1.3 billion yuan in debt: Bitdeer has a tough battle ahead.

Author:Lin Wanwan

On February 20, 2026, BitDeer posted its weekly production update on X: 189.8 BTC mined that week, sold. Remaining inventory: 943.1 BTC, sold all at once.

Bitcoin balance: 0.

In fact, Bitcoin mining, from day one, has been a kind of **time arbitrage**.

Using today's electricity and machines to exchange for tomorrow's Bitcoin.

The garage doesn't require processing, customers, or a brand. The investment is in current costs, betting on future prices. If the judgment is correct, time will make you money. This logic has been running for over a decade. Now, Wu Jihan is changing the target of this logic. The target has shifted from the price of cryptocurrency to the long-term price of computing power demand in the AI ​​climate. The means have changed from exchanging electricity for cryptocurrency to borrowing money to buy land. The object of arbitrage has changed, but the structure of arbitrage is gone. In the same week that he cleared out his Bitcoin holdings, BitDeer also completed the pricing of $325 million in new debt. According to Bitdeer's financial report, as of December 31, 2025, Bitdeer's outstanding principal loans were approximately $1 billion (excluding $500 million in derivative liabilities). Therefore, the total debt is approximately $1.3 billion. The Bitcoin crash is real, the debt is real, the land purchases are real, but the outcome of this tough battle may not be revealed until 2029. Bitdeer was founded in 2018, starting as a mining machine sharing platform. Currently, it is one of the world's largest listed mining companies, with a self-mining hashrate of 63.2 EH/s, ranking first among listed mining companies globally and accounting for approximately 6% of the entire Bitcoin network's hashrate. However, Wu Jihan no longer wants to sell hashrate; he wants to get involved in the power industry.

Let's analyze BitDeer's financial report. As of the beginning of 2026, BitDeer's total global power pipeline capacity was 3002 MW, of which 1658 MW were already online and operational, and 1344 MW were under construction or planned. Microsoft and Google's individual hyperscale data centers typically range from 100 to 300 MW in size.

If we break down BitDeer's financial report, as of the beginning of 2026, BitDeer's total global power pipeline capacity was 3002 MW, of which 1658 MW were already online and operational, and 1344 MW were under construction or planned.