Bitdeer Technologies Group sells 292.3 BTC in weekly tally
Bitdeer's Oct. 3 update lists zero pure bitcoin holdings as of Oct. 2 but gives no sale price, proceeds or mining costs.
Julian Okafor
A weekly bitcoin sale has turned a miner's entire reported output into sale volume without adding to its own coin balance. Bitdeer Technologies Group NASDAQBTDR, a Singapore-based operator of bitcoin mines and AI cloud infrastructure, reported 292.3 BTC produced and 292.3 BTC sold for the week through Oct. 2. Its post, published Oct. 3, listed zero net bitcoin added and zero pure holdings, excluding customer deposits.
Bitdeer shares were US$10.64 at Thursday's Nasdaq close, according to the NASDAQBTDR quote as of 4:00:01 p.m. EDT. That Oct. 1 reading predates the Oct. 2 data cutoff and the Oct. 3 post, so it cannot show a share reaction to the weekly figures.
Bitdeer's Sept. 25 weekly report listed 288.1 BTC mined and 288.4 BTC sold, with no pure holdings. The new week's output was 4.2 BTC higher, while sales were 3.9 BTC higher. Mugglehead's account of the Sept. 25 tally followed the previous week's small excess of sales over output.
Read more: Bitdeer Technologies Group sells 288.4 BTC, has zero pure holdings
The Oct. 3 post gives coin quantities but no sale price, US dollar proceeds, transaction dates or weekly mining costs. The post does not identify the sale settlement currency or proceeds, so it does not establish a cash inflow amount or whether mining was profitable. It also leaves customer deposits outside the zero-holdings count.
Sales Matched Output in the Oct. 2 Tally
🔹 BTC Holdings: 0 (pure holdings, excluding customer deposits)
🔹 BTC Output: 292.3 BTC
🔹 BTC Sold: 292.3 BTC
🔹 Net BTC Added: 0 BTC
Bitdeer published those four lines in its Oct. 3 weekly post. The matched Oct. 2 output and sales differ from Sept. 25, when sales exceeded production by 0.3 BTC; neither post explains transaction timing or opening inventory. Zero net coins added describes the change in Bitdeer's own holdings, while zero pure holdings describes the balance at the reporting date.
Bitdeer's August operations update listed 61 BTC held at Aug. 31, down from 257 at July 31. It reported 1,310 BTC mined in August against 1,190 in July. The two subsequent weekly updates put pure holdings at zero at both the Sept. 25 and Oct. 2 cutoffs, but do not provide a full daily path from the August month-end balance.
The August report put self-mining hashrate at 79.9 exahashes per second and co-mining at 21.6 exahashes per second. Bitdeer defined co-mining as its rigs operating at third-party data centres, while self-mining takes place at its own sites. The Oct. 3 weekly post combines output into a single total, so it does not show which operating channel generated the 292.3 BTC.
Self-Mining Revenue Trailed Costs in Second Quarter
In its Aug. 10 second-quarter results, Bitdeer reported US$168.4 million of self-mining revenue against US$171.0 million of related cost of revenue for the quarter ended June 30. Its segment table separately listed a US$2.7 million self-mining gross loss; the figures in that financial section are rounded. The operational summary listed 2,694 BTC mined across self-owned and third-party data centres, an outcome that cannot be assigned to the Oct. 2 production week.
The second-quarter self-mining costs included US$84.7 million of electricity and US$79.8 million of depreciation and share-based compensation. Depreciation is an accounting expense rather than a current cash payment, which is why gross loss alone does not measure cash generated by selling bitcoin. Bitdeer's weekly post supplies neither electricity spending nor receipts from coin sales for the Oct. 2 cutoff.
Bitdeer reported US$496.3 million of cash, cash equivalents and restricted cash at June 30, alongside US$196.9 million of digital assets and digital-asset receivables. Those dated balance-sheet lines do not say how much cash the Oct. 2 sales produced, and a zero count of pure bitcoin holdings is narrower than a claim that the company owns no digital assets.
MARA Holdings, Inc. NASDAQMARA, a Miami bitcoin miner and digital infrastructure operator, gave holders a fuller proceeds figure in a March 26 release. It said it sold 15,133 bitcoin between March 4 and 25 for about US$1.1 billion, with proceeds expected to fund convertible-note repurchases and the remainder available for general corporate purposes. Bitdeer's Oct. 3 post identifies the quantity sold but gives no corresponding proceeds or stated use of cash.
AI Contracts Carry a Separate Cash Test
Bitdeer's Sept. 29 AI cloud announcement put customer commitments above 70 per cent of its planned 21.7-megawatt A201 site in Malaysia. It projected more than US$1.7 billion of revenue over five years from that facility and targeted energization in the first quarter of 2027. Mugglehead's earlier report on those commitments traced the gap between contracted future service and revenue earned.
Read more: Bitdeer Technologies Group projects US$1.7B from Malaysia AI offtake
The AI announcement said Bitdeer expects to fund its expansion mainly through customer prepayments, operating cash flow and financing secured against contracts. It did not allocate the Oct. 2 bitcoin sale proceeds to A201, and the weekly mining post did not say where its proceeds went. The next Friday, Oct. 9, is a potential weekly reporting cutoff if Bitdeer maintains the Sept. 25 and Oct. 2 cadence; the next tally would show whether sales again match output and pure holdings remain at zero.
