BitDeer Reports Decline in Bitcoin Revenue but Surge in Net Profit Driven by Derivatives Gains

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.