Mining giant Bitdeer increased bitcoin production by 370% over the year — hashrate surged by 420%
Bitdeer has demonstrated impressive results for May, increasing its Bitcoin mining output by 370% compared to the same period last year. In the reporting month, the company's miners extracted 921 BTC, whereas a year earlier this figure was only 196 BTC. This surge indicates a large-scale equipment upgrade and an aggressive capacity expansion strategy.
Key indicators for May:
Bitdeer's proprietary hash rate increased by nearly 420% year-over-year — from 13.6 EH/s to 70.2 EH/s. This was made possible by deploying new-generation ASIC miners and optimizing power supply for data centers. Notably, the company is not only ramping up mining but also actively managing its Bitcoin treasury: reserves grew by 98 BTC in May, reaching 171 BTC.
However, it is worth noting that a year ago, Bitdeer's treasury stood at 1,351 BTC. The reduction in reserves by more than seven times suggests that the company is likely selling part of its mined cryptocurrency to fund operating expenses and infrastructure investments. This is a common practice for public mining firms seeking to balance asset accumulation with liquidity provision.
Analysis and outlook
A 420% increase in hash rate alongside a "mere" 370% rise in mining output may indicate that some of the new capacity was directed toward maintaining the network amid growing mining difficulty, rather than directly competing for blocks. In any case, Bitdeer is confidently emerging as one of the industry leaders in terms of expansion pace.
My comment: If the company continues to sustain its current hash rate growth rate, it could enter the top three largest public miners by share of global Bitcoin hash rate by year-end. However, investors should closely monitor treasury dynamics — overly aggressive selling of mined coins could signal cash flow issues, despite impressive production metrics.