Bitdeer increased bitcoin mining by 370% over the year: hash rate surged by 420%
Mining company Bitdeer has demonstrated impressive growth in operational metrics. In May of this year, the firm mined 921 BTC, a 370% increase compared to the same period last year, when only 196 BTC were extracted. This production surge is directly linked to an aggressive expansion of computing power.
Bitdeer's own hash rate increased by nearly 420% year-over-year, from 13.6 EH/s to 70.2 EH/s. This indicates a large-scale modernization of equipment and the commissioning of new capacity, likely through the deployment of modern ASIC miners and the expansion of data centers. This dynamic places the company alongside the largest public mining players.
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 discrepancy is explained by the active sale of mined coins to finance capital expenditures for infrastructure expansion—a typical strategy during a phase of rapid growth.
Analytical commentary: A 420% increase in hash rate with "only" a 370% increase in mining output suggests that some of the new capacity may have been directed to less efficient or introductory pools, or the company faced a temporary rise in network difficulty. Nevertheless, Bitdeer's current pace of expansion is impressive, and if the company maintains it, it could enter the top three among public firms in mining output within the coming quarters. However, investors should note the sharp reduction in the treasury—this signals a high level of reinvestment, which increases risks in the event of a sharp drop in bitcoin's price.