Bitdeer ramps up: Bitcoin mining surged 370% year-over-year
The mining market continues to demonstrate impressive consolidation metrics, and Bitdeer is a prime example. According to my calculations based on the latest operational data, the company mined 921 BTC in May of this year. For comparison, in May of last year, this figure was only 196 BTC. Thus, the growth in mining output over 12 months reached a colossal 370%.
The key driver of this explosive growth was the rapid increase in its own hashrate. Over the year, it grew by nearly 420% — from 13.6 EH/s to 70.2 EH/s. This indicates significant investments in equipment and infrastructure, as well as a sound strategy for deploying capacity amid growing competition.
However, not all indicators are unequivocally positive. The company increased its Bitcoin treasury by only 98 BTC in May, bringing it to 171 BTC. A year ago, this figure was 1,351 BTC. Such a substantial decline in reserves — from 1,351 to 171 BTC — suggests that Bitdeer is likely actively selling the coins it mines to fund operational activities and capital expenditures. This is standard practice for rapidly growing mining firms, especially in the context of the halving and margin compression.
My analysis: A 370% increase in mining output with a 420% increase in hashrate is a strong signal. But the sharp reduction in the treasury is concerning. Bitdeer is clearly betting on aggressive scaling, sacrificing long-term accumulation. In the current market cycle, this may be justified, but investors should closely monitor the company's debt load and its ability to generate free cash flow after the halving.