Bitdeer recorded explosive growth in Bitcoin mining: +370% year-over-year
Mining company Bitdeer demonstrated impressive results for May: the volume of mined Bitcoin amounted to 921 BTC, which is 4.7 times higher than the figure from a year ago of 196 BTC. Thus, the annual growth reached 370%.
The key driver of this growth was the rapid expansion of its own computing power. Over the past 12 months, the company's hashrate increased by almost 420% — from 13.6 EH/s to 70.2 EH/s. This indicates a large-scale program of infrastructure expansion and renewal of the ASIC miner fleet.
However, Bitdeer's reserve management strategy has undergone noticeable changes. In May, the company added 98 BTC to its Bitcoin treasury, bringing it to 171 BTC. For comparison: a year ago, the firm's balance sheet held 1,351 BTC. This sharp reduction in the treasury (by 87%) suggests that Bitdeer is actively selling the mined cryptocurrency on the market, likely to cover operating expenses or finance capital expenditures for capacity expansion.
Expert Analysis
From my perspective, such dynamics are typical for companies in an aggressive growth phase. Bitdeer is sacrificing short-term Bitcoin accumulation for long-term market share growth. The nearly 420% increase in hashrate is not just about purchasing new equipment, but rather, most likely, the commissioning of entire data centers. If the company can maintain this pace of capacity growth, it risks becoming one of the dominant players in the industry, especially ahead of the halving. However, investors should closely monitor how Bitdeer manages its debt and cash flows amid such large-scale expansion.