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Public miner audit · Oct 12, 2026 · 5 min read

Bitdeer in the first half of 2026: 5.2¢ per kWh all-in, and $46,100 per bitcoin

We read Bitdeer's 2026 filings line by line. Mining for its own account, in its own datacenters and at third-party sites, it mined 4,727 BTC in the first half. Power and site costs came to 5.2¢ per kWh, or $46,100 per bitcoin, against $73,900 of revenue per bitcoin.

Firsthand public miner audit card: Bitdeer, first half of 2026, 5.2¢ per kWh all-in

TL;DR

What Bitdeer reported

Bitdeer is a foreign private issuer based in Singapore. It files quarterly results and monthly production updates as 6-Ks, a half-year set of interim statements, and an annual 20-F. This piece uses the first-quarter release, the second-quarter release, the interim statements for the six months to 30 June and the monthly updates. From 1 January 2026 it reports under US GAAP. Its 2025 accounts in the 20-F were prepared under IFRS.

Bitdeer does more than mine. It designs its own chips and builds SEALMINER rigs, hosts other people's machines, rents hashrate to customers and runs a GPU cloud. It reports seven segments. Two of them mine bitcoin for its own account: self-mining, in its own datacenters, and co-mining, its own rigs placed in third-party datacenters. It reports bitcoin mined only for the two together, so every figure here covers self-mining plus co-mining. Hosting, cloud hash rate, machine sales and AI cloud are left out.

Average self-mining hashrate was 63.2 EH/s in the first quarter and 69.5 EH/s in the second, with co-mining adding 3.7 and 11.4 EH/s. Average fleet efficiency was 16.4 and 15.8 J/TH across all the machines it runs. The two mining segments made 82% of revenue in the first quarter and 85% in the second.

The power bill

Each release breaks cost of revenue down by segment. The line "Electricity cost in operating mining rigs" came to $99.8 million for the two mining segments in the first quarter and $98.0 million in the second. No curtailment, demand-response or power-sale credits are disclosed. Bitdeer did book a $13.0 million gain in the second quarter on power contracts in Norway. That is a change in the contracts' fair value, recorded below operating profit, so we leave it out.

Bitdeer reports total power use: 2,250,000 MWh in the first quarter and 2,537,000 MWh in the second. That total includes the machines it hosts for customers. We gave mining its share of those MWh in proportion to its share of the electricity bill: 1,930,782 MWh and 2,229,830 MWh. That puts power at 5.2¢ per kWh in the first quarter and 4.4¢ in the second, 4.8¢ for the half.

Bitdeer's own average electricity cost was $52 and $44 per MWh. Ours agrees, as it must, because our split assumes every segment paid the same average price: a consistency check, not an independent test.

Everything else it takes to run the sites

Beyond power, the segment tables show "Other costs" of $10.7 million in the first quarter and $9.4 million in the second for the two mining segments. Bitdeer's commentary names site staff and, for co-mining, the fees paid to third-party datacenters. With these added, the all-in rate was 5.7¢ per kWh in the first quarter and 4.8¢ in the second, 5.2¢ for the half.

For the fully loaded rate we add selling, general and administrative expenses, net of stock-based pay, in proportion to mining's share of revenue. That came to $21.2 million and $28.7 million. Research and development is left out. It ran to $56.3 million in the half and mostly pays for chip and rig design, which serves machine sales as well as the fleet. The loaded rate was 6.8¢ and 6.1¢ per kWh, 6.4¢ for the half.

What a bitcoin cost them

Divided by bitcoin mined, power cost $41,800 per bitcoin over the half and all-in costs $46,100. Adding the overhead share brings it to $56,700, and $57,400 with stock-based pay included. Revenue per bitcoin mined was $73,900. The second quarter was the cheaper one: more hashrate ran on a lower average power price, and Bitdeer noted that March was held back by the seasons in Norway and Bhutan.

PeriodBitcoin minedPower ¢/kWhAll-in ¢/kWhLoaded ¢/kWhPower $/BTCAll-in $/BTCLoaded $/BTCRevenue $/BTC
Q1 20262,0335.2¢5.7¢6.8¢$49,100$54,400$64,800$76,700
Q2 20262,6944.4¢4.8¢6.1¢$36,400$39,900$50,500$71,800
H1 20264,7274.8¢5.2¢6.4¢$41,800$46,100$56,700$73,900
Bitdeer's self-mining and co-mining together. kWh are derived from the total power use Bitdeer reports. Loaded adds cash selling and administrative costs, allocated by mining's share of revenue. With stock-based pay, loaded cost per bitcoin was $65,500, $51,300 and $57,400.

The hardware

The mining segments carried $80.8 million of depreciation in the first quarter and $92.5 million in the second, a line that includes a small amount of stock-based pay. No impairments were recognised. Bitdeer builds its own machines, so they reach the fleet by moving from inventory to equipment: $796.9 million of rigs in the half. Cash paid to produce SEALMINERs for its own fleet was $150.0 million in the second quarter. The first quarter's figure is not separable from datacenter and GPU spending. In the second quarter Bitdeer also booked a $17.2 million loss on disposing of equipment, tied to converting its Tydal site in Norway from mining to an AI data center.

We keep all of this out of cost per bitcoin. A mining operation is the power, the sites and the people, and the machines are its roof: they wear out and get replaced from what they earn. They are a capital decision, not the running cost of each bitcoin. They are shown here in full, so nothing is hidden.

PeriodMining depreciationCompany D&AImpairmentsCash for SEALMINERs (own fleet)Rigs moved from inventory
Q1 2026$80.8m$94.9m$0not separable$183.9m
Q2 2026$92.5m$107.7m$0$150.0m$613.0m
H1 2026$173.3m$202.6m$0$150.0m (Q2 only)$796.9m
Mining depreciation covers self-mining and co-mining and includes a small amount of stock-based pay. The first quarter's inventory transfer is the half-year total less the second quarter's.

What it means

Hosting at Firsthand's sites runs from 3.9¢ to 6.5¢ per kWh all-in, on our sites page. Bitdeer's own-account mining ran at 5.2¢ per kWh all-in over the first half of 2026, and produced 4,727 BTC. Mining output depends on bitcoin's price, difficulty and uptime, and isn't guaranteed. This is our analysis of the company's public filings, not an audit in the accounting sense.

Method and sources

Scope. Self-mining plus co-mining. Bitdeer reports bitcoin mined for the two combined, "Includes BTC from self-mining operations and BTC from co-mining operations". The monthly updates add up to the quarterly totals: January, February and March come to 2,034, and April, May and June come to 2,694.

Costs. From the segment tables in the quarterly releases, rounded to $0.1 million. Note 21 of the interim statements gives exact half-year figures that agree.

Energy. Derived, not reported for mining alone. We took the total MWh Bitdeer reports and gave mining its share of the electricity bill. This assumes the same average price per MWh across all segments. Co-mining power is paid at third-party sites, where the price may differ. As a check, average hashrate times fleet J/TH times hours gives about a quarter more MWh. Fleet J/TH includes older hosted machines, so we used the derived figure.

Overheads. Selling plus general and administrative expenses, less the stock-based pay that sits in them, times mining's share of revenue. Bitdeer gives that stock pay only for the half ($4.40 million), so we split it between the quarters by each quarter's share of general and administrative expenses. Research and development is excluded. Self-mining revenue may include small amounts from mining other networks: 3.7% of it did in 2025, and the 2026 share is not disclosed. For context, Bitdeer gave about $45 per MWh for 2025 in its 20-F.

Sources and further reading

Disclosure

Firsthand Bitcoin sells and hosts mining hardware. This is our analysis of the company's public filings, not an audit in the accounting sense, and it is not investment advice. Every reported figure links to the filing it comes from; figures we estimated are labelled, with their inputs. No company paid for or reviewed this page. Corrections are published with the date they were made.