Bitcoin mining giant Bitdeer increased its bitcoin production by 370% year-over-year: hash rate surged by 420%
Bitdeer, one of the leading players in the cryptocurrency mining sector, reported impressive operational results for May. According to my calculations based on the provided data, the volume of mined coins reached 921 BTC, which is 4.7 times higher than the year-ago figure of 196 BTC. This 370% growth is not just a statistic but a direct reflection of an aggressive strategy to scale computing power.
The company's proprietary hash rate over the same period increased by nearly 420%: from 13.6 EH/s to 70.2 EH/s. This means Bitdeer is not merely upgrading equipment but actively increasing its share of the global Bitcoin network, outpacing the industry's average growth rate. Such a leap was likely made possible by the launch of new data centers and optimization of ASIC miner supply logistics.
Treasury and Market Dynamics
Despite the surge in mining output, the company's Bitcoin treasury volume decreased year-over-year: from 1,351 BTC in May 2023 to 171 BTC at the end of May 2024. However, over the past month, Bitdeer increased its reserve by 98 BTC, indicating a shift to an accumulation strategy after a period of active sales. In the current market cycle, with Bitcoin trading above $60,000, holding mined coins may be more advantageous than immediate liquidation.
From my perspective, the key signal here is not so much the absolute numbers as the growth rate of the hash rate. If Bitdeer maintains its current momentum, the company could enter the top three largest public miners by network share by the end of the year. However, investors should consider that aggressive expansion requires significant capital expenditures, which could impact business margins in the short term.