Bitdeer demonstrates explosive growth: bitcoin mining increased by 370% year-over-year
Bitdeer mining company continues to surprise the market with its aggressive expansion. According to my calculations, based on fresh operational data, the firm mined 921 BTC in May 2024. For comparison, in May 2023, this figure was only 196 BTC. Thus, the growth in mining over the year reached an impressive 370%.
The key driver of this leap was a significant increase in the company's own hashrate. Over the specified period, it grew by almost 420% — from 13.6 EH/s to 70.2 EH/s. This indicates Bitdeer's large-scale investments in new equipment and capacity expansion, which is especially noticeable against the backdrop of the overall slowdown in the growth rate of the Bitcoin network hashrate after the halving.
The dynamics of the Bitcoin treasury are also interesting. During May, the company increased its reserves by 98 BTC, bringing them to 171 BTC. However, a year ago, this figure was at 1,351 BTC. This difference is likely explained by Bitdeer's strategic decision to sell part of the mined coins to finance further expansion or cover operating expenses, which is a reasonable step in conditions of high market volatility.
From my perspective, such growth rates in mining and hashrate place Bitdeer on par with the largest public miners. However, investors should pay attention to the reduction in the treasury: this may indicate that the company is betting on scale rather than accumulation, which requires higher Bitcoin prices to maintain profitability.