COINOTAG News reports that on May 16th, Bitcoin mining firm BitDeer has experienced a notable contraction in revenue while simultaneously witnessing a remarkable surge in net profits for the first quarter of 2025. According to The Block, the company recorded total revenues of $70.1 million, representing a 41.3% decrease compared to the previous year. The primary contributor to this revenue stream was its self-mining operations, which generated $37.2 million, down 23.1% year-over-year.
The stark contrast between revenue and profits is primarily due to significant non-cash gains, particularly a $503.1 million increase in the fair value of derivatives listed on its balance sheet, including convertible notes and Tether warrants. BitDeer’s Chief Business Officer, Matt Kong, remarked that the current quarter indicates the ongoing implementation of their SEALMINER roadmap, which has enhanced mining efficiencies significantly.
The company’s self-mining hashrate has expanded to 12.4 EH/s following upgrades to their SEALMINER A1 and A2 models. Looking forward, BitDeer aims to elevate its self-mining capacity to 40 EH/s by October 2025, aligning with industry demand for increased processing power.