Bitdeer increased bitcoin mining by 370% over the year: hash rate surged by 420%
Mining company Bitdeer is demonstrating impressive growth rates. In May 2024, the firm mined 921 BTC, a 370% increase compared to the same period last year, when the mining volume was only 196 BTC. This surge was made possible by a massive expansion of computing power.
Growth in Hashrate and Treasury
Bitdeer's own hashrate increased by nearly 420% over the year — from 13.6 EH/s to 70.2 EH/s. This indicates an aggressive strategy of scaling infrastructure and upgrading equipment, which is especially important amid growing competition in the sector after the halving. Notably, the company is simultaneously increasing its bitcoin reserves: in May, the treasury volume grew by 98 BTC, reaching 171 BTC. However, it is worth noting that a year ago this figure was significantly higher — 1,351 BTC, pointing to active sales of some mined coins to fund expansion.
From my perspective, such hashrate growth rates are among the highest in the industry. Bitdeer is clearly betting on long-term leadership by investing in equipment and energy efficiency. However, the decline in treasury compared to last year may indicate that the company prefers to convert some of its mined assets into fiat for reinvestment, which is a reasonable strategy in current market conditions.