{"id":129340,"date":"2025-05-15T21:18:00","date_gmt":"2025-05-15T21:18:00","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129340"},"modified":"2025-05-15T21:18:00","modified_gmt":"2025-05-15T21:18:00","slug":"bitdeer-q1-revenue-falls-more-than-40-year-over-year","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129340","title":{"rendered":"Bitdeer Q1 revenue falls more than 40% year-over-year"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBitdeer 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.\u00a0<br \/>\nThe 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.\u00a0<br \/>\nHowever, 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.<br \/>\nBitdeer\u2019s revenue declines come as miners increasingly expand beyond Bitcoin (BTC) mining and pivot toward supplying high-performance computing (HPC) for artificial intelligence applications.\u00a0<br \/>\n\u201cAs 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,\u201d Matt Kong, Bitdeer\u2019s chief business officer, said in a statement.<br \/>\nBut Bitcoin miners are still struggling to adapt after the Bitcoin network\u2019s April 2024 halving event, which effectively cut mining revenue in half.\u00a0<br \/>\nBitdeer has been trying to offset waning mining revenue by selling its own energy-efficient Bitcoin mining hardware.\u00a0However, sales are still scaling and have not yet made up for lost mining income.\u00a0<br \/>\nOperational summary for Bitdeer in Q1 2025. Source: BitdeerRelated: Bitfarms clocks $36M net loss amid shift from Bitcoin mining to AI<br \/>\nSelf-mining ramp-up<br \/>\nThe company is also ramping up self-mining activities, which involve using mining hardware to accumulate Bitcoin itself.<br \/>\nBitdeer expects its self-mining hashrate to reach 40 exahashes per second (EH\/s) by the end of 2025, according to its earnings release.\u00a0Hashrate is a measure of the computing power securing the Bitcoin network.<br \/>\n\u201cWith 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,\u201d Kong said.<br \/>\nAs of March, Tether owned a 21% stake in Bitdeer, according to US regulatory filings.<br \/>\nBitdeer has been reportedly investing in its US expansion as a hedge against the prospect of worsening trade wars.<br \/>\nMagazine:\u00a0Help! My parents are addicted to Pi Network crypto tapper<a href=\"https:\/\/cointelegraph.com\/news\/bitdeer-q1-revenue-down-40-year-over-year?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBitdeer 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.\u00a0 The Singaporean&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129340"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129340"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129340\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129340"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}