Bitdeer increases self-mining hashrate to 13.6 EH/s, ships 1.6 EH/s to customers

SINGAPORE - Bitcoin mining technology company Bitdeer Technologies Group (NASDAQ:BTDR), currently valued at $2.8 billion, reported its self-mining hashrate reached 13.6 EH/s in May 2025, following continued deployment of its SEALMINER mining rigs. According to InvestingPro analysis, the company’s stock has shown significant volatility, with a beta of 2.32, reflecting the dynamic nature of the crypto mining sector.

The company mined 196 Bitcoins in May, an 18.1% increase from April 2025, according to a press release statement. While Bitdeer also sold and shipped 1.6 EH/s of SEALMINER A2 mining rigs to external customers during the month, InvestingPro data indicates the company faces profitability challenges with a gross profit margin of just 9.67% in the last twelve months.

Bitdeer’s total hashrate under management reached 27.4 EH/s as of May 31, with 13.7 EH/s in proprietary hashrate and 13.7 EH/s in hosting services. The company managed 189,000 mining rigs, including 103,000 self-owned units and 86,000 hosted machines.

Matt Kong, Chief Business Officer at Bitdeer, stated the company remains on track to deliver over 40 EH/s of self-mining capacity by October 2025. The company also plans to release its SEALMINER A3 series for pre-order in June.

Bitdeer reported progress on several infrastructure projects, including ongoing construction at its Tydal, Norway site, where electrical equipment installation and cooling systems are expected to be completed by the end of June. At its Massillon, Ohio location, building construction continues with expected completion in phases from Q3 to Q4 2025.

The company also mentioned launching an AI Cloud service with multiple large language models and robust infrastructure.

In May, Tether exercised warrants related to a May 2024 private placement, resulting in Bitdeer issuing 5,186,627 ordinary shares and receiving $50 million in cash proceeds.

Bitdeer held 1,351 Bitcoins as of the end of May 2025.

In other recent news, Bitdeer Technologies reported first-quarter 2025 results, revealing a revenue of $70.1 million, which fell short of the consensus estimate of $71.7 million. The company also posted an adjusted loss per share of $0.37, missing analyst projections of a $0.32 loss. Despite these figures, Bitdeer recorded a net income of $409.5 million for the quarter, attributed largely to non-cash fair value changes of derivative liabilities. Meanwhile, B. Riley analyst Lucas Pipes raised Bitdeer’s stock target to $18, maintaining a Buy rating, citing the company’s entry into the ASIC market and its expansion in self-mining operations as positive factors. Pipes noted Bitdeer’s strategy to increase its hash rate to 40 EH/s by the end of 2025. Additionally, Bitdeer has been under scrutiny following a report by Callisto Research, which questioned the company’s financial transparency and governance. The report alleged issues such as opaque cryptocurrency revenue handling and potential non-compliance with Chinese business disclosures. Bitdeer has not yet publicly responded to these allegations.

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