Zero Bitcoin: Why This Miner Sells Everything He Produces

Despite dumping its treasury, Bitdeer increased self-mining above 63 EH/s and significantly increased Bitcoin production year-over-year under market pressure.

In an effort to calm investors’ nerves after confirming that it has sold all of its Bitcoin holdings, Bitdeer Technologies has framed the move as a deliberate liquidity decision rather than a bearish signal about the asset itself.

In a recent statement, the Singapore-based miner said converting newly mined Bitcoin into cash is a pragmatic move as it evaluates various non-binding options to acquire powered land, a process that requires capital willingness well before deals are finalized.

Zero BTC balance

Despite the sale, Bitdeer continues to aggressively scale operationally. It increased its self-mining capacity to over 63 EH/s and sharply increased Bitcoin production year over year, even as it sold off all of its recent production rather than keeping it on the balance sheet. The official announcement on X read,

“Our decision to sell Bitcoin should not be a concern for the broader market. Our hash rate will continue to grow and we will continue to mine more Bitcoin for the benefit of our shareholders.”

The latest move represents a significant departure from the balance sheet accumulation strategy popularized by companies like Strategy, which has treated Bitcoin as a long-term reserve.

At the same time, the company is accelerating a strategic pivot that further explains its cash needs: expansion into AI and high-performance computing infrastructure. Deploying large-scale GPU systems and converting existing mining sites in the US and Europe to AI-ready data centers requires significantly more upfront capital than incremental mining projects, making sales more rational.

Breaking the miner playbook

Bitdeer isn’t the only player to have emptied its BTC supply. In fact there has been one emerging pattern among public miners such as Riot Platforms, Bitfarms and Core Scientific, many of which have sold partially mined Bitcoin or diversified into AI to stabilize cash flows.

Still, Bitdeer’s decision to completely exit Bitcoin ownership puts this outside the norm for publicly traded miners. Most of its peers still hold significant government bonds. For example, MARA Holdings owns over 53,000 BTC, while Riot Platforms owns almost 18,000 BTC.

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