Bitdeer demonstrates explosive growth in bitcoin mining: +370% year-over-year
May 2024 became a landmark month for the mining company Bitdeer. According to my calculations based on operational data, the volume of mined coins increased by 370% year-over-year — from 196 BTC in May 2023 to 921 BTC in May 2024. This is one of the highest growth rates among public miners in the current cycle.
The driver of this growth was a massive expansion of its own hashrate. Over the year, the company increased it by nearly 420% — from 13.6 EH/s to 70.2 EH/s. This aggressive capacity expansion strategy allows Bitdeer not only to offset the effects of the halving but also to increase its market share amid growing competition.
However, despite impressive mining figures, the company's bitcoin treasury volume declined. In May 2024, Bitdeer added 98 BTC to its reserves, bringing them to 171 BTC. For comparison, a year ago this figure stood at 1,351 BTC. This trend indicates active selling of mined coins to finance operational activities and capital expenditures, which is standard practice for fast-growing mining companies.
My analysis: A 420% increase in hashrate with "only" a 370% increase in mining output confirms that part of the new capacity is being used to maintain efficiency after the halving. Bitdeer is clearly betting on scale, sacrificing short-term profits for long-term leadership. If the company maintains its expansion pace, we could see it among the top 3 public miners by hashrate by the end of 2024.