Bitdeer Nears 9% of Bitcoin Block Rewards After Sixfold Share Gain
Bitdeer (NASDAQ: BTDR) mined a record 1,190 bitcoin in July, extending a rapid expansion that has lifted its estimated share of global block rewards toward 9% even as the company commits more of its power portfolio to AI infrastructure.
Production increased 20% from 990 bitcoin in June and 322% from 282 a year earlier, Bitdeer said in its July operations update Wednesday. Based on TheEnergyMag’s archive data, Bitdeer captured 8.712% of total bitcoin block rewards during July, up from 7.439% in June and 1.953% a year earlier. Its share has grown more than sixfold since May 2025, when it stood at 1.337%.
The increase reflects Bitdeer’s deployment of its internally developed Sealminer machines across company-owned and third-party facilities. Self-mining capacity reached 76.7 exahashes per second at the end of July, up from 73 EH/s in June and 22.3 EH/s a year earlier. Another 18.7 EH/s was operating under co-mining arrangements, compared with 15.9 EH/s in June.
Bitdeer could approach a 9% share of network rewards after adding equipment at Soluna (NASDAQ: SLNH) Holdings’ Project Kati 1 in South Texas. Under an agreement announced Tuesday, Bitdeer will deploy about 28 megawatts of Sealminer A2 Pro Air machines representing 1.93 EH/s. Installation is scheduled to begin in batches in September.
The expansion distinguishes Bitdeer from other major publicly traded miners that are removing mining equipment to convert power capacity for AI and high-performance computing. Core Scientific (NASDAQ: CORZ), for example, said in April that it had begun transforming a 300-megawatt bitcoin mining campus in Pecos, Texas, into an AI infrastructure facility.
Bitdeer is pursuing both markets. It is adding bitcoin capacity through third-party co-mining sites while developing AI cloud facilities and long-duration colocation projects on its own power portfolio.
Its active AI cloud business was stable in July, with about $76 million in annualized recurring revenue, 4,248 deployed graphics processors and 95% utilization. The company said its planned 9.5-megawatt A102 facility in Malaysia is fully committed ahead of energization under long-term offtake arrangements representing more than $800 million of expected revenue. Half the capacity is under signed cloud contracts and the remainder is in contract execution, according to the update.
Those figures represent future contract value rather than revenue already recognized. AI cloud revenue totaled $14 million in the second quarter, up from $1.3 million a year earlier, but the unit recorded a $2.3 million gross loss, according to Bitdeer’s quarterly results.
The company is separately developing 121 megawatts of IT capacity at Tydal, Norway, under a 16-year colocation agreement with a Volta subsidiary. The contract carries about $4.7 billion of expected base-term revenue and could reach $8 billion if an eight-year extension is exercised. Electricity will be reimbursed by the tenant under a pass-through arrangement, Bitdeer said when it announced the lease.
The contracted AI pipeline could eventually provide Bitdeer with revenue less directly exposed to bitcoin prices and mining difficulty. Delivering the facilities, however, requires substantial upfront investment before much of that revenue is recognized.
Of Bitdeer’s $266 million of second-quarter capital spending, $150 million went toward Sealminer production for self-mining and co-mining. Another $116 million funded data-center construction, GPU purchases and transportation and tariff costs.
Bitdeer used $158.5 million of cash in operating activities during the quarter, driven partly by mining electricity costs, corporate overhead and interest. It generated $428.9 million from financing activities, including $517.3 million of proceeds from borrowings and its at-the-market share-sale program before $90 million of debt repayments.
