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Bitdeer Applied sciences Group reported a 41% year-over-year drop in income to $70.1 million for the primary quarter of 2025, the Bitcoin miner mentioned on Might 15.
The Singaporean firm clocked an working lack of $3.2 million for the quarter, down from a $34.1 million revenue throughout the identical interval final 12 months, its earnings launch said.
Nonetheless, Bitdeer reported a Q1 web earnings of greater than $400 million, largely pushed by good points on convertible notes and warrants issued to stablecoin issuer Tether in 2024.
Bitdeer’s income declines come as miners more and more increase past Bitcoin (BTC) mining and pivot towards supplying high-performance computing (HPC) for synthetic intelligence functions.
“As we scale self-mining and execute on our ASIC [mining hardware] roadmap, we’re additionally advancing plans for U.S.-based HPC and AI infrastructure,” Matt Kong, Bitdeer’s chief enterprise officer, mentioned in a press release.
However Bitcoin miners are nonetheless struggling to adapt after the Bitcoin community’s April 2024 halving occasion, which successfully reduce mining income in half.
Bitdeer has been making an attempt to offset waning mining income by promoting its personal energy-efficient Bitcoin mining {hardware}. Nonetheless, gross sales are nonetheless scaling and haven’t but made up for misplaced mining earnings.
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Self-mining ramp-up
The corporate can be ramping up self-mining actions, which contain utilizing mining {hardware} to build up Bitcoin itself.
Bitdeer expects its self-mining hashrate to achieve 40 exahashes per second (EH/s) by the tip of 2025, based on its earnings launch. Hashrate is a measure of the computing energy securing the Bitcoin community.
“With our SEALMINER mining rigs rapidly coming off the manufacturing line and ample international energy capability accessible, we anticipate to realize speedy development in our self-mining hashrate,” Kong mentioned.
As of March, Tether owned a 21% stake in Bitdeer, according to US regulatory filings.
Bitdeer has been reportedly investing in its US expansion as a hedge towards the prospect of worsening commerce wars.
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