Étienne Girard
Bitcoin mining company Bitdeer delivered a surprising financial performance in the first quarter of 2025, showing a dramatic spike in net income despite a significant drop in mining revenue, according to its latest earnings report.
Listed on Nasdaq, the Singapore-headquartered firm reported $70.1 million in total revenue, reflecting a 41.3% year-over-year decrease. The majority of this revenue—$37.2 million—came from its self-mining operations, which also declined 23.1% compared to Q1 2024.
Despite reduced operational earnings, Bitdeer’s net income surged to $409.5 million, a massive jump from just $0.6 million in the same quarter last year. The surge is mainly attributed to a non-cash gain of $503.1 million, which came from the revaluation of derivative liabilities, including convertible notes and Tether warrants.
“This quarter highlighted our steady progress on the SEALMINER roadmap,” said Matt Kong, Bitdeer’s Chief Business Officer. He noted that the company activated 3.7 EH/s of SEALMINER A1 and 0.5 EH/s of SEALMINER A2, pushing their total self-mining hashrate to 12.4 EH/s by the end of April.
Bitdeer aims to ramp up its hashrate to 40 EH/s by October 2025, reinforcing its commitment to scaling its mining infrastructure.
Bitdeer Expands Beyond Mining Into AI and HPC Infrastructure
While continuing its mining activities across the United States, Norway, and Bhutan, Bitdeer is also diversifying into artificial intelligence and high-performance computing (HPC).
“As part of our HPC/AI expansion strategy, we partnered with Northland Capital Markets in March to explore development opportunities in this sector,” Kong added. He also mentioned that the company is in advanced talks with infrastructure partners and enterprise clients regarding large-scale HPC and AI cloud deployments in the U.S.
New Power Project Acquisition Boosts Capacity
Bitdeer’s growth strategy also includes energy infrastructure expansion. In February 2025, the company completed a $21.7 million acquisition of a 101-megawatt power facility in Alberta, Canada, to support its growing mining and data center operations.
