Little Bitcoin Deer Q1 Mining Revenue Decreases by 41% Year-on-Year, Net Profit Soars Due to Derivatives Gain

On May 16th, as reported by The Block, Bitcoin mining company BitDeer experienced a sharp decrease in revenue but a notable increase in net profit during the first quarter of this year. This was mainly due to non-cash gains from derivatives. According to BitDeer's latest financial report released on Thursday, the company's total revenue for Q1 2025 was $70.1 million, representing a 41.3% year-on-year decline. The majority of the revenue came from its self-mining operations, which generated $37.2 million in revenue this quarter, a 23.1% year-on-year decrease. The company reported a net income of $409.5 million in the first quarter of this year, compared to $600,000 in the same period of 2024. The growth appears to be primarily attributed to a $503.1 million non-cash gain resulting from the fair value increase of derivative liabilities on its balance sheet, including convertible notes and Tether warrants. BitDeer's Chief Business Officer Matt Kong stated in a statement, "This quarter marks the continuous implementation of our SEALMINER roadmap. We have successively upgraded the hashrates of SEALMINER A1 and SEALMINER A2 to 3.7 EH/s and 0.5 EH/s respectively, enabling our self-mining hashrate to reach 12.4 EH/s by the end of April." The company indicated that its goal is to increase its self-mining hashrate to 40 EH/s by October 2025.