Operationally, the mining fleet continued to scale. Self-mining hash rate reached 73.0 exahashes per second, up from 16.5 EH/s a year ago, powered by 243,000 self-mining rigs. Co-mining added another 15.9 EH/s from 56,000 rigs hosted at third-party sites. Bitcoin production for the quarter totaled 2,694 BTC, though the company held only 150 BTC at June 30, down from 1,502 a year earlier.
The AI infrastructure pivot is advancing on multiple fronts. AI Cloud annualized recurring revenue reached approximately $76 million in June with 95% GPU utilization across 4,248 deployed GPUs. In early August, Bitdeer's Tydal Data Center subsidiary signed a 16-year colocation lease with Volta Tydal AS for 121 megawatts at its Norway campus, a deal with a $4.7 billion headline value over the initial term. The agreement targets first delivery by December 31, 2026, and is backed by roughly $1.3 billion in expected letters of credit from affiliates of J.P. Morgan and another global financial institution.
That Norway project, however, carries significant execution risk. Bitdeer estimates it needs about $500 million in additional capital and new debt to complete the first phase on schedule, and financing and credit support remain unsettled. The tenant, Volta, can exit without penalty after 10 years, and an eight-year extension option could lift the total contract value toward $8 billion. Meanwhile, a planned 570 MW site in Clarington, Ohio faces potential delays from ongoing legal proceedings.