Bitdeer's September Blitz: Mining Efficiency Surge Amid Aggressive HPC/AI Expansion

Bitdeer Technologies Group (NASDAQ: BTDR) just dropped its September operational update, and the momentum is undeniable. The Singapore-based Bitcoin mining powerhouse is firing on all cylinders—ramping up hashrate, launching next-gen SEALMINER rigs, and pivoting hard into the AI infrastructure gold rush.

Mining Performance: The Numbers Speak

September was a strong month for self-mining operations. Bitdeer’s proprietary mining output reached 452 Bitcoin, marking a ~20.5% jump from August, driven by the continuous deployment of SEALMINER mining rigs across its global footprint. The self-mining hashrate hit 35.0 EH/s, with management confident in reaching 40 EH/s by end of October.

What’s driving this surge? A combination of new site energization and retiring older third-party mining rigs to sharpen operational efficiency. The company now manages a total hashrate of 49.2 EH/s across self-mining, cloud services, and hosting—up from 44.2 EH/s the previous month.

SEALMINER Evolution: From A3 Launch to SEAL04 Breakthroughs

Bitdeer’s proprietary chip roadmap is accelerating. The SEALMINER A2 series continues strong execution with 34.2 EH/s manufactured and another 2.8 EH/s in final assembly. Of the deployed A2 units, 22.6 EH/s are currently hashing at U.S. sites (including Rockdale, Texas), Norway, and Bhutan, while 6.1 EH/s have shipped to external customers.

September marked the debut of the SEALMINER A3 series, Bitdeer’s new efficiency benchmark. The lineup includes four models:

• Air-cooling variants (A3 Air and A3 Pro Air): delivering 260-290 TH/s at 12.5-14 J/TH power efficiency
• Hydro-cooling variants (A3 Hydro and A3 Pro Hydro): reaching 500-660 TH/s at 12.5-13.5 J/TH efficiency

Mass production kicked off immediately, with initial shipments expected in October.

But the real excitement is upstream. The first SEAL04 chip tape-out completed in September, and early testing results demonstrate power efficiency below 10 J/TH—a significant jump from current generation, though still above the ultimate 5 J/TH target. Bitdeer is now confident the first SEAL04 is ready for mass production and will substantially improve power economics.

Infrastructure: The Global Expansion Blueprint

Bitdeer’s total electrical capacity now stands at 1,571 MW across seven energized sites spanning North America, Scandinavia, and Southeast Asia. The energized portfolio includes:

• Rockdale, Texas: 56 MW (with a 100 MW hydro-cooling conversion fully energized)
• Knoxville, Tennessee: 86 MW
• Wenatchee, Washington: 13 MW
• Molde, Norway: 84 MW
• Tydal, Norway: 225 MW (construction completed, energizing per mining rig deployment pace)
• Gedu, Bhutan: 100 MW
• Jigmeling, Bhutan: 500 MW (all energized as of September)

The pipeline expands the footprint to 3 GW total capacity. Three major projects are in active construction:

• Massillon, Ohio (221 MW): 21 MW energizing by end of October; full capacity by Q1 2026
• Clarington, Ohio (570 MW): The crown jewel. Local utility confirmed all 570 MW available by end of Q3 2026—nearly one year ahead of prior expectations. This site is dual-designed for Bitcoin mining or rapid conversion to AI infrastructure, with substation energization targeted for H1 2027.
• Niles, Ohio (300 MW): Officially launched in September with FirstEnergy interconnection, targeting Q1 2029 energization

Additional projects in planning include Alberta (101 MW, Q4 2026), Rockdale Phase 2 (179 MW), and Ethiopia (50 MW, Q4 2025).

HPC/AI: The Trillion-Dollar Bet

Here’s where Bitdeer’s strategy shifts into overdrive. In September, the company allowed its LOI with a development partner to expire, pivoting to direct control of AI data center buildout. This is a calculated move—management sees sustained imbalance between skyrocketing AI compute demand and constrained GPU supply extending through 2027.

The AI strategy spans three geographic clusters:

Clarington, Ohio remains the flagship. The 570 MW site will be designed from day one as a dual-use facility, capable of seamless conversion between Bitcoin mining and AI workloads. Bitdeer is actively recruiting U.S.-based AI infrastructure experts across multiple disciplines.

Tydal, Norway (175 MW capacity) is being converted to an AI data center with Q4 2026 completion targeted. Post-conversion, the site is expected to support 164 MW of IT load—and because the original design already accounted for mining-to-AI flexibility, capex will run substantially lower than new U.S. or Norwegian builds.

Wenatchee, Washington (13 MW) is transitioning to modular AI data center technology.

Southeast Asia rounds out the portfolio—Bitdeer is sourcing resources through rental or self-build arrangements.

By end of 2026, Bitdeer targets operating 200+ MW of AI compute capacity, with the majority self-owned. The company is pursuing dual models—colocation services and proprietary “AI factory” operations. In an optimistic scenario, acquiring GPUs for the full 200 MW could generate annualized revenue run-rate exceeding $2 billion by end of 2026.

Bitdeer.AI, the company’s cloud GPU business, reached $8 million ARR in September from 584 deployed GPUs (86% utilization). Bitdeer expects to scale to 1,160 GPUs by year-end and is securing procurement agreements for NVIDIA’s next-generation GB300 and B300 systems.

The Bottom Line

Bitdeer is executing across three fronts simultaneously: maximizing self-mining profitability through proprietary chip development and fleet optimization, manufacturing SEALMINER equipment for external markets, and building the infrastructure backbone for the AI compute era. With Clarington locked in for 2027 and global capacity approaching 3 GW, Bitdeer is positioned to become one of the world’s largest vertically integrated mining and computing infrastructure operators.

The company now holds 2,029 Bitcoin, positioning itself to capture upside across both mining economics and Bitcoin appreciation.