PANews, May 16 - According to Cointelegraph, Bitcoin mining company Bitdeer announced its Q1 2025 financial report, showing a 41% year-on-year decline in revenue to $70.1 million, with an operating loss of $3.2 million. However, benefiting from the appreciation of convertible notes and warrants issued to Tether in 2024, the company's net income exceeded $400 million in the first quarter. The company is accelerating the development of its self-operated mining business, expecting to reach a hash rate of 40 EH/s by the end of 2025. It is also advancing its high-performance computing (HPC) and AI infrastructure plans in the U.S. to address industry challenges post-Bitcoin halving. Regulatory documents indicate that Tether currently holds a 21% stake in Bitdeer. As Bitcoin mining revenues halve, mining companies are generally shifting towards AI computing services. Bitdeer's self-developed SEALMINER mining machines have already been put into production, but sales have yet to make up for the shortfall in mining revenue. The company stated that the abundant global power supply will support rapid expansion of hash rate.
