Bitdeer increased bitcoin mining by 370% year-over-year: hashrate grew nearly fivefold
Mining company Bitdeer demonstrated impressive growth in operational metrics in May 2024. During the month, the firm mined 921 BTC, a 370% increase compared to May 2023, when only 196 coins were produced. This surge was made possible by aggressive expansion of computing power.
Hashrate Soared by 420%
Bitdeer's own hashrate increased by nearly 420% over the year — from 13.6 EH/s to 70.2 EH/s. This indicates a large-scale modernization of equipment and the commissioning of new data centers. The company is clearly betting on increasing its market share, despite the growing complexity of the Bitcoin network and competition from large pools.
Treasury Shrinks but Is Replenished
Despite record mining output, Bitdeer's Bitcoin treasury grew by only 98 BTC — to 171 BTC by the end of May. For comparison, a year ago this figure stood at 1,351 BTC. This discrepancy is explained by active sales of mined coins: the company is likely locking in profits amid high prices or reinvesting funds into infrastructure expansion.
The reduction in reserves from 1,351 to 171 BTC over 12 months signals that Bitdeer has shifted from a strategy of accumulation to more aggressive monetization of mining output. This is typical for miners seeking to maximize income in the face of halving and rising operational costs.
Analytical Conclusion
A 370% increase in mining output with a 420% rise in hashrate — nearly perfect correlation, indicating efficient capacity management. However, an eightfold drop in treasury over the year is concerning: if Bitdeer does not build up reserves in the coming quarters, it could signal a lack of free capital to cover debts or invest in the next generation of ASIC miners. The market should closely monitor the company's reporting after the 2024 halving.