Bitdeer increased Bitcoin mining by 370% over the year: hash rate surged by 420%
Mining company Bitdeer is demonstrating impressive dynamics: in May of this year, the volume of Bitcoin mined reached 921 BTC, compared to just 196 BTC a year earlier. Thus, growth over 12 months exceeded 370% — one of the highest growth rates among public miners.
The key driver of this surge was a massive increase in computing power. The company's proprietary hash rate grew by nearly 420% — from 13.6 EH/s to 70.2 EH/s. Such expansion indicates an active phase of investment in equipment and data center expansion, allowing Bitdeer to confidently increase its market share.
Notably, despite record mining output, the company reduced its Bitcoin treasury. In May, it grew by only 98 BTC, reaching 171 BTC. For comparison, a year ago, reserves stood at 1,351 BTC. This suggests that Bitdeer is likely actively selling mined coins to fund operational expenses and capital expenditures, a standard practice for fast-growing mining firms in a highly competitive environment.
Analytical commentary: A 420% increase in hash rate with "only" a 370% increase in mining output indicates that the company faced rising Bitcoin network difficulty, which partially offset the power gains. Nevertheless, such scaling rates place Bitdeer among industry leaders, and if the company can maintain its current momentum, it has every chance of entering the top three public miners by mining volume in the coming quarters. However, the sharp reduction in the treasury requires close attention — it could signal either high operational costs or a strategic decision to lock in profits at current Bitcoin price levels.