Source: Cointelegraph
Original: “Bitdeer’s Q1 Revenue Declines Over 40% Year-on-Year”
Bitdeer Technology Group reported on May 15 that the Bitcoin (BTC) mining company’s revenue for the first quarter of 2025 decreased by 41% year-on-year to $70.1 million.
According to its financial report, the Singapore-based company recorded an operating loss of $3.2 million this quarter, a significant decline compared to a profit of $34.1 million in the same period last year.
However, Bitdeer’s net income for the first quarter still exceeded $400 million, primarily from the proceeds of convertible notes and warrants issued to the stablecoin issuer Tether in 2024.
As Bitdeer’s revenue declines, the mining company is gradually expanding its business scope, shifting from pure Bitcoin mining to providing high-performance computing (HPC) services for artificial intelligence applications.
“While expanding our self-mining scale and executing the development roadmap for ASIC mining hardware, we are also actively advancing our high-performance computing and artificial intelligence infrastructure plans in the United States,” said Bitdeer Chief Business Officer Matt Kong in a statement.
However, Bitcoin miners are still struggling to adapt after the Bitcoin network halving event in April 2024, which effectively cut mining revenues in half.
Bitdeer has been trying to offset the declining mining revenue by selling its self-developed energy-efficient Bitcoin mining hardware. However, the hardware sales business is still in the expansion phase and has not yet fully compensated for the loss of mining revenue.
The company is also accelerating the development of its self-mining business, which involves accumulating Bitcoin using its mining hardware.
According to the financial report, Bitdeer expects its self-mining hash rate to reach 40 EH/s by the end of 2025. Hash rate is a measure of the computational power used to secure the Bitcoin network.
“With our SEALMINER mining machines ramping up production and global power supply being sufficient, we expect rapid growth in our self-mining hash rate,” Kong stated.
According to U.S. regulatory filings, as of March, Tether holds a 21% stake in Bitdeer.
Reports indicate that Bitdeer has been increasing its investment in expanding into the U.S. market to address the potential risks of a worsening trade war.
Related: Coinbase’s stock price drops 7% due to customer data leak and SEC investigation into user numbers.
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