Exhibit 99.1
Bitdeer Announces February 2026 Production and
Operations Update
Monthly Highlights
| ● | Bitcoin: production increased 541% Year on Year to 705 Bitcoin |
| | | |
| ● | Colocation: Continued management focus on colocation lease agreements |
| | | |
| ● | AI Cloud: demonstrating strong Month on Month performance in ARR and utilization rates |
SINGAPORE, March 16, 2026 (GLOBE NEWSWIRE)
-- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology
company for AI and Bitcoin mining infrastructure, today announced its unaudited mining and operations updates for February 2026.
Management Commentary
“Our significant capital investments in
late 2025 continues to drive momentum in our self-mining hashrate reaching 68 EH/s in February, 2026, reflecting the continued deployment
of SEALMINER rigs coming fully online,” said Matt Kong, Chief Business Officer of Bitdeer. “In parallel, we further strengthened
our balance sheet through the successful completion of a $375 million senior convertible note offering, providing the financial flexibility
to continue accelerating our AI and colocation strategy, which represents the most significant long-term value creation opportunity in
our portfolio. We are advancing active negotiations with prospective colocation clients across our portfolio and remain confident in our
ability to execute a significant lease agreement very soon. The combination of a strengthened capital structure and our differentiated
3.0 GW power portfolio positions Bitdeer to move decisively as demand for high-performance computing capacity continues to intensify.”
Operational Update
| ● | Mined 705 Bitcoins, an increase of approximately 541% year over year. |
| | | |
| ● | Self-mining hashrate reached 68 EH/s. Bitdeer remains one of the largest publicly listed Bitcoin miners
by total hash rate under management. |
| | | |
| ● | Bitdeer expects hashrate to continue to grow for the next several months. |
SEALMINER Manufacturing:
| Mining
Rig Model (EH/s) |
Stage |
February
2026 |
January
2026 |
| SEALMINER A3 |
In final assembly |
4.6 |
3.8 |
| |
Ready for shipping |
0.4 |
- |
| |
In transit |
0.7 |
0.4 |
| |
Cumulative A3 Deployed |
11.4 |
8.7 |
| SEALMINER A2 |
In final assembly |
1.0 |
2.9 |
| |
Ready for shipping |
2.1 |
0.1 |
| |
In transit |
1.4 |
2.6 |
| |
Cumulative A2 external sales |
8.1 |
8.1 |
| |
Cumulative A2 Deployed |
48.4 |
44.1 |
| SEALMINER A1 |
Cumulative A1 Deployed |
4.2 |
4.2 |
| 3rd
Party Miners |
Cumulative Deployed |
6.1 |
8.1 |
| Total
Proprietary Hash Rate |
Deployed |
70.1 |
65.1 |
| ● | SEALMINER DL1 for DOGE and Litecoin mining is on track and will launch in Q1 2026. |
| | | |
| ● | SEALMINER A4-1 for Bitcoin mining is on track to start mass production in March 2026. |
| | | |
| ● | SEAL04-2 chip development continues. |
| ● | U.S. SEALMINER Manufacturing:
Preparations for Bitdeer’s U.S. SEALMINER
factory are progressing, with the lease signed and construction permit application submitted to local municipal authorities. |
| ● | HPC colocation arrangements: |
| | | |
| ● | Bitdeer is in advanced stages of negotiations with potential colocation tenants for Tydal, Norway &
Clarington, Ohio and various other sites. |
GPU Cloud as of 2/28/2026:
| GPU
Amount Deployed |
GPU
Types |
Utilization
Rate |
Under
External Subscription |
ARR |
| 2,096 |
H100, H200, B200, GB200 |
64% |
1,240 |
~$21 million |
| ● | Growing customer adoption and expanding enterprise AI demand
led to a significant increase in customer orders and revenue. We expect to achieve full utilization within March, and we need to increase
our deployment of GPUs further to meet the strong demand environment. Clients are willing to commit to long term leases in recent business
discussions. |
| ● | We plan to raise the hourly rate of H100 within March due to the strong demand from clients. |
| | | |
| ● | Actively evaluating U.S. data center leasing opportunities. Deployment of GPUs and AI cloud services |
| | | |
| ● | for U.S. customers are expected to be online in Q2 2026. |
| | | |
| ● | Launched managed Kubernetes (K8s) service with GPU-native orchestration, supporting scalable deployment
of AI training and inference workloads. The platform includes integrated GPU management, intelligent job scheduling, and an AI application
marketplace to streamline cluster operations and accelerate AI development. |
Infrastructure Summary:
| Site
/ Location |
(MW)
Capacity |
Status |
Energization
Timing1 |
Datacenter
Usage |
| Electrical capacity |
|
|
|
|
| - Rockdale, Texas |
563 |
Online |
Completed |
Crypto / Evaluating converting to Colocation or AI Cloud |
| - Knoxville, Tennessee – phase 1 |
37 |
Online |
Q4 2026 |
Crypto converting to AI Cloud |
| - Knoxville, Tennessee – phase 2 |
49 |
Online |
Q1 2027 |
Crypto converting to AI Cloud |
| - Wenatchee, Washington |
13 |
Online |
Q4 2026 |
Crypto converting to AI Cloud |
| - Molde, Norway |
84 |
Online |
Completed |
Crypto and in early assessment of converting to AI Cloud |
| - Tydal - 1, Norway |
50 |
Online |
Q4 2026 |
Crypto converting to Colocation |
| - Tydal - 2, Norway |
175 |
Online |
Q4 2026 |
Crypto converting to Colocation |
| - Gedu, Bhutan |
100 |
Online |
Completed |
Crypto |
| - Jigmeling, Bhutan |
500 |
Online |
Completed |
Crypto |
| - Oromia Region, Ethiopia |
40 |
Online |
Completed |
Crypto |
| - Massillon, Ohio |
100 |
Online |
Completed |
Crypto |
| - Cyberjaya, Malaysia2 |
2 |
Online |
Completed |
AI Cloud |
| Total
electrical capacity |
1,7132 |
|
|
|
| Pipeline capacity |
|
|
|
|
| - Oromia Region, Ethiopia |
20 |
In progress |
Q1 2026 |
Crypto |
| - Massillon, Ohio |
95 / 26 |
In progress |
Q2 2026/TBD |
Crypto |
| - Clarington, Ohio |
570 |
In progress |
To be updated |
Colocation |
| - Niles, Ohio |
300 |
In progress |
Q4 2028 |
Colocation or AI Cloud |
| - Rockdale, Texas |
179 |
In planning |
Estimate 2026 |
Evaluating converting to Colocation or AI Cloud |
| - Alberta, Canada |
101 |
In planning |
Q2 2027 |
Crypto |
| - Cyberjaya, Malaysia2 |
9.5 |
In progress |
Q4 2026 |
AI Cloud |
| Total
pipeline capacity |
1,300.5 |
|
|
|
| Total
global electrical capacity |
3,013.5 |
|
|
|
| 1 | Indicative timing for completion of power. All timing references
are to calendar quarters and years. |
| 2 | Capacity under lease arrangement |
Production and Operations Summary:
| Metrics |
February
2026 |
January
2026 |
February
2025 |
| Total hash rate under management3 (EH/s) |
79.1 |
78.1 |
20.9 |
| - Proprietary hash rate |
70.1 |
65.1 |
9.4 |
| Self-mining |
68.0 |
63.2 |
9.0 |
| Cloud Hash Rate |
1.1 |
1.1 |
- |
Delivered but not yet
energized |
1.0 |
0.8 |
0.4 |
| - Hosting |
9.0 |
13.0 |
11.5 |
| Mining rigs under management |
276,000 |
314,000 |
163,000 |
| - Self-owned4 |
232,000 |
232,000 |
88,000 |
| - Hosted |
44,000 |
82,000 |
75,000 |
| Bitcoins mined (self-mining only) |
705 |
668 |
110 |
| Bitcoin held5 |
51 |
1,530 |
1,039 |
| 3 | Total hash rate under management as of February 28, 2026
across Bitdeer’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting. Self-mining refers to cryptocurrency
mining for Bitdeer’s own account, whereby its mining rigs are operated in self-owned and third-party datacenters, enabling the
company 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. |
| | |
| 4 | Self-owned mining machines are for Bitdeer’s self-mining
business and Cloud Hash Rate business. |
| | |
| 5 | Bitcoins held do not include the Bitcoins from deposits
of the customers, include the Bitcoins that are pledged as collateral. |
Infrastructure Construction Update
Tydal, Norway AI data center conversion – Planning and
design continue to advance. Orders for critical long-lead equipment have been placed to support the targeted project timeline for completion
around the end of 2026. Decommissioning of Bitcoin mining rigs has begun to make room for the new AI data center.
Wenatchee, Washington – AI data center design documents
and building permit application were submitted for approval. Orders for long-lead-time equipment have been placed. The dismantling of
the crypto mining datacenter is expected to start in
March 2026. Completion targeted for Q4 2026.
Knoxville, Tennessee – Phase 1
AI data center conversion design work initiated, targeting to complete by Q4 2026. Massillon, Ohio – 100 MW is
currently online. Approximately 26 MW in two fire-damaged buildings is expected to be rebuilt and energized by the end of September
2026. The remaining 95 MW is expected to be energized in phases during Q1 and Q2 2026.
Clarington, Ohio – 570 MW of power under contract with
a local utility. The timing of power availability and construction may be affected by ongoing legal proceedings filed by a neighboring
company, American Heavy Plate Solutions, LLC. Design and other preparation work continue.
Fox Creek, Alberta – 101 MW site
acquired, fully licensed and permitted for the construction of an on-site natural gas power plant. We are assessing current design schemes
for the mining site to accommodate potential future AIDC requirements, as the energization date has been targeted for Q2 2027.
Oromia Region, Ethiopia – Construction
of the 60 MW site has been completed, with 20 MW not yet energized and 40 MW undergoing energization in phases driven by SEALMINER deliveries.
Niles, Ohio – 300 MW grid-interconnected
development site, with target energization in Q4 2028. The project includes 41.8 acres of owned land and a transmission line extension
agreement with a local utility company.
Upcoming Conferences and Events
| o | March 22 – 24, 2026: 38th Annual Roth
Conference in Laguna Niguel, CA |
About Bitdeer Technologies Group
Bitdeer
is a world-leading technology company for AI and Bitcoin mining infrastructure. Bitdeer is committed to providing comprehensive Bitcoin
mining solutions for its customers and building AI computational infrastructure to support the AI revolution. 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 across multiple countries, including the United States, Norway, Bhutan, and Ethiopia.
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
Tesh Dahya
tesh.dahya@bitdeer.com
Media
Elev8 New Media
Jessica Starman, MBA
bitdeer@elev8newmedia.com
Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com
