Bitdeer Technologies
NASDAQ: BTDRMost miners buy their mining rigs off the shelf. Bitdeer, founded by one of the people who built that shelf, decided to make its own instead.
Last verified: Jul 3, 2026
Who they are
Bitdeer is a Singapore-headquartered mining and infrastructure company with an unusual pedigree: it was founded by Jihan Wu, who co-founded Bitmain — the company that makes the ASIC chips most of the world’s bitcoin miners, including several other companies on this page, actually run on. Bitdeer is his attempt to close that loop, building a company that both mines bitcoin and designs the silicon it mines with.
That dual identity — miner and chipmaker — is the single most distinctive thing about Bitdeer relative to its peers.
What they actually do
Mine and host bitcoin, at large scale. Bitdeer runs a substantial self-mining fleet and also offers hosting and colocation services for other operators’ machines, with facilities spread across multiple continents, including newer sites in Ethiopia, Norway, and the US.
Design its own ASIC chips. Under the SEALMINER brand, Bitdeer has developed proprietary chips — the SEAL04 for standard bitcoin (SHA-256) mining and a separate SEAL-DL1 line for Scrypt-algorithm coins like Litecoin and Dogecoin. Building your own chip is a capital-intensive, high-risk bet that almost no other public miner attempts; it also means Bitdeer isn’t fully dependent on Bitmain or MicroBT for hardware.
Host AI compute, in the early innings. Bitdeer has begun deploying Nvidia GB200/GB300 clusters at sites including Malaysia, with a fledgling AI Cloud business whose reported annualized run-rate revenue has been growing quickly off a small base — a much earlier-stage version of the story IREN and Core Scientific are further along in.
How they make money
Self-mining and hosting/colocation fees make up the core; a small but fast-growing AI Cloud revenue line is emerging on top.
Where it sits in the value chain
The bigger trend it’s riding
Bitdeer represents a different angle on the same sector-wide power scramble: instead of competing purely on who has the cheapest electricity, it’s betting that owning the chip design itself is a moat. That’s a much higher-risk, higher-reward path than the real-estate-and-power story most of its peers are telling — and it comes with the kind of execution risk that hardware companies, not just miners, have to manage.
What to watch (not what to do)
What to watch (not what to do)
- Chip delivery versus chip promises. Bitdeer's proprietary SEAL04 chip faced well-documented development delays and efficiency targets that slipped, which drew shareholder litigation. Watch whether the current generation ships on the timeline and specs management describes.
- AI Cloud ARR, from a small base. The growth rate looks dramatic because the starting point is small. Watch the absolute dollar figure, not just the percentage change.
- Execution across a lot of geographies at once. Ethiopia, Norway, and Ohio sites all in motion simultaneously is a lot of operational complexity for one company to manage well.
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