On May 16, bitcoin mining company Bitdeer announced its first-quarter 2025 financial report, with revenue falling 41% year-on-year to US$70.1 million and operating loss of US$3.2 million. However, benefiting from the appreciation of convertible notes and warrants issued to Tether in 2024, the company's net income in the first quarter exceeded US$400 million. The company is accelerating the development of its self-operated mining business, and it is expected that the computing power will reach 40EH/s by the end of 2025. At the same time, we will advance U.S. high-performance computing (HPC) and AI infrastructure plans to address the industry challenges after Bitcoin halved. Regulatory filings show that Tether currently holds a 21% stake in Bitdeer. As Bitcoin mining revenue halved, mining companies have generally turned to AI computing services. The SEALMINER mining machine independently developed by Bitdeer has been put into production, but sales have not yet made up for the mining revenue gap. The company said that sufficient global power supply will support the rapid expansion of computing power.