Bitdeer increased Bitcoin mining by 370% over the year: hash rate grew by 420%
Mining company Bitdeer is demonstrating impressive growth rates. In May of this year, the firm mined 921 BTC, a 370% increase compared to the same period last year when only 196 BTC were extracted. This production surge was made possible by an aggressive expansion of computing power.
Hashrate and Treasury Growth
Bitdeer's proprietary hashrate has increased by nearly 420% over the past 12 months — from 13.6 EH/s to 70.2 EH/s. This is one of the highest rates among public mining companies, indicating a large-scale investment program and efficient equipment management.
Notably, despite the significant increase in mining output, the company has reduced its Bitcoin treasury. In May, reserves grew by 98 BTC, reaching 171 BTC. However, a year ago, this figure stood at 1,351 BTC. This decline is likely due to active sales of mined coins to finance operational expenses and infrastructure expansion.
Analytical Perspective
The 370% growth in mining is not just a statistic but a reflection of Bitdeer's strategic shift towards more efficient ASIC miners and energy cost optimization. However, the reduction in treasury amidst hashrate growth is concerning: the company appears to prefer locking in profits amid market volatility rather than accumulating assets. In the long term, this approach could limit capitalization growth potential if Bitcoin continues to appreciate.