Bitdeer's Q2 2025 Earnings Call: Contradictions in ASIC Demand, Clarington Strategy, and Pricing Tactics

Revenue Growth and Diversification:
- Bitdeer Technologies Group reported revenue of $155,600,000 for Q2 2025, up 122% sequentially from Q1 and 57% year over year.
- The growth was driven by strong execution in the self mining business, commercial sales of SealMiner ASICs, and higher Bitcoin prices.

Self Mining and Hash Rate Expansion:
- Bitdeer’s self mining hash rate increased by 46% to 14.2 exahash in Q2, with plans to exceed 40 exahash by October.
- This expansion was facilitated by mass production of SealMiner ASICs and strategic investments in chip design and supply chain.

Data Center Infrastructure Development:
- As of July 2025, Bitdeer energized 361 MW of data center capacity, with plans to reach 1.6 GW by the end of Q3.
- This rapid buildout supports Bitdeer’s strategic growth in self mining and commercial sales of ASICs.

Earnings and Operating Results:
- The company reported adjusted EBITDA of $17,300,000 for Q2, indicating a significant improvement compared to Q1.
- This improvement was due to increased self mining hash rate and commercial sales of SealMiner ASICs, despite challenges from higher mining difficulty and lower hosting revenues.