Bitdeer Revenue Rises 89% to $320.7M as Q3 Bitcoin Output Soars 248%

Bitdeer Technologies Group generated $320.7 million in revenue in the third quarter of 2026, an 89% increase year over year, according to the company's results. Combined self-mining and co-mining output rose 248% to 3,855 Bitcoin, up from 1,109 BTC in the same quarter a year earlier.

The Singapore-based operator more than doubled its mining capacity over the period. Self-mining hashrate reached 82.3 exahashes per second, roughly 135% higher than the 35.0 EH/s reported a year earlier. Adjusted EBITDA climbed 173% to $69.6 million.

What is driving the AI Cloud figure?

Bitdeer reported an AI Cloud revenue backlog of approximately $2.9 billion as of Sept. 30. The figure represents expected revenue under signed customer commitments over their remaining contract terms, not recognized revenue. The company cautioned that the backlog does not necessarily indicate future revenue.

To serve that pipeline, Bitdeer has secured roughly 332 IT megawatts of AI Cloud capacity. That infrastructure commitment positions the company to convert backlog into recognized revenue as contracted capacity comes online.

How large is the power base?

The company listed total global electrical capacity of approximately 3.1 gigawatts as of Oct. 31. That figure spans both online and pipeline capacity and covers several planned uses, including bitcoin mining and AI Cloud services.

The capacity base matters because both of Bitdeer's business lines compete for the same resource: reliable, low-cost power. A 3.1 GW footprint gives management flexibility to allocate energy between self-mining, co-mining partnerships and AI compute depending on which segment delivers better unit economics.

The scale is substantial by industry standards. For comparison, 82.3 EH/s of self-mining hashrate places Bitdeer among the largest publicly listed bitcoin miners by compute capacity.

What do the operational numbers signal?

The 248% jump in bitcoin output outpaced the 135% growth in self-mining hashrate, indicating that co-mining arrangements contributed meaningfully to production. The combined 3,855 BTC total covers both categories.

The 173% adjusted EBITDA expansion to $69.6 million, exceeding the 89% revenue growth rate, suggests operating leverage as the company scaled. That spread implies costs grew more slowly than income during the quarter.

On the AI side, the $2.9 billion backlog versus 332 secured IT MW frames the scale of Bitdeer's diversification push. Management is effectively running two capital-intensive businesses in parallel: energy-hungry bitcoin mining and energy-hungry GPU compute.

The near-term question for investors is execution. Backlog converts to revenue only as capacity deploys, and the 3.1 GW electrical pipeline — spanning online and planned projects across several uses — will determine whether Bitdeer can serve both its mining fleet and its AI Cloud commitments without constraint. The company's next quarterly report will show how much of the backlog translated into recognized AI Cloud revenue during the final quarter of the year.