Bitdeer dug up 921 bitcoin in May — a 370% jump from the 196 it mined a year earlier — and its AI cloud business is pulling in about $69 million in annual recurring revenue, the company reported Tuesday. The production surge came as the firm’s self-mining hashrate hit 70.2 EH/s, more than five times the 13.6 EH/s it ran in May 2025.
A dramatic production jump
The May figure includes output from both self-mining and co-mining arrangements; the year-ago number was self-mining only. Still, the scale is striking. In Q1 2026, Bitdeer mined 2,033 BTC, up from 350 in Q1 2025. At a bitcoin price around $62,700 to $62,900, May’s production was worth roughly $57.9 million.
But the company isn’t holding onto those coins. It ended May with just 171 BTC on its books, an 87% drop from the 1,351 BTC it held at the same point last year. That’s consistent with Q1, when Bitdeer held only 31 BTC at quarter-end, down from 1,156 a year earlier.
Why holdings shrunk
Bitdeer has been selling digital assets aggressively. In Q1 2026 alone, it booked $206.8 million in proceeds from digital asset disposal. That cash is flowing into operations and expansion. The company reported $188.9 million in Q1 revenue, positive adjusted EBITDA of $14.4 million, and $297.7 million in cash, cash equivalents, and restricted cash. But it also carried $1.9 billion in borrowing on its balance sheet as of the end of March.
The strategy appears to be: mine, sell, reinvest. The mining fleet is growing fast, and the cash from bitcoin sales helps fund that growth. But the heavy debt load means investors will be watching how Bitdeer manages its balance sheet as it keeps scaling.
AI Cloud momentum
Beyond bitcoin, Bitdeer is building a cloud business around GPUs. In May, it launched two NVIDIA GB300 NVL72 clusters and added support for NVIDIA Nemotron 3 through its model studio. AI Cloud GPU utilization hit 90%, with 4,248 GPUs deployed and another 3,305 under external subscription. The annual recurring revenue for AI Cloud was about $69 million in May, up from roughly $43 million in March.
That’s a fast ramp, but it’s still small relative to the mining operation. The question is whether Bitdeer can keep those utilization rates high as it adds more clusters. The company didn’t disclose how many of the GB300 clusters are already booked.
What’s next
Bitdeer’s May production numbers are out, but the Q2 2026 earnings report — due in a few weeks — will give a fuller picture of how the AI Cloud business is contributing to the bottom line, and whether the bitcoin-selling pace is sustainable. Investors will also want to see if the borrowing total has changed since March.
