Bitdeer demonstrates explosive growth: bitcoin mining increased by 370% year-over-year
May 2024 became a landmark month for the mining company Bitdeer. According to my analysis of operational data, the firm mined 921 BTC, a 370% increase compared to May of last year, when only 196 BTC were mined. This surge is not a coincidence, but the result of an aggressive capacity scaling strategy.
Hashrate and Treasury: A Double Leap
The company's proprietary hashrate grew by almost 420% over the year — from 13.6 EH/s to an impressive 70.2 EH/s. This directly indicates the successful deployment of new equipment and optimization of data centers. However, it is interesting that Bitdeer's bitcoin treasury increased by only 98 BTC in May, reaching 171 BTC. For comparison, a year ago the reserve stood at 1351 BTC. This dynamic suggests that the company is likely selling most of its mined coins to fund operational expenses and expansion investments, rather than accumulating them.
My Perspective on the Situation
A 370% increase in mining output alongside a declining treasury is a classic sign of an active growth phase, where reinvesting profits into hashrate takes priority over building reserves. Bitdeer is clearly betting on capturing market share before the halving, which looks strategically sound, but requires the company to maintain high liquidity management efficiency. If the expansion pace continues, Bitdeer could enter the top 3 public miners by hashrate by the end of the year.