Bitdeer increased bitcoin mining by 370% year-over-year: record hash rate and treasury growth
May 2024 was a landmark month for the mining company Bitdeer: the volume of mined coins reached 921 BTC, a 370% increase compared to May 2023, when only 196 BTC were obtained. This surge is driven by an aggressive expansion of computing power.
Hashrate increased by almost 420%
The company's own hashrate for the reporting period rose from 13.6 EH/s to 70.2 EH/s — an increase of nearly 420%. This was made possible by launching new data centers and optimizing the ASIC equipment fleet. Bitdeer continues to expand its presence in key jurisdictions, including the US and Norway, allowing it to diversify risks and reduce mining costs.
Treasury: decline amid growth
Despite the explosive growth in mining, Bitdeer's Bitcoin treasury increased by only 98 BTC in May, reaching 171 BTC. For comparison, a year ago this figure stood at 1,351 BTC. This trend is explained by the active sale of part of the mined coins to finance operating expenses and capital investments. The company is clearly betting on scaling rather than accumulation.
Expert opinion: A 420% increase in hashrate with "only" a 370% increase in mining output indicates a decline in capacity utilization efficiency — possibly due to rising network difficulty or suboptimal load distribution. However, for a public company, this strategy is justified: investors value scale, not short-term reserves. If Bitdeer maintains its pace, it could enter the top 5 public miners by hashrate by the end of the year.