Bitdeer Q3 Results: $320.7M Revenue, $125.5M Net Loss
The Bitdeer Q3 results show record revenue of $320.7 million and a net loss of $125.5 million. Both are in the company’s own results release, published November 10. The gap between those two numbers is the story.
Bitdeer Q3 results: the headline numbers
Revenue was up 89% from $169.7 million a year earlier and up 40% from $228.8 million in Q2. Cost of revenues rose faster, to $309.9 million from $130.0 million. As a result, gross profit fell to $10.8 million from $39.7 million. Adjusted EBITDA, a measure Bitdeer defines itself, was $69.6 million, up 173%.
The net loss was $125.5 million, against $30.1 million a year ago. Bitdeer says it includes a non-cash loss of $54.6 million from the change in fair value of its digital assets loan. Cash and restricted cash stood at $213.7 million on September 30.
What Bitdeer mined, and what it kept
The operating table is the useful part for miners. Self-mining hashrate reached 82.3 EH/s, up from 35.0 EH/s. Co-mining in third-party sites added 28.7 EH/s. Bitdeer mined 3,855 BTC in the quarter, against 1,109 a year ago.
However, it held only 47 BTC at quarter end, down from 2,029. In short, almost everything it mined was sold or used. The release does not say why in that table, so we will not guess. The company does say customer prepayments and project financing are meant to fund its AI capacity.
The cost side: $47 per MWh and 15.4 J/TH
Bitdeer paid an average of $47 per MWh for power, up from $43. Its fleet averaged 15.4 J/TH, better than 20.1 a year ago. That is a useful benchmark for any miner. Roughly 4.7 cents per kWh is what a large, efficient operator pays, and it still produced a thin gross margin this quarter.
The AI pivot
Bitdeer reports an AI Cloud revenue backlog of about $2.9 billion and 332 IT MW of AI Cloud capacity secured. It also lists a $4.7 billion, 16-year lease at Tydal, Norway, with a tenant no-fee termination right at 10 years. Some timelines slipped: it now targets Q4 2027 for Knoxville and H2 2028 for Wenatchee because of equipment delays. These are company claims, and the contracts are not yet revenue.
What the Bitdeer Q3 results mean for miners
We read this as a verdict on plain bitcoin mining. A very large, efficient fleet at $47 per MWh made $10.8 million of gross profit on $320.7 million of revenue. Smaller miners with older machines have far less room. Meanwhile, the company is directing its capital toward AI. Here is the same maths at today’s hashprice.
Miner math: bitcoin hashprice today
Here is the live maths on November 10. Bitcoin is $73,400 and the network is 962 EH/s, so hashprice is about $34.60 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.61 | -$2.95 | -$6.07 | 4.2c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.81 | -$1.10 | -$3.64 | 6.3c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.27 | -$0.90 | -$3.79 | 6.8c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.89 | $1.36 | -$2.01 | 9.6c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If bitcoin drops another 10% from here: the break-even power price on an S19k Pro falls from 6.3 to 5.6 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.10 to -$1.50.
Compare the break-even column above with your own delivered power price, and be blunt with yourself about the answer. See our mining economics guides for the method. If a machine no longer pays at your power price, sell us your used miners. To buy efficient units, browse all miners or our bulk used ASIC lots.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.