Bitdeer keeps its SEALMINERs: outside sales fall to $0.3 million as the rigs go to its own fleet

Bitdeer, a large public miner that also designs its own Bitcoin ASICs, has all but stopped selling them to outside buyers. In its third quarter 2026 results published on 10 November, SEALMINER sales brought in just $0.3 million, against $11.4 million a year earlier. The company says its wafers, chips, work in progress and finished SEALMINERs have been designated for its own self-mining and co-mining fleet since Q2 2026, and inventory that stood at $252.0 million at the end of 2025 is now zero.

Where the machines went

• About $110 million of Q3 capital spending went on producing SEALMINERs for Bitdeer's own fleet.
• Self-mining hashrate reached 82.3 EH/s, and total proprietary hashrate 86.4 EH/s, up from 35 EH/s a year ago.
• Bitdeer mined 3,855 BTC in the quarter, against 1,109 a year earlier.
• Average fleet efficiency improved to 15.4 J/TH from 20.1 J/TH, at an average electricity cost of $47 per MWh.

For reference, Bitdeer's roadmap rates the SEALMINER A2 at 14.9 J/TH, the A3 at 12.5 J/TH and the A4 at 9.45 J/TH. The A3 entered mass production in Q4 2025; the A4 is still listed as "expected to start mass production and delivery in Q3 2026". The A2 line on our site also includes the A2 Hyd, A2 Pro Air and A2 Pro Hyd.

Margins are thin even with cheap power

Self-mining revenue was $217.5 million. Electricity took $109.3 million, about half, and depreciation $90.3 million. After other costs, the gross profit of the self-mining business was only $6.2 million, under 3% of revenue. Dividing the revenue by the average self-mining hashrate of 79.6 EH/s over the 92-day quarter gives about $29.7 per PH/s per day. At that level, the chart shows the electricity price at which a machine's revenue only covers its power bill, before depreciation, hosting or repairs.

What it means for miners

• If you run an A2 or a similar 15 J/TH machine, power above about 8 cents per kWh left no room at Q3 revenue levels. Check your own tariff and current hashprice before winter rates kick in.
• Bitdeer's online store still shows the A3 Pro Hydro 660T at $9,900, or $9,478 after a discount, while the A4 Ultra Hydro is marked "stay tuned". With production going to its own fleet first, confirm delivery dates in writing before you pay.
• Be careful with resellers offering A4 units in bulk: the official roadmap does not yet confirm mass deliveries.
• Hosting clients should watch capacity: in Q3 Bitdeer bought back a membership customer's capacity at its Rockdale site for its own mining, and Rockdale is being evaluated for AI use.

The figures are Bitdeer's own and unaudited. The break-even prices are our estimate from the reported numbers and move with Bitcoin's price and network difficulty.