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Bitdeer Technologies Group reported a 41% year-over-year drop in revenue to $70.1 million for the first quarter of 2025, the Bitcoin miner said on May 15. 

The Singaporean company clocked an operating loss of $3.2 million for the quarter, down from a $34.1 million profit during the same period last year, its earnings release said. 

However, Bitdeer reported a Q1 net income of more than $400 million, largely driven by gains on convertible notes and warrants issued to stablecoin issuer Tether in 2024.

Bitdeer’s revenue declines come as miners increasingly expand beyond Bitcoin (BTC) mining and pivot toward supplying high-performance computing (HPC) for artificial intelligence applications. 

“As we scale self-mining and execute on our ASIC [mining hardware] roadmap, we are also advancing plans for U.S.-based HPC and AI infrastructure,” Matt Kong, Bitdeer’s chief business officer, said in a statement.

But Bitcoin miners are still struggling to adapt after the Bitcoin network’s April 2024 halving event, which effectively cut mining revenue in half. 

Bitdeer has been trying to offset waning mining revenue by selling its own energy-efficient Bitcoin mining hardware. However, sales are still scaling and have not yet made up for lost mining income. 

Related: Bitfarms clocks $36M net loss amid shift from Bitcoin mining to AI

Self-mining ramp-up

The company is also ramping up self-mining activities, which involve using mining hardware to accumulate Bitcoin itself.

Bitdeer expects its self-mining hashrate to reach 40 exahashes per second (EH/s) by the end of 2025, according to its earnings release. Hashrate is a measure of the computing power securing the Bitcoin network.

“With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate,” Kong said.

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 against the prospect of worsening trade wars.

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