Bitdeer’s Q1 mining revenue drops 41% YoY, net income surges on derivative gains

Bitcoin mining firm Bitdeer reported a sharp decline in revenue in the first quarter of this year, but saw a substantial increase in net income mainly due to non-cash gains from derivatives.

The Nasdaq-listed mining firm recorded $70.1 million in total revenue in the first quarter of 2025, down 41.3% year-on-year, according to its latest earnings report released Thursday. Much of the revenue came from its self-mining business, which generated $37.2 million in the quarter, down 23.1% year-on-year.

The company booked a net income of $409.5 million in the first quarter of this year, compared to $0.6 million during the same period in 2024. The increase appears to have been primarily driven by a $503.1 million non-cash gain from fair value increases in derivative liabilities on its balance sheet, including convertible notes and Tether warrants, according to the report.

"This quarter marked the continued execution of our SEALMINER roadmap,” Matt Kong, chief business officer of Bitdeer, said in the statement. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April." The company said it aims to achieve a self-mining hashrate of 40 EH/s by October 2025.

Headquartered in Singapore, Bitdeer currently has mining operations in the U.S., Norway and Bhutan. The company has also made efforts to expand beyond crypto mining by hosting infrastructure for AI and high-performance computing.

"As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy," said Kong. "We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure."

Also, in February, Bitdeer completed a $21.7 million deal to acquire a 101-megawatt power project in Alberta, Canada, as it scaled up its mining operations.

Bitdeer's stock closed down 2.56% on the Nasdaq at $13.73 on Thursday, according to Yahoo Finance data .