The question every mining cycle keeps asking is: “What does one megawatt earn after the electricity bill?”
This happens because the hash price narrows margins on mining hardware, and AI workloads offer powerful operators another revenue stream.
Bitdeer’s part in the full-stack AI Cloud is to change how the infrastructure gets paid and also change the identity to a point.
According to Hashrate Index, Bitcoin hash price was around $39.36 per PH/s per day on August 31, 2026. At Bitdeer’s reported Q2 average miner efficiency of 15.8 J/TH, one megawatt supports about 63.29 PH/s and creates roughly $2,491 in daily gross revenue. At the company’s reported Q2 average of $44 per MWh, the cost of power is about $1,056 per day.
The remaining $1,435 has to cover miner depreciation, labor, maintenance, and downtime. A 25 J/TH miner creates about $1,574 per megawatt per day, leaving about $518 after electricity costs and before other operating charges. These estimates are based on Hashrate Index’s reported hash price and Bitdeer’s disclosed Q2 average mining efficiency and power cost assumptions. The real returns can be different as they depend on Bitcoin price, network difficulty, miner efficiency, electricity pricing, uptime, and operating conditions. AI Cloud does not offer automatic returns, but its revenue follows GPU utilization, rates, and customer contracts instead of Bitcoin price and network difficulty.
The positive part of Bitdeer AI Cloud is the distance it covers between raw compute and a working application. Consumers can use virtual machines, bare-metal servers, or containers, then move into distributed training, serverless inference, and AI agent placement. NVIDIA H100, NVIDIA H200, NVIDIA B200, NVIDIA GB200 NVL72, and NVIDIA GB300 NVL72 capacity supports training and performance. ISO/IEC 27001:2022 and SOC 2 Type I and II credentials address a decisive concern: whether sensitive workloads belong on the platform.
Public on-demand pricing provides buyers a clear starting point. These are single-GPU on-demand list rates as of August 31, 2026; CPU, memory, storage, network, availability, and regional terms differ.
| GPU | Bitdeer | Runpod | Hyperstack | Lambda |
| NVIDIA H100 SXM | From $2.596/hr | $3.29/hr | $3.20/hr | $4.29/hr |
| NVIDIA H200 | From $2.761/hr | $4.59/hr | $3.99/hr | Not listed |
| NVIDIA B200 | From $5.159/hr | $6.79/hr | $6.00/hr | $6.99/hr |
Official sources (accessed August 31, 2026): Bitdeer AI | Runpod | Hyperstack | Lambda. Pricing refers to single-GPU on-demand or starting prices where listed for public. Actual rates can be different based on GPU availability, region, contract terms and conditions, and service configuration.
Bitdeer AI’s H100 rate is about 21% below Runpod and 19% below Hyperstack. H200 is around 40% below Runpod and 31% below Hyperstack, and B200 sits 14% to 26% below the three peers. Price matters only when the capacity is busy. Bitdeer reported 4,248 placed GPUs, 95% utilization, 3,517 GPUs under external subscription, and around $76 million in ARR as of July 31, 2026.
“AI exposure” refers to direct cloud sales, GPU service, colocation, or a long lease. Those models have different capital needs and margins.
| Company | AI/HPC service model | Latest disclosed scale and status |
| Bitdeer AI | Full-stack AI Cloud, colocation and Model Studio | 4,248 GPUs deployed; 95% utilization; ~$76M ARR (July 31, 2026) |
| IREN | Vertically integrated AI Cloud: data centers, compute and software | $4.0B contracted ARR for 2026 capacity; $1.0B operating ARR (August 26, 2026) |
| Hut 8 | GPU-as-a-Service plus AI data-center leases | 949 MW contracted IT capacity; ~$26.6B expected aggregate base-term contract value (August 4, 2026) |
| TeraWulf | HPC leasing and hosting | 102 MW revenue-generating; 336 MW under construction at Lake Mariner; 401 MW Anthropic lease at Justified (August 5, 2026) |
Official sources (accessed August 31, 2026): Bitdeer | IREN FY26 Results | Hut 8 Q2 2026 Results | TeraWulf Q2 2026 Results. Reported figures reflect different disclosure categories in different companies. Contracted ARR, operating ARR, contracted capacity, and expected contract value can not be compared with revenue measures.
IREN is the closest peer. Hut 8 and TeraWulf depend more on infrastructure leases. Bitdeer is between them, and it offers customer-facing AI services while pursuing colocation across its power portfolio.
For miners and investors, the case is diversification instead of a replacement. GPU generations move quickly, AI-ready sites need concentrated networking and cooling, and low hourly rates can slow the margins. ARR is a run-rate measure, not recognized annual revenue. Still, utilization, external subscriptions, and service depth give more evidence than a simple power-conversion story. For the Nasdaq-listed operator, the important test is whether each converted megawatt produces steadier cash returns after GPU depreciation and site costs. That number matters when hash price reduces.
Ans: The two earning cases for one megawatt of power are: One megawatt can be used for Bitcoin mining, but it can also be converted into an AI cloud infrastructure that earns from GPU computing services.
Ans: Bitdeer’s AI cloud generates revenue by providing GPU computing services for AI training and AI applications. This allows customers to use services like virtual machines and AI agents.
Ans: Factors like GPU utilization, GPU depreciation, electricity, site cost, and other factors mentioned in the article determine whether an AI infrastructure conversion is profitable.
