Bitdeer increased bitcoin mining by 370% year-over-year: hash rate propelled the company into a new class
Mining company Bitdeer is showing impressive dynamics: in May 2024, its bitcoin mining volume reached 921 BTC, a 370% increase compared to May 2023, when only 196 BTC were mined. This surge was made possible by an aggressive expansion of computing power.
Hashrate Growth as the Main Driver
Bitdeer's own hashrate increased by nearly 420% over this period, from 13.6 EH/s to 70.2 EH/s. This indicates that the company is not just expanding its fleet of ASIC miners but is also actively commissioning new data centers and optimizing power supply. Such a sharp increase in capacity allows Bitdeer to confidently compete with major public miners like Marathon Digital or Riot Platforms.
Interestingly, despite such a significant increase in mining output, the company's bitcoin treasury grew by only 98 BTC in May, reaching 171 BTC. A year ago, this figure stood at 1,351 BTC. This discrepancy is explained by the sales strategy: Bitdeer is likely selling most of its mined coins to cover operating expenses and fund expansion, rather than accumulating reserves.
Analytical Conclusion
Bitdeer's dynamics are a vivid example of how scaling hashrate directly transforms production metrics. A 370% increase in a year is not a coincidence but the result of systematic work on infrastructure. However, the decline in treasury reserves amid record mining suggests that the company is betting on active monetization and reinvestment, rather than holding bitcoin in anticipation of price increases. In the context of the 2024 halving, this approach may prove more rational than passive accumulation.