Bitdeer demonstrates explosive growth: Bitcoin mining increased by 370% year-over-year
Mining company Bitdeer reported outstanding operational results for May of this year. The volume of mined bitcoins reached 921 BTC, a 370% increase compared to the same period last year, when the company extracted only 196 coins.
The key driver of this growth was a massive expansion of computing power. Bitdeer's proprietary hash rate increased by nearly 420% — from 13.6 EH/s in May 2023 to an impressive 70.2 EH/s in May 2024. This indicates an aggressive strategy for scaling infrastructure and efficient management of the equipment fleet amid growing competition in the sector.
The dynamics of the company's bitcoin treasury are noteworthy. In May, Bitdeer added 98 BTC to its reserves, bringing the total to 171 BTC. However, it is worth noting that a year ago this figure stood at 1,351 BTC. The reduction in the treasury is likely linked to active sales of some mined coins to fund operational expenses and capital investments in capacity expansion.
Analytical commentary: A 420% increase in hash rate with "only" a 370% rise in mining output suggests that some of the new capacity may have been allocated to less efficient contracts or faced temporary technical constraints. Nevertheless, for investors, this is a positive signal: Bitdeer is clearly betting on long-term leadership by increasing its share of the global hash rate. However, the sharp decline in bitcoin reserves is concerning — the company must choose between accumulating the asset and pursuing aggressive growth.