Bitdeer's hash rate has soared by 420%: the company has increased its bitcoin mining output nearly fivefold over the past year
Mining company Bitdeer is demonstrating impressive growth rates. In May 2024, the volume of bitcoins it mined reached 921 BTC, a 370% increase compared to the same period last year when only 196 BTC were obtained. This surge is a direct result of aggressive expansion of computing power.
The company's own hash rate has skyrocketed by nearly 420% — from 13.6 EH/s to 70.2 EH/s. This is one of the highest growth rates among public miners over the past 12 months. Bitdeer is clearly betting on scaling its infrastructure, which becomes a critical factor for survival and profitability in the context of the halving.
Treasury and Management Strategy
Despite the sharp increase in mining output, the company's bitcoin treasury has decreased. At the end of May, it amounted to 171 BTC, compared to 1,351 BTC a year earlier. Over the month, Bitdeer added only 98 BTC to its reserves. This trend indicates that the company is actively using its mined coins for operational needs, debt repayment, or financing further expansion, rather than for accumulation.
A declining treasury amid rising production is a typical strategy for companies in an active investment phase. Bitdeer appears to be reinvesting most of its profits into equipment and energy capacity, which could secure it a leading position in the sector in the long term.
My analysis: A 420% increase in hash rate with "only" a 370% increase in mining output suggests the company is facing growing network difficulty. However, such scaling rates are impressive. Bitdeer demonstrates that even after the halving, it is possible to aggressively increase market share if logistics and access to cheap energy are properly structured. The only question is whether the company can sustain this pace without diluting shareholder value.