Bitdeer’s Record Quarter Comes With a $125.5 Million Loss

Bitdeer closed the third quarter of 2026 with record revenue of $320.7 million, representing an 89% increase from the same period a year earlier. The result came alongside a net loss of $125.5 million, compared with $30.1 million in the year-ago quarter. Crypto Economy and Blockonomi both reported the headline revenue and loss figures, establishing the contrast between stronger sales and substantially weaker profitability. Blockonomi said revenue beat analyst estimates of $251.11 million, but the $0.46 per-share loss was wider than the $0.37 analysts expected. It also put cost of revenue at $309.9 million. During the quarter, Bitdeer mined 3,855 BTC while retaining only 47 BTC, according to the same outlet. That production-and-inventory detail adds important context to the headline results because the large gap between coins mined and coins held reflects a high operating flow of Bitcoin rather than a similarly large reported inventory position. The supplied summaries from The Block do not provide an independent account of Bitdeer’s quarter; they focus on two other miners. According to The Block, HIVE generated $84.9 million in quarterly revenue, including $8.8 million from its AI business, and recorded a $78.7 million net loss. The outlet also reported that Canaan’s revenue fell 90% to $14.5 million, although cryptocurrency and derivatives gains helped support an $8 million profit. These figures provide a sector comparison rather than additional confirmation of Bitdeer’s performance. The operating backdrop is demanding: mempool.space data places Bitcoin network hashrate at 960 EH/s and mining difficulty at 148.4T. Those network measures sit alongside Bitdeer’s reported cost of revenue and large loss, making cost control and the conversion of mined Bitcoin into revenue central to interpreting the quarter. The peer results from HIVE and Canaan also show that miners entered the period with sharply different revenue and profit outcomes. Live market data show Bitcoin at $73,806, down 1.46% over 24 hours and 5.16% over seven days, with a $1.48 trillion market capitalization. The broader crypto market is broadly down, with total capitalization at $2.52 trillion, while the Fear & Greed index stands at 32, indicating a Fear reading. For Bitdeer, the next results will hinge on whether revenue growth can be accompanied by lower relative costs, alongside the disposition of mined BTC and the company’s inventory position. Network hashrate and difficulty will remain relevant operating conditions for the wider mining sector.