Shares of Singapore-based Bitcoin miner Bitdeer Technologies fell nearly 20% on Monday after the company reported a significant jump in quarterly losses.
Bitdeer recorded a net loss of $266.7 million for the third quarter of 2025, compared with a net loss of $50.1 million for the same period a year ago. The steep increase was largely due to non-cash losses resulting from the revaluation of its convertible debt.
Despite the losses, the company’s revenue climbed to $169.7 million, up 174% from the previous year. This growth was driven by the expansion of its self-mining operations, according to Bitdeer. The company also reported gains in its operating performance, with adjusted EBITDA rising to $43 million from a $7.9 million loss in the same period of 2024.
Bitdeer doubled its Bitcoin production during the quarter, mining 1,109 BTC. Additionally, it reported its first revenue from high-performance and AI cloud services, bringing in $1.8 million in Q3 as the company began shifting part of its computing power toward artificial intelligence.
Matt Kong, chief business officer at Bitdeer, commented that the company is “uniquely positioned to capitalize” on AI and the surge in demand for computing power. He added that allocating “200 MW of power capacity to AI cloud services could generate an annualized revenue run-rate exceeding $2 billion by the end of 2026.”
By the end of the quarter, Bitdeer held 2,029 BTC, up significantly from 258 BTC a year earlier. The company also managed 241,000 mining rigs, compared with 165,000 at the same time last year.
**Bitcoin Miners Shifting Focus to AI and High-Performance Computing**
An increasing number of Bitcoin mining companies are pivoting to AI and high-performance computing (HPC), repurposing a portion of their power capacity to meet the fast-growing demand for computing power.
For example, in August, MARA Holdings announced a $168 million deal to acquire a 64% stake in Exaion, a subsidiary of France’s EDF, to expand into low-carbon AI infrastructure. Meanwhile, TeraWulf signed 10-year colocation agreements with AI company Fluidstack worth $3.7 billion in contract revenue.
On November 3, Bitcoin miner IREN announced a five-year, $9.7 billion GPU cloud services deal with Microsoft, granting the tech giant access to Nvidia GB300 chips hosted in IREN’s data centers.
While this pivot by Bitcoin miners into AI and HPC has gained momentum this year, it is not entirely new. In July 2023, HIVE Blockchain Technologies rebranded as HIVE Digital Technologies, reflecting its strategic shift toward HPC alongside traditional cryptocurrency mining.
Similarly, in March 2024, Core Scientific signed a multi-year, $100 million deal with GPU cloud firm CoreWeave to host HPC workloads at its Texas data center.
As Bitcoin mining companies continue to explore AI and cloud computing opportunities, the sector is evolving rapidly, blending traditional crypto mining with cutting-edge technology infrastructure.
https://cointelegraph.com/news/bitdeer-shares-drop-posting-266m-quarterly-loss