Bitdeer mined 145 BTC in December while customers prepaid for 7 EH/s of unreleased hardware. Infrastructure expansion tells a bigger story than monthly output.
Bitdeer Mines 145 BTC — But Capacity Expansion Tells Real Story
Bitdeer's December operational update dropped the expected mining figure — 145 Bitcoin produced for the month, bringing their holdings to 594 BTC. But if you look past the monthly output, there's a more telling story playing out in their capacity pipeline and external sales momentum.
The company confirmed that roughly 7 exahash per second (EH/s) of their proprietary SEALMINER A2 units have been fully reserved by customers, down payments collected, with shipments scheduled from March through Q2. That's about 29,000 machines spoken for before they even hit shipping containers. When customers prepay for hardware that hasn't left the factory yet, especially in an industry where lead times and reliability vary wildly, it signals either desperation for supply chain diversification or real confidence in the tech specs.
Bitdeer's also layering in over 1.1 gigawatts of new power capacity throughout 2025 across sites in Norway, Texas, Bhutan, and Ohio. For context, that's more than doubling their operational footprint in a year when most miners are just trying to maintain margins post-halving. The Bhutan facility alone is a 500 MW build, and Texas hydro-cooling conversions are moving through phased completion.
Their AI cloud segment held a 90% utilization rate using NVIDIA H100 systems, which means they're pulling revenue outside the mining cycle entirely. It's a hedge, essentially — when BTC prices compress or difficulty spikes, compute rental income stays relatively stable.
The December production of 145 BTC looks modest compared to November's 150, but hashrate management seems intentional here. They're deploying proprietary rigs while phasing out older third-party equipment, which temporarily plateaus output but improves efficiency long-term. The real question is whether the external miner sales and infrastructure scaling justify the capital outlay, especially with SEAL03 and SEAL04 chip generations still in development targeting 10 J/TH and 5 J/TH efficiency respectively.
What's worth watching: do those pre-sold A2 units perform as advertised when they reach customer sites in Q2, and does Bitdeer manage to energize that 1.1 GW on schedule without regulatory or construction delays? The numbers say expansion, but execution risk is always the variable.
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