Bitdeer Q1 Financial Report: Revenue Decreases by Over 40% YoY, Operating Loss of $3.2 Million

On May 16th, Bitcoin mining company Bitdeer announced its Q1 2025 financial report, with revenue decreasing by 41% year-on-year to $70.1 million and an operating loss of $3.2 million. But benefiting from the appreciation of convertible notes and warrants issued to Tether in 2024, the company's net revenue in the first quarter exceeded $400 million. The company is accelerating the development of its self operated mining business, and it is expected that the computing power will reach 40 EH/s by the end of 2025. Simultaneously advancing the High Performance Computing (HPC) and AI infrastructure plans in the United States to address industry challenges following the halving of Bitcoin. According to regulatory documents, Tether currently holds 21% of Bitdeer's shares. With Bitcoin mining profits halving, mining companies are generally turning to AI computing services. The SealINER mining machine independently developed by Bitdeer has been put into production, but sales have not yet filled the gap in mining revenue. The company stated that sufficient global power supply will support rapid expansion of computing power.