Bitdeer Technologies Group saw a 41% year-over-year decline in revenue to $70.1 million for Q1 2025, as reported on May 15. The company, based in Singapore, recorded an operating loss of $3.2 million for the quarter, a significant drop from the $34.1 million profit in the same period last year. However, Bitdeer managed a Q1 net income exceeding $400 million, primarily due to gains from convertible notes and warrants issued to Tether in 2024. The company’s revenue decrease coincides with a shift in focus from Bitcoin mining to providing high-performance computing (HPC) for artificial intelligence applications. Despite challenges faced by Bitcoin miners post the April 2024 halving event, Bitdeer is working on expanding its self-mining activities and advancing plans for U.S.-based HPC and AI infrastructure. The company aims to offset declining mining revenue by selling its energy-efficient Bitcoin mining hardware, but sales are still scaling up. Bitdeer anticipates reaching a self-mining hashrate of 40 exahashes per second by the end of 2025. As of March, Tether owns a 21% stake in Bitdeer, and the company is looking to expand in the U.S. to mitigate potential trade war impacts.