Bitdeer Q1 financial report: revenue fell by more than 40% year-on-year, operating loss of $3.20 million

On May 16, Bitcoin mining company Bitdeer announced its 2025 Quarter 1 financial report. Revenue fell 41% year-on-year to $70.10 million, and operating losses were $3.20 million. However, the company's Quarter 1 net income exceeded $400 million due to the increase in convertible notes and warrants issued to Tether in 2024. The company is accelerating the development of its own mining business, and it is expected that the computing power will reach 40 EH/s by the end of 2025. At the same time, it is advancing the US high-performance computing (HPC) and AI infrastructure plans to meet the industry challenges after the halving of Bitcoin. According to regulatory documents, Tether currently holds a 21% stake in Bitdeer. With the halving of bitcoin mining income, mining companies are generally turning to AI computing power services. Bitdeer's self-developed SEALMINER mining machine has been put into production, but sales have not yet made up for the mining revenue gap. The company said that the abundant global power supply will support the rapid expansion of computing power.