Bitdeer Output Rises 200% to 1,355 Bitcoin in September as Cloud Computing Expands
Key Facts
Bitdeer said its Bitcoin production rose to 1,355 coins in September 2026, up 200% year on year, alongside an increase in the backlog for its AI cloud computing business. The company published its production and operations update on October 19, including mining results and cloud business figures for the month. The cloud computing revenue backlog reached $2.9 billion, compared with $0.9 billion in August, according to the update. The backlog represents contracted future revenue, rather than revenue the company generated during September. The announcement followed separate company disclosures on customer commitments for its cloud services and computing facility expansions, alongside its Bitcoin production business.
On a monthly basis, September production of 1,355 Bitcoin exceeded August output of 1,310 coins, according to the company's updates for the two months. Bitdeer had reported that August production rose 249% from the same month a year earlier. Before that, July production totaled 1,190 Bitcoin, according to the production update filed with the U.S. Securities and Exchange Commission. July output grew 322% year on year, with monthly production continuing to rise in August and then September, while its annual growth rate slowed. The company said in its August update that reported production includes Bitcoin generated through self-mining and joint mining operations, and said at the time that it expected momentum in mining results to continue in the following months.
Alongside the production increase, the self-mining hash rate rose to 82.3 exahashes per second during September, according to figures Bitdeer provided in its operational update. That compares with 79.9 exahashes per second in August and 35.0 exahashes per second in September a year earlier. Meanwhile, the company's Bitcoin holdings fell to 47 coins during September, despite the increase in mining production that month. Holdings had totaled 61 Bitcoin in August, according to the monthly comparison in the disclosure. On an annual basis, holdings were also below the 2,029 Bitcoin held in September a year earlier.
In its AI business, Bitdeer announced service commitments for one of its facilities on September 29, comprising contracted expected revenue exceeding $1.7 billion over 5 years. The company described expected revenue in its announcement as "more than $1.7 billion," tied to contracted services at that site over the stated period. The company distinguished estimates of commercial opportunities still under discussion from executed contracts in another disclosure concerning its cloud expansion. It said those opportunities "are not backlog, revenue, an executed contract or a binding commitment." Bitdeer expects to fund its computing center expansion primarily through customer prepayments, operating cash flow and financing secured by contract cash flows.
As part of its facility expansion, the company announced a new AI cloud facility in Malaysia on October 12, with an IT load capacity of 60 megawatts. Secured AI cloud computing center capacity reached about 333.5 megawatts, according to the same announcement. Secured capacity includes company-owned facilities or capacity covered by signed data center service agreements. When it announced the new Malaysian facility, Bitdeer had not entered into offtake commitments for its capacity, according to its statement. The company explicitly said that "no offtake commitments have been entered into with respect to the facility's capacity," while it had separately announced customer commitments for the site covered by the September disclosure.
In the market, Bitdeer shares rose 6.5% in Monday's after-hours trading following the September update, according to Investing.com, with the move taking place after the regular session. On the cloud expansion timeline, the company is targeting delivery of the full capacity of another 67-megawatt facility during the second quarter of 2027. That date relates to delivery of the site's full announced capacity, according to the company's disclosure on its Southeast Asian expansion. For the new 60-megawatt Malaysian facility, Bitdeer expects power connection during the first quarter of 2028. The target power connection date for the Malaysian facility therefore follows the target for full delivery of the other facility, according to the timeline the company announced for each project.