Bitdeer mined 2,694 BTC in the second quarter of 2026, up from 565 BTC a year earlier — a nearly fivefold increase — as the Singapore-based miner's average self-mining hashrate climbed 389% to 69.5 exahashes per second. Yet the company closed the quarter holding just 150 BTC on its balance sheet, a 90% drop from the 1,502 BTC it held at the same point in 2025.
The production surge translated into stronger financials: Bitdeer posted $228.8 million in Q2 revenue, up 47% year over year from $155.6 million and ahead of the roughly $225 million Wall Street had penciled in. Self-mining accounted for $168.4 million of that total. The company still posted a net loss of $92.3 million, wider than the $62.9 million loss it reported in the same quarter last year.
Why Bitdeer's Treasury Emptied Out
The gap between soaring output and a shrinking BTC balance traces back to February 2026, when Bitdeer liquidated its entire 943 BTC treasury. Cointelegraph reported that the company characterized the move as a liquidity decision rather than a retreat from its core mining business, distinguishing Bitdeer from bitcoin-focused corporate treasuries such as Strategy, which has continued trimming its own holdings in smaller, recurring tranches this year.
A Widening Split in Miner Strategy
Bitdeer's approach stands in contrast to peers that have kept coins on the books despite mounting losses. CleanSpark, for instance, reported a $378.3 million net loss for its fiscal second quarter ended March 31, 2026, on revenue of $136.4 million — a 24.9% year-over-year decline driven largely by a non-cash fair-value hit on its bitcoin holdings. Even so, CleanSpark still held $925.2 million worth of bitcoin at quarter's end, alongside an 18% year-over-year increase in average hashrate, opting to grow its reserve rather than sell into it.
Related: On-Chain Data Flags More BTC Sales From Strategy-Linked Wallet
Bitdeer is also pushing further into infrastructure diversification. In August 2026 the company signed a 16-year lease in Norway valued at $4.7 billion, adding 121 megawatts of capacity earmarked for AI computing rather than bitcoin hashing — part of a broader trend among large-scale miners hedging against thin mining margins by renting out power-hungry infrastructure to AI workloads.
Investors gave the results a mixed reception. Bitdeer shares rose 1.5% in premarket trading on the day the results were released, but the stock remains down 15% over the past month, reflecting lingering caution about a miner that is scaling production while simultaneously running down its coin reserves.
