Bitdeer Q1 Revenue Plummets Over 40%, Shifting Focus to HPC

Bitdeer Technologies Group saw a significant decline in revenue for the first quarter of 2025, dropping by more than 40% compared to the same period last year. The company reported $70.1 million in earnings, resulting in an operating loss of $3.2 million and a net income exceeding $400 million largely driven by gains from convertible notes and warrants issued to Tether stablecoin issuer. This decline reflects the industry-wide challenges faced by miners as they navigate the aftermath of the Bitcoin halving event which significantly impacted their revenue.