Bitdeer increased Bitcoin mining by 370% over the year: hash rate surged by nearly 420%
Mining company Bitdeer is demonstrating impressive growth rates: in May, the volume of mined bitcoins amounted to 921 BTC, compared to just 196 BTC a year earlier. Thus, growth over 12 months reached 370%.
The key driver of this dynamic was a large-scale expansion of computing power. The company's own hash rate over the same period grew by almost 420% — from 13.6 EH/s to 70.2 EH/s. This indicates that Bitdeer is actively expanding its fleet of ASIC equipment and is likely using modern, highly efficient models, allowing it to remain competitive amid rising mining difficulty.
Notably, despite the aggressive increase in production, the company reduced its bitcoin treasury. In May, it increased by 98 BTC, reaching 171 BTC, whereas a year earlier this figure stood at 1,351 BTC. This decline in reserves may be due to sales of some mined coins to finance operational activities or capital expenditures for capacity expansion. This is standard practice for public miners, especially during a period of active growth.
Analytical Commentary
A 420% increase in hash rate with "only" a 370% increase in production suggests that some of the new capacity may have been directed to less efficient areas, or that the company faced a temporary rise in network difficulty. Nevertheless, Bitdeer's current figures confirm that the company is betting on long-term scaling rather than short-term profit maximization. In the context of the 2024 halving, such an approach may prove justified, but it carries risks associated with high volatility in bitcoin prices and electricity costs.