Bitdeer is a Singapore-based Bitcoin mining and AI infrastructure company that operates over 1,700 MW of electrical capacity across ten datacenter sites in the U.S., Norway, Bhutan, Ethiopia, and Malaysia. Its core business is self-mining Bitcoin — deploying its own rigs in its own datacenters to earn Bitcoin block rewards — which generated $396M in FY25, or roughly 64% of total revenue. A key differentiator is Bitdeer's vertical integration into ASIC chip design: Bitdeer designs its own SEAL-series chips and manufactures SEALMINER-branded rigs, which it deploys internally and sells to third-party miners. This gives Bitdeer control over deployment timing, capital cost, and supply chain, rather than relying on dominant third-party rig suppliers like Bitmain or MicroBT. Rig sales to external miners contributed roughly 17.5% of FY25 revenue. Bitdeer also monetizes spare datacenter capacity through hosting services — renting rack space, power, and management to third-party miners — though this business has been declining as Bitdeer redeploys capacity toward higher-return self-mining. A small but growing AI cloud and colocation business, currently under 2% of revenue, aims to leverage Bitdeer's power assets for GPU compute workloads. Bitdeer's profitability in self-mining hinges on Bitcoin price, deployed hash rate, and the spread between hash price and electricity costs, with management targeting roughly $45/MWh average power costs.