Bitdeer Technologies Group disclosed that its March 2026 operations saw a 504% year‑over‑year jump in self‑mining hashrate to roughly 70 EH/s, while its AI cloud business achieved a 105% month‑over‑month increase in annual recurring revenue to $43 million.
The mining surge was driven by the deployment of the new SEALMINER A4 series, launched in early April 2026, and the addition of new rigs that raised Bitcoin production to 661 BTC, a 480% increase from 11.5 BTC mined in March 2025. The company’s self‑mining hashrate climbed from 12 EH/s in March 2025 to 70 EH/s in March 2026, reflecting aggressive scaling of its vertical‑integration strategy.
AI cloud revenue growth was powered by a sharp rise in GPU utilization, which climbed to 94% in March from 64% in February, and by the deployment of 2,128 GPUs, up from 1,948 in February. External GPU subscriptions grew to 1,948 from 1,240, and the company’s ARR reached $43 million, up from $21 million in February, underscoring strong demand from AI customers and the effectiveness of its high‑performance infrastructure.
Bitdeer is also advancing its colocation strategy at the Tydal, Norway site, which is being converted into a 180 MW AI data center. Management said negotiations are underway with potential tenants and that agreements are expected to close in the near term, adding a new revenue stream that will diversify the company’s income beyond mining.
Matt Kong, Chief Business Officer, said, "This month marks a pivotal milestone in our company's evolution. Driven by accelerating demand from AI customers, our AI cloud business achieved approximately $43 million in ARR, a 105% increase month over month. This momentum underscores both the scale of the market opportunity and our ability to execute effectively in delivering high‑performance AI infrastructure." He added, "In parallel, our Bitcoin mining operations achieved ~70 EH/s, an 504% increase year over year. This achievement reflects our continued operational excellence and disciplined execution of our vertical integration strategy."
The combined growth in mining and AI cloud operations signals a successful shift toward a more balanced business model. While the company’s Q4 2025 earnings highlighted margin compression due to higher electricity and depreciation costs, the rapid expansion of its AI cloud segment—characterized by high utilization and new contracts—positions Bitdeer to improve overall profitability. Management remains confident that demand for AI infrastructure will continue to grow, and the Tydal colocation deals are expected to further strengthen the company’s revenue mix in the coming months.
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