Bitdeer Technologies Group announced a 41% decrease in revenue to $70.1 million for the first quarter of 2025. The Singaporean Bitcoin miner also recorded an operating loss of $3.2 million, a significant decline from the $34.1 million profit in the same period last year. Despite this, Bitdeer reported a Q1 net income exceeding $400 million, mainly due to gains from convertible notes and warrants issued to Tether in 2024. The company's revenue decline coincides with a shift in focus from Bitcoin mining to providing high-performance computing for artificial intelligence applications. Bitdeer is working on expanding self-mining activities and developing ASIC mining hardware. However, the company is still facing challenges in offsetting reduced mining revenue. With plans to increase self-mining hashrate to 40 exahashes per second by the end of 2025, Bitdeer is aiming for rapid growth in its operations. Read more AI-generated news on: https://app.chaingpt.org/news

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