What Does Bitdeer Do? Bitcoin Miner to AI Data Center Landlord

Bitdeer Technologies Group (Nasdaq: BTDR) is a Singapore-headquartered company that mines bitcoin with chips and machines it designs itself, in data centers it runs in the United States, Norway, Bhutan and Ethiopia. It controls about 3.0 GW of power capacity, online and planned. It is now turning some of that power into AI data center income in two ways. In Norway it is the landlord: it signed a 16-year lease of 121 IT MW at its Tydal campus, worth about $4.7 billion, with Volta, a GPU cloud whose end customer is an unnamed AI lab. In Malaysia it is the GPU cloud: its Bitdeer AI unit rents halls from other operators, fills them with Nvidia systems, and sells the computing time, with an AI Cloud backlog of about $2.9 billion. The catch: only a small part of Bitdeer's power is signed to AI customers so far, and bitcoin mining still earns most of its revenue.

AI DATA CENTERS · Data as at 30 Sep 2026 · Next update: after Bitdeer's Q3 2026 results (date not yet announced in its SEC filings)
Affects: AI Data Centers · Neoclouds · Singapore · Malaysia

Bitdeer sits in the same group on the AI Data Centers layer as IREN, Cipher Mining, Hut 8, TeraWulf and Core Scientific: bitcoin miners that already hold large grid connections and are trying to rent them to AI. Two things set it apart. It is headquartered in Singapore, and it plays both sides of the AI data center deal at once, landlord in Norway and GPU cloud tenant in Malaysia. Read What Is an AI Data Center? and Hyperscale vs Colocation Data Centers first if the terms are new.

In short: Bitdeer earns most of its money mining bitcoin on its own SEALMINER machines: self-mining was 73.6% of revenue in the June 2026 quarter (our arithmetic). Its AI business has two parts. Colocation means renting a powered, cooled building to a tenant who brings its own GPUs; Bitdeer has one such lease, 121 IT MW at Tydal in Norway, with the first phase due from December 2026. AI Cloud means Bitdeer buys the GPUs and rents out computing time; it had 4,328 GPUs deployed at 30 September 2026 and plans 333.5 IT MW of AI Cloud halls, two-thirds of them in Malaysia. The stuck step is signing tenants: the Tydal lease covers about 4.5% of Bitdeer's total electrical capacity, and customers have signed for roughly 27 of the 333.5 MW of AI Cloud halls (both our arithmetic).

Education only, not advice to buy or sell any security. Figures are from Bitdeer's filings with the US SEC: its second-quarter 2026 results release of 10 August 2026, its September 2026 operations update of 19 October 2026, its Tydal lease release filed 5 August 2026, its half-year review and recent developments filed 29 September 2026, its 2025 annual report on Form 20-F of 30 April 2026, its August 2026 operations update filed 16 September 2026, its Rockdale land release filed 2 September 2026 and its share repurchase report of 8 October 2026. Bitdeer reports in US dollars. From 1 January 2026 it reports under US GAAP; its 2025 annual figures are under IFRS. IT MW is power for the computers; gross MW also covers cooling and losses.

Numbers that matter

Power capacity

~3.0 GW

Online and pipeline across its sites after the Rockdale land deal, Bitdeer's own figure · Sep 2026

Owned

AI lease signed

121 IT MW

Tydal, Norway, with Volta: about $4.7bn over 16 years, about $202 per kW a month · Aug 2026

First

Share of power leased

~4.5%

Tydal's 133 gross MW as a share of 2,980.2 MW total electrical capacity (our arithmetic) · Jul 2026

Bind

AI Cloud backlog

~$2.9bn

Signed GPU cloud contracts, mostly five-year terms in Malaysia; ARR about $86m · 30 Sep 2026

Growing

Q2 2026 revenue

$228.8m

Self-mining $168.4m, AI Cloud $14.0m; net loss $92.3m, adjusted EBITDA $31.1m

Mining-led

Borrowings

~$1.8bn

Four convertible notes, bank loans and $633.1m from related party BIT Group · 30 Jun 2026

Leveraged

Status chips are Second Order's read. Capacity, lease terms, backlog, revenue and borrowings are Bitdeer's own figures. The 4.5% share is our arithmetic (133 ÷ 2,980.2), comparing gross MW for Tydal with Bitdeer's total electrical capacity at 31 July 2026.

What does Bitdeer actually do?

Hold the power. Mine bitcoin on it. Convert the best sites into AI halls. Lease them, or fill them with GPUs and sell the time.

Power first. Mining second. Conversion third. AI tenants last.

1. It secures large blocks of power. At 31 July 2026 Bitdeer listed 1,752 MW of online electrical capacity and 1,228.2 MW in its pipeline, 2,980.2 MW in all. The biggest online sites are Rockdale, Texas (563 MW), Jigmeling, Bhutan (500 MW), Massillon, Ohio (174 MW), Gedu, Bhutan (100 MW), Knoxville, Tennessee (86 MW) and Molde, Norway (84 MW). In Bhutan it leases the land from Druk Holding and Investments. The largest pipeline site is Clarington, Ohio, with 570 MW of power under contract with a local utility.
2. It designs its own mining chips and machines. Bitdeer's SEALMINER rigs use its self-developed SEAL chips. In the June 2026 quarter it ran about 243,000 rigs for its own account in its own data centers, and its machines averaged 15.8 joules per terahash, against 25.7 a year earlier. Its self-mining hash rate reached about 82.3 EH/s in September 2026, and it mined 1,355 bitcoin that month.
3. It converts selected sites to AI. Bitdeer is converting mining sites at Tydal in Norway, Knoxville in Tennessee and Wenatchee in Washington into AI data centers. At Tydal it hired Data Center Installations AS in March 2026 on an open-book, cost-plus contract, with phases due from December 2026. In August 2026 it paid about $100 million in cash for 200 acres next to Rockdale, which it says removes one of the main limits on AI building there.
4. It leases whole halls to AI tenants (colocation). Tydal is the first: 121 IT MW, supported by about 133 gross MW, leased for 16 years to Volta Tydal AS. Volta is a GPU cloud and Nvidia Cloud Partner; its customer at Tydal is a leading AI lab that Bitdeer does not name, with Dell as the technology provider. The tenant brings the GPUs; Bitdeer supplies the building, power and cooling.
5. It runs its own GPU cloud (AI Cloud). Bitdeer AI buys Nvidia systems and rents computing time. At 30 September 2026 it had 4,328 GPUs deployed, from H100 to GB300, with 95% utilisation and 4,007 under external subscription. Most of its planned AI Cloud halls are in Malaysia and are rented from other operators: Bitdeer's own tables mark them as signed data center contracts rather than self-owned sites.

Malaysian halls add up to 225.8 IT MW of the 333.5 MW pipeline, about two-thirds; the three self-owned halls make up the other 107.7 MW (both our arithmetic from Bitdeer's table). Customer cover of about 27 MW counts A101 and A102 in full and 70% of A201 (our arithmetic: 2.5 + 9.5 + 15.2). Bitdeer says its data center ready-for-service dates are for power and engineering only, independent of when GPUs arrive. It also says that from the September 2026 update it will report infrastructure progress quarterly with its results, not monthly.

In 2025 Bitdeer's revenue was $620.3 million under IFRS. Self-mining was 63.9%, sales of mining rigs 17.5%, membership and general hosting of other people's miners 15.5% together, and AI cloud services $6.8 million, or 1.1% (the hosting sum is our arithmetic). It had 471 full-time employees at the end of 2025, most of them in Singapore and the United States.

How does Bitdeer make money?

Three ways, at very different prices per megawatt. Mining earns whatever bitcoin is worth when it is mined. Colocation earns fixed rent for the building. The GPU cloud earns far more per megawatt, but Bitdeer has to buy the GPUs.

• Bitcoin mining. Self-mining revenue was $168.4 million in the June 2026 quarter, and co-mining, where Bitdeer's rigs run in other companies' data centers, added $25.0 million. Electricity is the main cost: Bitdeer paid an average of $44 per MWh and used about 2.5 million MWh in the quarter. Self-mining still made a $2.7 million gross loss after electricity and depreciation.
• Colocation rent. Tydal is a modified gross lease averaging about $202 per kW a month over 16 years, with 3% annual escalators and electricity reimbursed by the tenant. Bitdeer expects average revenue of $2.4 million per IT MW a year and an operating margin before overheads (NOI) of about 90%. That is about $294 million a year on average (our arithmetic: $4.7 billion ÷ 16).
• AI Cloud. Bitdeer sells GPU time, mostly on five-year commitments. AI Cloud revenue was $14.0 million in the June 2026 quarter, 6.1% of the total (our arithmetic), with a $2.3 million gross loss. The A102 contracts work out to about $16.8 million per MW a year (our arithmetic: more than $800 million ÷ 9.5 MW ÷ 5 years), roughly seven times Tydal's rent per MW. The difference pays for the GPUs, which Bitdeer buys and depreciates.
• Hosting and machine sales. Bitdeer still hosts other people's miners ($15.6 million together in the June quarter) and sells SEALMINERs to outsiders, though rig sales fell to $0.4 million from $69.5 million a year earlier as it kept the machines for its own fleet.

In the June 2026 quarter total revenue was $228.8 million, up from $155.6 million a year earlier. The gross loss was $8.5 million, the net loss $92.3 million and adjusted EBITDA $31.1 million. Operating activities used $158.5 million of cash, and capex was $266.0 million: $150.0 million for SEALMINERs and $116.0 million for data center building, GPUs, tariffs and freight. For the first half of 2026 adjusted EBITDA was $45.5 million and the net loss $251.8 million.

That is why one lease matters so much. If Tydal ran at its average rent and Bitdeer's 90% NOI margin, it would produce about $264 million a year (our arithmetic: 0.9 × $293.75 million), roughly 2.9 times Bitdeer's first-half 2026 adjusted EBITDA run at a full-year rate (our arithmetic: $264 million ÷ $91 million). That is what the contract implies, not a forecast: the halls are not yet handed over, and the tenant can walk away at year 10.

Who gets paid. Bitdeer, in rent from Volta once Tydal's phases are handed over, and in GPU-cloud fees in Malaysia. The Malaysian hall operators, which Bitdeer pays under its leases and data services agreements. Nvidia and the rack builders, for the GPUs Bitdeer buys. Utilities, for the electricity. Convertible-note holders and BIT Group, Bitdeer's main lenders. Who pays. Volta, whose customer at Tydal is an AI lab, and Bitdeer AI's cloud customers, which Bitdeer does not name. Money sticks once a hall is live and drawing power under a signed contract; before that, Bitdeer carries the building, the GPUs and the debt.

What limits it?

Tenants first. Money second. Bitcoin third.

1. Most of the power is not signed to AI. Tydal's 133 gross MW is about 4.5% of Bitdeer's 2,980.2 MW total electrical capacity (our arithmetic). In AI Cloud, customers have signed for roughly 27 of 333.5 MW, about 8% (our arithmetic). Three Malaysian halls, A202, A901 and A103, add 192.1 MW with no customer stated (our arithmetic), while Bitdeer is committed to the operators for those halls. Our Wire on the 67 MW A901 hall covers that order of events.
2. The one big lease has an exit. Volta has a no-fee right to end the Tydal lease at 10 years, so only the first 10 years are firm. Its obligations are anticipated to be backed by about $1.3 billion of letters of credit arranged by affiliates of J.P. Morgan and another bank, subject to customary conditions, which is about 4.4 years of average rent (our arithmetic: $1.3 billion ÷ $293.75 million). Bitdeer can terminate if Volta misses milestones on that backstop.
3. Handover dates are still ahead. Tydal phase 1 (66.5 MW gross) is due in the fourth quarter of 2026 and phase 2 (66.5 MW) in the first quarter of 2027, with work under a cost-plus contract. The Malaysian halls are due between January 2027 and the first quarter of 2028. Knoxville was fully redesigned and moved to the third quarter of 2027.
4. It burns cash and carries debt. At 30 June 2026 Bitdeer had $496.3 million of cash and restricted cash against about $1.8 billion of borrowings: four convertible notes with $1,215 million of principal (our arithmetic), $27.1 million of bank loans and $633.1 million from BIT Group, $491.0 million of it due within a year. Net interest expense was $31.1 million in the June quarter. In August it filed to sell up to $1 billion of new shares through an at-the-market programme, and in October it authorised a $100 million buyback, having used up a $40 million one.
5. Related-party lending. BIT Group, formerly Matrixport Group, which Bitdeer's annual report describes as a related party, lends it cash against mining rigs and data center assets ($423.3 million outstanding at 29 September 2026) and lends it bitcoin (about 3,669 BTC outstanding under a facility of up to 6,000 BTC). The annual report flags this as concentrated counterparty risk.
6. Bitcoin still drives the numbers. Self-mining was 73.6% of June-quarter revenue (our arithmetic). A lower bitcoin price or higher mining difficulty cuts the cash that funds the AI build-out.
7. Power can still get stuck. At Clarington, Ohio, timing of the 570 MW is subject to legal proceedings brought by a neighbouring company, and Bitdeer gives no date. Weathersfield, Ohio (300 MW) targets the fourth quarter of 2028 and Fox Creek, Alberta (101 MW, an on-site gas plant) the fourth quarter of 2027.
8. One shareholder controls the vote. Founder Jihan Wu held 69.5% of the voting power at 21 April 2026 through Class V shares that carry ten votes each, making Bitdeer a Nasdaq controlled company.

Where the filings are silent we say so. Bitdeer does not name the AI lab at Tydal or its AI Cloud customers, say what it pays the Malaysian hall operators, give a cost or budget for the Tydal conversion, say how it will fund the GPUs for the unsold Malaysian halls, or give a date for its third-quarter 2026 results in the filings we used. We do not estimate those.

Who else does this?

Roles, not a league table.

What separates Bitdeer is the mix. Most miners on this layer pick one AI model: lease the building, or run the GPUs. Bitdeer does both, and on different continents: in Norway it owns the campus and a GPU cloud is its tenant; in Malaysia it is the GPU cloud, renting halls from other operators. It also makes its own mining chips, and it is run from Singapore, with neighbouring Malaysia as its main AI Cloud base. See our Malaysia market notes for the power and grid rules those halls depend on.

What would change this view?

The read on the model weakens if:

• Tydal phase 1 is not handed over around December 2026, or the letters of credit are not put in place.
• A202, A901 or A103 stays without customers as their ready-for-service dates approach.
• AI Cloud contracts renew or sign at much lower prices per MW than A102.
• Bitdeer funds GPUs mainly with more related-party loans or share sales rather than customer prepayments or project debt.
• A second colocation lease is signed at Rockdale, Molde or another owned site, which would show Tydal can be repeated.
• The Clarington legal proceedings end, with a date for its 570 MW.

The read stays intact while Tydal's phases are handed over on schedule, the Malaysian halls fill with signed customers before they open, and mining keeps funding the build without a large rise in borrowing.

Practical takeaways

• Bitdeer is a Singapore-headquartered bitcoin miner with about 3.0 GW of owned and planned power, now renting some of it to AI.
• Its first AI lease is 121 IT MW at Tydal, Norway: about $4.7 billion over 16 years from Volta, with a tenant exit at year 10 and the first phase due from December 2026.
• Its GPU cloud has a backlog of about $2.9 billion, almost all on Malaysian halls it rents from other operators; customers have signed for about 27 of 333.5 planned MW (our arithmetic).
• GPU cloud revenue per MW is roughly seven times Tydal's rent (our arithmetic), but Bitdeer must buy the GPUs; colocation earns less per MW with the tenant paying for chips.
• Mining still earns most of the money, operating cash flow was negative in the June 2026 quarter and borrowings were about $1.8 billion, so signing tenants and funding the build are the steps to watch.

FAQ

What does Bitdeer do?
Bitdeer Technologies Group mines bitcoin with SEALMINER machines it designs itself, in data centers it runs in the United States, Norway, Bhutan and Ethiopia, and is turning part of its roughly 3.0 GW of power into AI data centers. It leases a 121 MW AI campus in Norway to a GPU cloud and runs its own GPU cloud, Bitdeer AI, mainly from rented halls in Malaysia.

Is Bitdeer a Singapore company?
Bitdeer is headquartered in Singapore, with its principal office at Kallang Avenue, and most of its employees are in Singapore and the United States. The listed holding company is incorporated in the Cayman Islands and its Class A shares trade on Nasdaq under BTDR.

What is Bitdeer AI?
Bitdeer AI is Bitdeer's GPU cloud. It buys Nvidia systems and sells computing time to customers. At 30 September 2026 it had 4,328 GPUs deployed at 95% utilisation, an annualised revenue run-rate of about $86 million and a contracted backlog of about $2.9 billion, mostly from five-year commitments at halls in Malaysia.

What is Bitdeer's Tydal lease?
In August 2026 Bitdeer signed a 16-year lease of 121 IT MW at its Tydal campus in Norway with Volta Tydal AS, a GPU cloud whose end customer is a leading AI lab. It is worth about $4.7 billion over 16 years, or about $8.0 billion with an 8-year extension, at about $202 per kW a month. The tenant can end it without a fee at 10 years.

Who controls Bitdeer?
Founder and chief executive Jihan Wu held 69.5% of the voting power at 21 April 2026, through Class V shares carrying ten votes each. Entities linked to Giancarlo Devasini held 19.3% of the Class A shares and 6.0% of the votes.

Is Bitdeer stock a good investment?
We do not make buy or sell calls, and nothing here is a recommendation. We can tell you what it owns, who pays it and which numbers would change the picture. The decision is yours.

Keep reading on the map

• The layers: AI Data Centers · Neoclouds · Malaysia market notes · Singapore market notes
• The terms: Neocloud Explained · GPU Cloud Providers · Contracted Power Explained · Data Center Leases Explained · Data Center Financing Explained
• Other miners turned AI landlords: What Does IREN Do? · What Does Cipher Mining Do? · What Does Hut 8 Do? · What Does TeraWulf Do? · What Does Core Scientific Do?
• The news: Bitdeer AI's 67 MW Malaysia hall · Volta's Norway GPU loan · Johor grid connections
• The power: How Much Power Does an AI Data Center Use? · Where Are AI Data Centers Located?

For what happens to GPU clouds that borrow to fill halls, read If Neocloud Debt Stays Near 1,000 bp, Where Does Cash Stick?. This page stays the free Stack read of the Bitdeer model.

Sean

Writes Second Order by TKN — a plain-English map of AI infrastructure. Who gets paid, where money sticks, which step is stuck. Not investment advice.

Author page → · Editorial standards →

How we check this

Figures come from Bitdeer's filings with the US SEC listed below: its second-quarter 2026 results release (10 August 2026), September 2026 operations update (19 October 2026), Tydal lease release (filed 5 August 2026), half-year review and recent developments (29 September 2026), 2025 annual report on Form 20-F (30 April 2026), August 2026 operations update (filed 16 September 2026), Rockdale land release (filed 2 September 2026) and share repurchase report (8 October 2026). Where we work something out ourselves, the arithmetic is shown in full and labelled. Bitdeer does not name its AI customers, the rent it pays in Malaysia or the cost of converting Tydal, so we do not estimate those. Social media posts and press reports are not used.

Last reviewed: 5 Nov 2026 · Next review: after Bitdeer's Q3 2026 results (date not yet announced in its SEC filings)
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References

1. Bitdeer Technologies Group, Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2026 (Form 6-K, Exhibit 99.1) (company, SEC exhibit 99.1), 10 Aug 2026 — Q2 2026 revenue by business line, adjusted EBITDA, cash, capex, electricity cost, borrowings, and the site-by-site power table (1,752 MW online, 1,228.2 MW pipeline, Clarington legal proceedings)
2. Bitdeer Technologies Group, Bitdeer Announces September 2026 Production and Operations Update (Form 6-K, Exhibit 99.1) (company, SEC exhibit 99.1), 19 Oct 2026 — AI Cloud pipeline of 333.5 IT MW by data center, about $2.9bn AI Cloud backlog, ARR, GPUs deployed and utilisation, A201, A901 and A103 in Malaysia, move to quarterly infrastructure updates
3. Bitdeer Technologies Group, Bitdeer Announces $4.7 Billion, 16-Year AI/HPC Data Center Lease for Tydal, Norway Campus (Form 6-K, Exhibit 99.1) (company, SEC exhibit 99.1), 5 Aug 2026 — Tydal lease with Volta: 121 IT MW, 133 gross MW, $4.7bn over 16 years, $8.0bn with extension, about $202/kW/month, electricity passed through, about $1.3bn letters of credit
4. Bitdeer Technologies Group, Recent Developments and Operating and Financial Review for the six months ended June 30, 2026 (Form 6-K, Exhibit 99.2) (company, SEC exhibit 99.2), 29 Sep 2026 — Tydal terms (tenant termination right at 10 years, 3% escalators, about 90% NOI margin), Tydal build contract, BIT Group loans, convertible notes, US$1bn ATM, H1 2026 results and liquidity
5. Bitdeer Technologies Group, Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (company, SEC filing), 30 Apr 2026 — business lines, 2025 revenue mix, AI cloud history, employees, dual-class shares and 69.5% founder voting power, related-party financing, Bhutan land leases, risk factors
6. Bitdeer Technologies Group, Bitdeer Announces August 2026 Production and Operations Update (Form 6-K, Exhibit 99.1) (company, SEC exhibit 99.1), 16 Sep 2026 — A102 fully contracted for more than $800m, 65.1 MW A202 10-year agreement in Johor, non-binding Bhutan letter of intent
7. Bitdeer Technologies Group, Bitdeer Announces Acquisition of 200 Acres Near Rockdale Facility in Milam County, Texas (Form 6-K, Exhibit 99.1) (company, SEC exhibit 99.1), 2 Sep 2026 — about $100m cash for 200 acres, 563 MW interconnected at Rockdale with plans to reach 742 MW
8. Bitdeer Technologies Group, Report of Foreign Private Issuer: US$100 Million Share Repurchase Program (Form 6-K) (company, SEC filing), 8 Oct 2026 — new US$100m buyback authorised to October 2028; previous US$40m programme fully used