Bitdeer has sold its entire Bitcoin reserve, totaling 943.1 BTC, as mining revenues decline amid challenging market conditions.
Bitdeer, a mining enterprise established by Jihan Wu, has announced the liquidation of its entire Bitcoin reserve, totaling approximately 943.1 BTC, valued at around $64 million. This decision comes as the firm reported zero Bitcoin holdings as of February 20, excluding customer deposits.
According to Bitdeer's weekly update:
🔹 BTC Holdings: 0 (excluding customer deposits)
🔹 BTC Output: 189.8 BTC
🔹 BTC Sold: 189.8 BTC
🔹 Net BTC Added: -943.1 BTC
📅 Data as of February 20, 2026.
In the past week alone, Bitdeer mined 189.9 BTC but has been selling its Bitcoin in larger volumes recently, a departure from its typical practice of only liquidating mined coins.
The company's hash rate has increased to 63.2 EH/s, marking a 14% rise since December, and positioning Bitdeer as the largest public miner by hash rate, surpassing MARA Holdings, which operates at 61.7 EH/s.
Despite this growth in mining capacity, Bitdeer's stock has suffered, with shares of BTRD plummeting by 46% over the past month. The downturn in miner revenues, which fell from $1.59 billion in October 2025 to $1.12 billion in January 2026, has pressured miners like Bitdeer to sell off their assets.
Recent trends indicate that large holders, or "whales," are increasingly influencing the market as they move funds into cryptocurrency exchanges, a situation exacerbated by the ongoing bearish market conditions. The influx of Bitcoin to exchanges has risen sharply, averaging 1.58 BTC daily in February, the highest rate since June 2022.
In the backdrop of these developments, Bitcoin mining difficulty has also seen a notable uptick, increasing by 14.73% to 144.4 T on February 19, further complicating the operational landscape for miners.
