Bitdeer clocks declining year-over-year revenues in Q1
Bitdeer Technologies Group reported a 41% year-over-year revenue decline to $70.1 million for Q1 2025, with an operating loss of $3.2 million, down from a $34.1 million profit in the same quarter last year. Despite this, the company achieved a net income exceeding $400 million due to gains from convertible notes and warrants linked to Tether. The revenue drop is attributed to miners diversifying into high-performance computing (HPC) for AI applications following the Bitcoin network's April 2024 halving, which halved mining revenue. Bitdeer is countering this by selling energy-efficient mining hardware and ramping up self-mining activities, aiming for a hashrate of 40 EH/s by the end of 2025. Tether holds a 21% stake in Bitdeer, and the company is investing in U.S. expansion to mitigate potential trade war impacts.
