The Bitdeer Technologies Group reported a 41% year-to-year income to $ 70.1 million for the first quarter of 2025, the Bitcoin miners said on May 15.
Singaporean company clocks a loss of operating $ 3.2 million for the quarter, down from a $ 34.1 million income in the same period last year, its revenue release Says.
However, the Bitdeer reported a Q1 net income of over $ 400 million, mainly driven by those obtained by the modified notes and warrants issued to Stablecoin Issuer Tether in 2024.
Bitdeer’s revenue decline comes as miners are increasingly expanding across Bitcoin (Btc) Mining and pivot towards providing high performance computing (HPC) for artificial intelligence applications.
“As we measure self -mining and conduct on our ASIC (hardware mining) roadmap, we are also promoting plans for US and AI -based HPC infrastructure,” Matt Kong, Bitdeer’s Chief Business Officer, said in a statement.
But Bitcoin miners are still struggling to adapt after the Bitcoin network stop of April 2024, effectively cutting off mining income in half.
The Bitdeer tries to offset the mining income income by selling its own energy-excellent bitcoin mining hardware. However, sales are still scaling and have not been formed for lost mining income.
Related: Bitfarms clocks $ 36m net loss in the middle of moving from Bitcoin mining to AI
Self-up ramp-up
The company also ramping up self-mining activities, which involves using mining hardware to accumulate bitcoin itself.
The Bitdeer expects to reach the hashrate of its own hashrate to reach 40 exahashes per second (eh/s) by the end of 2025, according to its revenue. The hashrate is a measure of computing strength that captures the Bitcoin network.
“With our sealminer mining rigs quickly dropped to the production line and many available global power capacity, we hope to achieve rapid growth in our self-mining hashrate,” Kong said.
In March, Tether possessed a 21% stake in Bitdeer, According to in US regulation filings.
The bitdeer has already been reported investment in expansion of the US As a fence against the hope that trade wars worsen.
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