Bitdeer Q1 Financial Report: Revenue decreased by over 40% year-on-year, with an operating loss of 3.2 million USD.

On May 16, news reported that Bitcoin mining company Bitdeer announced its Q1 2025 financial report, with revenue down 41% year-on-year to $70.1 million and an operating loss of $3.2 million. However, benefiting from the appreciation of convertible notes and warrants issued to Tether in 2024, the company’s net income exceeded $400 million in the first quarter. The company is accelerating the development of its self-operated mining business, expecting to reach a computing power of 40 EH/s by the end of 2025. It is also advancing its high-performance computing (HPC) and AI infrastructure plans in the U.S. to address industry challenges following the Bitcoin Halving. Regulatory documents show that Tether currently holds a 21% stake in Bitdeer. As Bitcoin Mining revenues halve, mining companies are generally turning to AI computing power services. Bitdeer’s self-developed SEALMINER Mining Rig has been put into production, but sales have not yet compensated for the shortfall in mining revenue. The company stated that the ample global power supply will support rapid expansion of computing power.