Bitdeer Reaches 68 EH/s Hashrate and Completes $375M Note Offering

Singapore-based Bitdeer (NASDAQ: BTDR) Technologies Group reported a sharp increase in bitcoin mining output and said it had strengthened its balance sheet through the completion of a convertible debt offering, as the company continues expanding its proprietary mining fleet and pursuing artificial-intelligence infrastructure opportunities.

The Nasdaq-listed company said it mined 705 bitcoin in February, up about 541% from a year earlier, reflecting the rapid expansion of its self-mining capacity following large equipment deployments late last year. Bitdeer’s self-mining hashrate reached 68 exahashes per second (EH/s) during the month, making it one of the largest publicly listed operators by computing power dedicated to the Bitcoin network.

Total hashrate under management reached 79.1 EH/s at the end of February, up from 20.9 EH/s a year earlier, according to the company’s operational update. Proprietary hashrate alone rose to 70.1 EH/s from 9.4 EH/s in February 2025.

The increase was driven largely by the rollout of Bitdeer’s internally designed SEALMINER rigs. As of February, cumulative deployed capacity from the SEALMINER A3 model reached 11.4 EH/s, while A2 deployments totaled 48.4 EH/s. The company said new hardware shipments and additional deployments are expected to continue lifting its hashrate in the coming months.

Alongside the operational expansion, Bitdeer said it completed a $375 million senior convertible note offering, a move the company said would strengthen its capital structure and support investments across mining, colocation, and artificial-intelligence infrastructure.

Chief Business Officer Matt Kong said the financing would provide “financial flexibility to continue accelerating our AI and colocation strategy,” which the company views as a major long-term growth opportunity. Bitdeer said it is in advanced negotiations with potential colocation customers at sites including Tydal in Norway and Clarington in Ohio.

The company operates or is developing more than 3 gigawatts of global electrical capacity across mining and data-center facilities, with additional pipeline projects under development in North America, Africa, and Asia.

Bitdeer is also expanding its AI cloud business, which had deployed 2,096 GPUs as of Feb. 28, including Nvidia H100, H200, B200, and GB200 chips. GPU utilization reached 64%, and annualized recurring revenue from external subscriptions was approximately $21 million. The company said it expects utilization to reach full capacity in March amid growing enterprise demand for AI compute.

Bitdeer added that it is preparing to raise the hourly rental price of H100 GPUs in response to strong customer demand and is evaluating U.S. data-center leasing opportunities, with additional AI cloud deployments expected to come online in the second quarter.

Meanwhile, the company continues to convert several of its cryptocurrency mining sites into AI data-center facilities. Projects in Wenatchee, Washington and Knoxville, Tennessee are slated for conversion in 2026, while the Tydal facility in Norway is undergoing planning and equipment procurement for an AI data-center buildout targeted for completion by the end of the year.