Bitdeer Technologies - Head of Capital Markets, Jeff LaBerge Q&A - Q2 Earnings, Inflection Point & HPC Outlook!

Power Mining Analysis

Bitdeer Technologies Group is experiencing an inflection point across all three business verticals as their vertical integration strategy translates into impressive operational and financial results.
• Self-mining capacity growing from under 10 exahash to 22.5 exahash, with plans to exceed 40 exahash by year-end 2025
• Efficiency improvements from 32 joules per terahash to 25-26 joules per terahash, with further gains expected
• SEALMINER division sold 5 exahash of A2 and A2 Pro miners, generating $70 million in revenue
• Q2 revenue more than doubled to $155 million with positive EBITDA of $17.3 million
• Upcoming A3 miner launching in October expected to be among most efficient rigs on market
• A4 chip development targeting breakthrough 5 joule per terahash efficiency with potential applications beyond Bitcoin mining
• 570-megawatt Clarington, Ohio site progressing with advanced discussions for HPC/AI development partnership
• US manufacturing for SEAL miners commencing by early 2026, potentially mitigating tariff concerns
• $375 million convertible note offering completed in June, ending Q2 with $300 million cash and 1,500 bitcoin
• Norway site gaining attention following OpenAI's Stargate Norway announcement, offering 100% hydropower and cooling advantages
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Chapters

1. Welcome and Introduction (00:00:00)

2. Bitdeer's Vertical Integration Inflection (00:08:38)

3. Q2 Financial Results Breakdown (00:15:47)

4. SEAL Miner Strategy and Margins (00:21:58)

5. Manufacturing Plans and Tariff Impacts (00:28:16)

6. HPC and AI Data Center Strategy (00:31:28)