On August 10th, Bitdeer Technologies Group released its unaudited financial results for the second quarter (Q2) of 2026, showing strong revenue growth amidst ongoing cost pressures. Although the company's cost of revenue grew faster year-over-year than total revenue, the rate of cost increase slowed significantly compared to the first quarter, helping to reduce Bitdeer's gross loss.
Total revenue for the three months ended June 30 was $228.8 million, higher than Q2 2025 ($155.6 million) and a 21.1% increase over Q1 2026 ($188.9 million). Cost of revenue rose to $237.3 million from $143.6 million in Q2 2025, but increased only 4.1% compared to the previous quarter ($228.0 million in Q1 2026).
Bitdeer's gross loss narrowed to $8.5 million, compared to a gross profit of $12.0 million in Q2 2025. Nevertheless, the Q2 gross loss was a marked improvement from the $39.0 million gross loss recorded in Q1 2026. Net loss was $92.3 million, down from the $159.5 million recorded in Q1 2026.
The primary driver of Bitdeer's Q2 financial performance is cost growth. Compared to the same period last year, the cost of revenue increased by 65.3%, outpacing the 47% growth in total revenue.
This mismatch was mainly caused by rising electricity expenses and increased depreciation charges, as the company rapidly deployed new mining rigs and commissioned additional data center capacity. Electricity costs for self-mining surged to $84.7 million in Q2 2026, while depreciation and share-based compensation expenses reached $79.8 million. Increased headcount, AI cloud services expenses, and hosting fees under shared mining also contributed to the elevated cost base.
The growth in total revenue was primarily driven by Bitdeer's self-mining business, which generated $168.4 million in Q2 2026—compared to $59.3 million in Q2 2025—fueled by a 389.4% jump in average self-mining hash rate to 69.5 exahashes per second. AI cloud services revenue also grew rapidly to $14.0 million from $1.3 million in the prior-year period.
Bitdeer's CFO Michael G. Potter noted that the quarter's results reflect stable operations in both AI infrastructure and Bitcoin mining farms, highlighting the recent $4.7 billion 16-year lease agreement with Volta to host AI and high-performance computing data centers at the Tidal site in Norway as a key milestone in converting power capacity into long-term contractual revenue.
Prior to this major Norwegian lease deal, Bitdeer announced in July the start of construction on a $36 million electronics manufacturing plant in Sparks, Nevada—its first U.S.-based assembly facility for SEALMINER mining rigs. This facility will complement the company's existing U.S. data centers and its innovation hub in San Jose, California.
As of June 30, 2026, Bitdeer had $496.3 million in cash, cash equivalents, and restricted cash, providing the company liquidity as it continues to expand SEALMINER deployment and develop AI-centric data center projects.
