Bitdeer recorded explosive growth in Bitcoin mining: +370% year-over-year
May 2024 was a landmark month for Bitdeer. According to my calculations, based on the company's operational data, the volume of mined coins reached 921 BTC. For comparison, in May 2023, this figure was only 196 BTC. Thus, we are witnessing a colossal increase of 370%.
The key driver of this growth is the exponential increase in its own hashrate. Over the year, Bitdeer's computing power increased by almost 420%: from 13.6 EH/s to 70.2 EH/s. This indicates massive investments in equipment and infrastructure, which, under current market conditions, is an extremely aggressive strategy.
However, it is worth paying attention to the dynamics of the company's bitcoin treasury. Despite record mining, the volume of BTC reserves is declining. In May, Bitdeer added only 98 coins to its treasury, bringing the total stock to 171 BTC. A year ago, this figure was 1,351 BTC. This discrepancy indicates that the company is actively selling its mined assets, likely to finance operating expenses and further capacity expansion.
Expert Analytical Commentary
From my point of view, Bitdeer's strategy is a bet on scale. Increasing the hashrate by 420% while simultaneously selling most of the mined coins is a risky but potentially high-yield path. If the price of bitcoin continues to rise, the company will be in a winning position with enormous capacity. However, in the event of a prolonged bearish trend, such aggressive expansion could lead to serious financial strain. The mining market is entering a phase of consolidation, and Bitdeer clearly intends to secure one of the leading positions within it.