Bitdeer Soars: 370% Increase in Bitcoin Mining and 420% Growth in Hashrate Over the Year
May 2024 became a landmark month for the mining giant Bitdeer. The company demonstrated impressive figures: the volume of mined coins reached 921 BTC, a 370% increase compared to May 2023, when only 196 BTC were mined. This is not just statistics — it is a demonstration of an aggressive scaling strategy.
The key driver of this leap is the explosive growth of its own hashrate. Over the year, Bitdeer increased it by nearly 420%: from 13.6 EH/s to 70.2 EH/s. Such exponential dynamics indicate massive investments in equipment and infrastructure, including the deployment of new capacities at sites in the US and other jurisdictions. Amid the approaching halving and rising network difficulty, such a pace provides a serious competitive advantage.
However, the dynamics of the bitcoin treasury are also noteworthy. Despite record mining, the company increased its reserves by only 98 BTC in May, bringing them to 171 BTC. For comparison: a year ago, the balance sheet showed 1,351 BTC. This discrepancy hints at active sales of mined coins to finance operational expenses or capital expenditures. Bitdeer, apparently, prefers to convert mining output into fiat or stablecoins, rather than betting on long-term holding.
My analysis: A 370% increase in mining output against a 420% increase in hashrate indicates that Bitdeer is not just scaling volumes but also optimizing efficiency. Nevertheless, reducing the treasury to a symbolic 171 BTC is a signal of caution. The company is clearly hedging against volatility risks, which looks rational in the current macroeconomic environment, but reduces the potential for speculative growth of its shares in the event of a bitcoin rally.