Bit Deer Q1 Mining income decreased by 41% year-on-year, net profit soared due to derivation income.

On May 16, The Block reported that Bitcoin mining company Bitfawn’s revenue fell sharply in the first quarter of this year, but its net profit increased significantly, mainly due to non-cash gains from derivatives. According to Bit Deer’s latest earnings report released on Thursday, the company’s total revenue for the first quarter of 2025 was $70.1 million, down 41.3% year-over-year. The majority of its revenue came from its own mining operations, which reported revenue of $37.2 million in the quarter, down 23.1% year-over-year. The company’s net income for the first quarter of this year was $409.5 million, compared to $0.6 million for the same period in 2024. According to the report, the increase appears to be primarily due to a non-cash gain of $503.1 million from an increase in the fair value of derivative liabilities on its balance sheet, including convertible notes and Tether warrants. Matt Kong, Chief Commercial Officer of Bitfawn, said in a statement: “This quarter marks the continued execution of our SEALMINER roadmap. We have increased the hashrate of the SEALMINER A1 and SEALMINER A2 to 3.7 EH/s and 0.5 EH/s, respectively, bringing our self-mining hashrate to 12.4 EH/s at the end of April.” The company says it aims to ramp up its self-mining hashrate to 40 EH/s by October 2025.