical

"Self-mining hashrate reached 45.7 EH/s."

"Eh/s" stands for "earnings per share," a measure of a company's profitability calculated by dividing its net profit by the number of shares outstanding. It indicates how much money each share would earn if the company’s profits were divided equally among shareholders, helping investors assess how well a company is performing financially. A higher "eh/s" suggests greater profitability, which can influence investment decisions.

gpu technical

"As of November 2025, 720 GPUs have been deployed for cloud services"

A GPU (graphics processing unit) is a specialized computer chip designed to handle many calculations at once, originally for rendering images and video but now widely used for tasks like artificial intelligence, data analysis and high-performance computing. Investors watch GPU demand and prices because strong sales often signal growth for chip makers and their customers, affect profit margins and capital spending, and can forecast wider trends in gaming, AI adoption and cloud services.

annual recurring revenue (arr) financial

"Annual Recurring Revenue (ARR) reached approximately $10 million as of the end of November"

Annual Recurring Revenue (ARR) is the predictable amount of money a company expects to earn in a year from its ongoing services or subscriptions. It helps businesses understand their steady income stream, much like knowing how much rent they can count on each year, which is important for planning and growth.

iaas technical

"spanning from infrastructure (IaaS) through cloud software platforms (PaaS)"

Infrastructure as a Service (IaaS) is a cloud computing model that lets companies rent computing resources—like servers, storage, and network capacity—on demand instead of owning hardware. For investors, IaaS matters because it enables faster scaling, lower upfront costs, and predictable operating expenses for businesses, which can boost growth potential and margins; think of it as paying to use a utility grid rather than building your own power plant.

paas technical

"through cloud software platforms (PaaS), while also remaining open to colocation opportunities"

Platform as a Service (PaaS) is a cloud offering that provides developers with ready-made tools, computing power, and hosting so they can build, test, and run software without buying or managing the underlying servers and software stack. For investors, PaaS matters because it can drive predictable subscription revenue, lower customer costs of adoption, and scale rapidly — think of renting a fully equipped kitchen that lets chefs open more restaurants faster without building each kitchen from scratch.

colocation technical

"remaining open to colocation opportunities."

Colocation is the practice of placing a trader’s computer servers inside or next to an exchange’s data center so their orders travel the shortest possible distance to the exchange’s computers. For investors this matters because even tiny gains in speed can mean better trade prices or reduced slippage—like being first in line at a checkout—so firms that colocate can gain steady, measurable advantages or incur extra costs that affect returns.

data center technical

"AI data center in Wenatchee, Washington is underway, with completion targeted"

A data center is a secure facility that houses large numbers of computers, storage devices and networking gear that run, store and move digital information for businesses and online services. Investors treat data centers like modern warehouses: their occupancy, energy efficiency, connectivity and long-term service contracts drive steady revenue and capital needs, so changes in demand or costs can directly affect profitability and growth prospects.

AI-generated analysis. Not financial advice.

• Increased self-mining hashrate to 45.7 EH/s on continued deployment of SEALMINERs
• Bitcoin production increased 251% year over year to 526 Bitcoin

SINGAPORE, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining and AI cloud, today announced its unaudited mining and operations updates for November 2025.

Operational Update

• Self-mining: 
  • Mined 526 Bitcoins, an increase of approximately 251% year over year and 3% from October 2025.
  • Self-mining hashrate reached 45.7 EH/s.
  • Bitdeer will continue deploying SEALMINER mining rigs for self-mining while concurrently retiring third-party, older-generation rigs.
    
• SEALMINER Manufacturing:

Mining Rig Model (EH/s)	Stage	November 2025	October 2025
SEALMINER A3	In final assembly	0.9	0.3
	In transit	2.9	-
	Cumulative A3 Deployed	0.6	-
SEALMINER A2	In final assembly	2.9	2.6
	Ready for shipping	0.1	0.6
	In transit	3.3	4.5
	Cumulative A2 external sales	6.4	6.1
	Cumulative A2 Deployed	34.3	28.9
SEALMINER A1	Cumulative A1 Deployed	4.2	4.2
3rd Party Miners	Cumulative Deployed	8.2	8.2
Total Proprietary Hash Rate	Deployed	47.3	41.3

• SEALMINER R&D
  • Planned two different chip designs of SEAL04 to ensure success, named SEAL04-1 and SEAL04-2 respectively.
  • SEAL04-1 chip’s latest verification demonstrated approximately 6-7 J/TH power efficiency at the chip level under low-voltage, ultra-power-saving mode. Targeting mass production in Q1 2026. This chip achieved improvements in overall yield and power efficiency compared to SEAL03.
  • SEAL04-2 chip development continues.
• U.S. Manufacturing: Preparations for Bitdeer’s U.S. factory remain in progress.
• HPC/AI:
  • As of November 2025, 720 GPUs have been deployed for cloud services, with a utilization rate of approximately 94%, including 609 GPUs under external subscription and the rest of the cards used for internal R&D.
  • Annual Recurring Revenue (ARR) reached approximately $10 million as of the end of November, reflecting strong growth over $8 million recorded in October. The company expects another meaningful increase in December. This momentum demonstrates robust market demand and our growing capability to deliver scalable AI cloud services.
  • Launched a managed Redis In-Memory Database service featuring multi-deployment architecture and enterprise-grade security, further expanding Bitdeer’s AI cloud PaaS capabilities. Guided by NVIDIA’s reference architecture, Bitdeer continues to build a comprehensive suite of capabilities spanning from infrastructure (IaaS) through cloud software platforms (PaaS), while also remaining open to colocation opportunities.
  • Secured a 2 MW AI data center lease in Malaysia to host 8 GB200 systems, with the facility expected to be ready for launch by year-end 2025 or shortly thereafter. Customer demand for this capacity has already been identified.
  • New GPU order: 16 newly ordered B300 systems, and 2 additional GB300 systems, with full deployment targeted for completion by February 2026.
  • Engaging multiple potential customers for urgently needed AI cloud service next year in ASEAN.
  • Actively evaluating U.S. data center leasing opportunities to deploy GPUs and bring AI cloud services online for U.S. customers as early as Q1 2026.
  • Conversion design work for the 13 MW AI data center in Wenatchee, Washington is underway, with completion targeted for early Q4 2026.
  • Initiated the conversion of 35 MW of power capacity in Knoxville, Tennessee into an AI data center, with completion targeted for early Q4 2026.
  • Design and other preparation work for the Clarington AI data center continues.
  • Tydal AI data center conversion planning and design continue to advance. Orders for critical long-lead equipment, including substations, have recently been placed, supporting the targeted project timeline for completion around the end of 2026. Speed to delivery is a critical factor for customer success. Our preemptive investment into the long-lead equipment significantly enhances the value and competitiveness of the Tydal AI data center.
  • Potential additional colocation arrangements for various sites under evaluation. Multiple potential customers have expressed strong interest and active discussions are currently underway.
• Infrastructure:
  • Massillon, Ohio: 21 MW is currently online and mining rigs are being deployed. Due to a recent fire, the energization of approximately 26 MW across two affected buildings has been postponed, with a revised timeline to be determined following further site assessment. The remaining 174 MW is expected to be energized in phases during Q2 2026.

Management Commentary

“Mass production of our SEALMINERs continue to rapidly scale our self-mining hashrate, driving Bitcoin production to more than triple year over year,” said Matt Kong, Chief Business Officer of Bitdeer. “By year-end 2025, we expect to achieve the 50 EH/s milestone, with continued steady growth planned through 2026. On the AI front, we are scaling our GPU infrastructure and broadening our cloud capabilities, positioning Bitdeer to meet growing global demand for high-performance computing and helping our customers to achieve success with our wide spectrum of capabilities.”

Production and Operations Summary

Metrics	November 2025	October 2025	November 2024
Total hash rate under management1 (EH/s)	60.3	55.5	20.7
- Proprietary hash rate	47.3	41.3	8.8
• Self-mining	45.7	41.2	8.2
• Cloud Hash Rate	1.1	-	0.2
• Delivered but not yet energized	0.5	0.1	0.4
- Hosting	13.0	14.2	11.9
Mining rigs under management	264,000	254,000	178,000
- Self-owned2	182,000	166,000	86,000
- Hosted	82,000	88,000	92,000
Bitcoins mined (self-mining only)	526	511	150
Bitcoin held3	2,179	2,233	443

¹ Total hash rate under management as of November 30, 2025 across Bitdeer’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.

• Self-mining refers to cryptocurrency mining for Bitdeer’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
• Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end.
• Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.

² Self-owned mining machines are for Bitdeer’s self-mining business and Cloud Hash Rate business.
³ Bitcoins held do not include the Bitcoins from deposits of the customers, include the Bitcoins that are pledged as collateral.

Infrastructure Construction Update

Site / Location	Capacity (MW)	Status	Timing4
Electrical capacity
- Rockdale, Texas	563	Online	Completed
- Knoxville, Tennessee	86	Online	Completed
- Wenatchee, Washington	13	Online	Completed
- Molde, Norway	84	Online	Completed
- Tydal, Norway	225	Online	Completed
- Gedu, Bhutan	100	Online	Completed
- Jigmeling, Bhutan	500	Online	Completed
- Oromia Region, Ethiopia	40	Online	Completed
- Massillon, Ohio	21	Online	Completed
Total electrical capacity	1,6325
Pipeline capacity
- Massillon, Ohio	174/26	In progress	Q2 2026/TBD
- Clarington, Ohio	570	In progress	Q2 2027
- Niles, Ohio	300	In progress	Q1 2029
- Rockdale, Texas	179	In planning	Estimate 2026
- Alberta, Canada	101	In planning	Q4 2026
- Oromia Region, Ethiopia	10	In progress	Q4 2025
Total pipeline capacity	1,360
Total global electrical capacity	2,992

⁴ Indicative timing for completion of power and data center infrastructure. All timing references are to calendar quarters and years.
⁵ Figures represent total available electrical capacity.

Tydal, Norway – Construction of the 175 MW hydro-cooling site has been completed, and the expansion has been fully energized.

Jigmeling, Bhutan – Construction of the 500 MW site has been completed, with energization proceeding in phases according to SEALMINER deliveries.

Massillon, Ohio – Construction of the 221 MW site is underway and full energization is expected in Q2 2026. 21 MW is currently online. Due to a recent fire, the energization of approximately 26 MW across two affected buildings has been postponed, with a revised timeline to be determined following further site assessment. The remaining 174 MW is expected to be energized in phases during Q2 2026.

Clarington, Ohio – 570 MW under contract with local utility, expected to be available by end of Q3 2026. Power and data center infrastructure completion is targeted for Q2 2027.

Fox Creek, Alberta – 101 MW site acquired, fully licensed and permitted for the construction of an on-site natural gas power plant. The project is expected to be energized by the end of Q4 2026.

Oromia Region, Ethiopia – 50 MW Bitcoin mining project. Construction has been completed; 40 MW is now online, and the remaining 10 MW is expected to be energized in December 2025. Energization will continue in phases aligned with SEALMINER deliveries.

Niles, Ohio – 300 MW grid-interconnected development site, with target energization date of Q1 2029 as scheduled by FirstEnergy. The project includes 41.8 acres of owned land and an interconnection agreement with FirstEnergy.

Upcoming Conferences and Events

• December 16, 2025: Virtual Northland Growth Conference 2025
• January 13 – 16, 2026: 28th Annual Needham Growth Conference in New York
• March 2 – 5, 2026: Morgan Stanley Technology, Media & Telecom Conference in San Francisco
• March 10 – 11, 2026: 2026 Cantor Global Technology & Industrial Growth Conference in New York

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for Bitcoin mining and AI cloud. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. Bitdeer handles complex processes involved in computing such as equipment procurement, transport logistics, data center design and construction, equipment management, and daily operations. Bitdeer also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed data centers in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
ICR Inc.
John Ragozzino, CFA
bitdeer.ir@icrinc.com

Media
Elev8 New Media
Jessica Starman, MBA
bitdeer@elev8newmedia.com

Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com

FAQ

How many Bitcoins did Bitdeer (BTDR) mine in November 2025?

Bitdeer mined 526 Bitcoins in November 2025.

What was Bitdeer's self-mining hashrate (EH/s) in November 2025?

Bitdeer's self-mining hashrate was 45.7 EH/s as of November 30, 2025.

What is Bitdeer's reported ARR and how did it change by November 2025?

Annual recurring revenue reached approximately $10 million, up from about $8 million in October 2025.

When is the SEAL04-1 chip expected to enter mass production for Bitdeer (BTDR)?

SEAL04-1 is targeted for mass production in Q1 2026 after verification showed ~6–7 J/TH efficiency.

How many GPUs has Bitdeer deployed for AI cloud services and what is utilization?

Bitdeer deployed 720 GPUs with an approximate utilization rate of 94%.

What impact did the Massillon, Ohio incident have on Bitdeer's capacity timeline?

A recent fire postponed energization of approximately 26 MW across two buildings; revised timing is pending assessment.

What total hash rate under management did Bitdeer report for November 30, 2025?

Total hash rate under management was reported at 60.3 EH/s as of November 30, 2025.