📉💰 BITDEER REVENUES DROP! Operating loss despite net gain from derivatives.
Bitdeer Technologies Group reported a 41% year-over-year decline in revenues 📉, reaching $70.1 million in the first quarter of 2025. The Bitcoin mining company recorded an operating loss of $3.2 million 😔, in contrast to a profit of $34.1 million the previous year.
However, Bitdeer reported a net income of over $400 million 🎉, driven by gains from convertible notes and warrants issued to Tether in 2024 🔗.
The revenue decline occurs as miners seek to diversify into high-performance computing (HPC) for AI 🤖. Bitdeer is also pushing plans for HPC and AI infrastructure in the U.S. 🇺🇸.
Bitcoin miners are still struggling after the halving in April 2024 ⛏️, which halved mining revenues. Bitdeer is trying to offset this by selling its own efficient mining hardware ⚙️, but sales have not yet covered the loss.
The company is increasing self-mining ⬆️, aiming to reach a hashrate of 40 EH/s by the end of 2025 💪. Tether held a 21% stake in Bitdeer until March 📊. Bitdeer is also investing in its expansion in the U.S. as a hedge against potential trade wars 🛡️.
Do you think diversification into AI will be the key to the future of Bitcoin miners like Bitdeer? 🤔 How will the halving affect their long-term revenues?
