Bitdeer Revenue Down 41%, Yet Earns $400M in Q1 Profit

Bitdeer’s Q1 revenue fell 41% year-over-year to $70.1M, but net profit exceeded $400M due to gains from Tether-linked convertible instruments. The company is pivoting toward self-mining and AI infrastructure.

Q1 revenue shrinks, but profits surge on derivative gains

Singapore-based mining company Bitdeer reported $70.1 million in revenue for Q1 2025 — a 41% drop compared to the previous year. The company recorded a $3.2 million operating loss versus a $34.1 million profit in Q1 2024. Despite the drop, Bitdeer’s net income surpassed $400 million. This profit came mainly from the appreciation of convertible notes and warrants issued to stablecoin issuer Tether in 2024, reflecting strong financial engineering despite weaker core mining performance.

Mining slowdown leads Bitdeer to scale self-mining and hardware

The April 2024 Bitcoin halving halved block rewards, drastically reducing mining profitability across the industry. To stay competitive, Bitdeer has ramped up self-mining operations and is building out its ASIC product roadmap, including the SEALMINER series. By the end of 2025, Bitdeer expects its self-mining hashrate to reach 40 EH/s. These efforts support revenue stability while hardware development positions the company as both a miner and a tech supplier in the blockchain space.

AI expansion and Tether backing strengthen Bitdeer’s future

To diversify, Bitdeer is also building high-performance computing (HPC) infrastructure in the U.S. These data centers are designed for AI workloads and help reduce the company’s exposure to global trade tensions. As of March 2025, Tether holds a 21% stake in Bitdeer, signaling a strong strategic alliance. The company’s transformation reflects a broader trend among miners shifting toward AI and computing services, aiming for sustainable growth beyond Bitcoin’s price cycles.