We unpack Bitdeer’s Q3 results, why IFRS noise masked operating strength, and how vertical integration across chips, rigs, and sites creates flexibility in a tougher mining market. We then break down the HPC strategy, from cloud services to colocation, and the plan to monetize three gigawatts of secured power as demand for 2026–2027 capacity surges.

• adjusted EBITDA growth despite IFRS derivative effects
• SEAL A3 production timing and SEAL 04 chip efficiency
• optionality between self-mining and machine sales
• debt facilities and capped-call convertible to fund chips and GPUs
• mining economics, hashprice pressures, and faster paybacks
• Ohio site fire update and safety focus
• HPC roadmap: light AI stack, Malaysia and US expansions
• Norway conversion advantages, cooling, and PUE targets
• cost per megawatt ranges and backup power trade-offs
• demand spike for 2026–2027 power and deal terms
• Clarington site opportunities for large colocation
• hashrate growth outlook and timing for external sales

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