Bitdeer increased bitcoin mining by 370% over the year: hash rate grew nearly 5 times
May 2024 became a landmark month for Bitdeer: the company demonstrated an impressive leap in production metrics. During the month, the mining giant mined 921 BTC, compared to just 196 BTC in May of the previous year. Thus, the year-over-year increase in mining output reached 370%.
The key driver of this growth was the aggressive expansion of computing power. Bitdeer's proprietary hash rate increased by nearly 420% over the past 12 months — from 13.6 EH/s in May 2023 to 70.2 EH/s in May 2024. This indicates the company's large-scale investment program in new equipment and data center expansion.
However, despite the sharp increase in mining output, Bitdeer's bitcoin treasury volume decreased. In May, the company added 98 BTC to its reserves, bringing them to 171 BTC. For comparison, a year ago this figure stood at 1,351 BTC. This trend suggests that the firm is actively selling mined coins to finance operational activities and capital expenditures, likely channeling funds toward further scaling.
Expert commentary: A 370% increase in mining output alongside a reduction in treasury is a classic signal of an aggressive growth phase. Bitdeer appears to be betting on capturing market share, sacrificing a short-term accumulation strategy. In the context of the approaching halving, such a tactic may be justified if the company manages to reach its planned capacity before the block reward is reduced.