Bitdeer increased bitcoin mining by 370% year-over-year: hash rate surged by 420%
Mining giant Bitdeer demonstrates impressive momentum: in May, the company mined 921 BTC, a 370% increase from the year-ago figure of 196 BTC. This surge was made possible by aggressive expansion of computing power.
Bitdeer's proprietary hash rate grew by nearly 420% over the reporting period, from 13.6 EH/s to 70.2 EH/s. This indicates massive investments in equipment and infrastructure, allowing the company to compete confidently amid the growing difficulty of the Bitcoin network.
Simultaneously, Bitdeer increased its Bitcoin treasury: the May increase amounted to 98 BTC, bringing the total reserve to 171 BTC. However, it is worth noting that a year ago this figure was significantly higher at 1,351 BTC. The decline in reserves is likely due to active sales of some mined coins to finance operating expenses and capacity expansion.
Analytical Commentary
From a market strategy perspective, Bitdeer has chosen a path of maximum capital intensity, sacrificing short-term reserve accumulation for long-term market share growth. If the company continues to maintain its hash rate expansion pace, it could enter the top three largest public miners by year-end. However, investors should closely monitor its treasury dynamics: a sharp reduction in BTC reserves amid rising production may signal increased dependence on the market price of the leading cryptocurrency.