Bitcoin mining giant Bitdeer has recorded explosive growth in Bitcoin mining: +370% year-over-year.
Public mining company Bitdeer has demonstrated impressive operational performance dynamics. In May 2024, the volume of Bitcoin mined reached 921 BTC, compared to just 196 BTC in the same period last year. Thus, the growth over 12 months exceeded 370% — one of the highest rates in the sector among public players.
The key driver of growth was the aggressive expansion of computing power. Bitdeer's own hash rate increased by nearly 420% over the year — from 13.6 EH/s to 70.2 EH/s. This dynamic indicates the active deployment of new ASIC units and, likely, the commissioning of additional data centers optimized for energy-efficient equipment models.
Treasury Reserves: Paradoxical Dynamics
Despite record mining output, the company's Bitcoin treasury volume paints a different picture. In May, Bitdeer increased its reserves by 98 BTC, bringing them to 171 BTC. However, a year ago, this figure stood at 1,351 BTC. This apparent discrepancy is explained by the liquidity management strategy: a significant portion of the mined coins is apparently directed towards covering operating expenses, repaying debt obligations, or financing capital expenditures for capacity expansion.
My analysis: Such a sharp reduction in treasury reserves amid explosive mining growth signals that Bitdeer is betting not on accumulation, but on reinvestment. In the context of the halving and growing competition for energy resources, this could be a justified strategy aimed at maintaining market share. However, investors should closely monitor how quickly the company can convert hash rate growth into net profit and reserve recovery.