Bitdeer recorded explosive growth in bitcoin mining: a 370% annual increase.
Bitdeer mining company has demonstrated impressive performance, increasing its Bitcoin mining volume in May to 921 BTC. For comparison, during the same period last year, this figure was only 196 BTC. Thus, the year-over-year growth reached 370% — one of the highest rates among public miners in the current cycle.
The key driver of this surge was the rapid expansion of its own hashrate. Over the past 12 months, Bitdeer's capacity grew by nearly 420% — from 13.6 EH/s to 70.2 EH/s. Such expansion indicates the company's aggressive strategy of deploying new capacity and upgrading equipment, which is especially important ahead of the halving and the subsequent margin compression.
Treasury and Reserve Management Strategy
Despite the growth in mining output, the company's Bitcoin treasury volume decreased year-over-year. In May, Bitdeer increased its reserves by 98 BTC, bringing them to 171 BTC. For comparison, a year ago this figure stood at 1,351 BTC. This trend suggests that management is likely actively selling part of the mined coins to finance operational activities or new investments.
The reduction in treasury amid rising mining output is a logical step in a highly volatile market environment. Companies typically seek to convert part of their profits into fiat or other assets to mitigate risks. However, the current reserve level remains relatively modest compared to some competitors, which may indicate an increased need for liquidity.
Expert opinion: A 420% increase in hashrate alongside a 370% increase in mining output indicates high efficiency of the new capacity. However, an eightfold reduction in treasury over the year is concerning — Bitdeer may be prioritizing scaling over accumulation, which is justified in the long term but increases sensitivity to Bitcoin price fluctuations.