Bitdeer increased Bitcoin mining by 370% year-over-year: analysis of record hash rate
May 2024 became a landmark month for the public mining company Bitdeer. According to my calculations, its monthly bitcoin mining output reached 921 BTC, a 370% increase compared to May 2023, when the company mined only 196 BTC. This surge is no coincidence but the result of aggressive infrastructure scaling.
Hashrate grew by 420%
Bitdeer's proprietary hashrate increased by nearly 420% year-over-year, from 13.6 EH/s to 70.2 EH/s. This indicates that the company actively brought new capacity online, likely through the deployment of more efficient ASIC miners and the expansion of data centers. For comparison, the average industry hashrate growth rate over the same period was around 50–60%, highlighting Bitdeer's exceptional momentum.
Treasury: a paradox of reduction
Despite the increase in mining output, Bitdeer's bitcoin treasury grew by only 98 BTC in May, reaching 171 BTC. A year ago, this figure stood at 1,351 BTC. Such a sharp decline in reserves points to active selling of mined coins — likely to finance operating expenses and investments in expansion. This is a typical strategy for fast-growing miners who prioritize liquidity over accumulation in conditions of high volatility.
My expert opinion: A 370% increase in mining output alongside a 420% rise in hashrate demonstrates the high efficiency of Bitdeer's equipment, but the shrinking treasury raises questions about its long-term strategy. If the company continues to sell BTC to fund growth, it will need to find a balance between scaling and maintaining reserves. In the current halving cycle, this could become a key factor in competitiveness.