Bitdeer increased bitcoin mining by 370% year-over-year: hash rate surged by 420%
Mining company Bitdeer demonstrated impressive results for May, showing exponential growth in production capacity. During the month, the firm mined 921 BTC, which is 370% higher than the figure for the same period last year, when only 196 BTC were extracted. This surge is directly linked to aggressive infrastructure expansion.
The company's proprietary hashrate increased by almost 420% over the year — from 13.6 EH/s to 70.2 EH/s. This indicates a large-scale equipment upgrade and the commissioning of new data centers. Bitdeer appears to be betting on organic growth rather than acquiring third-party capacity, which looks like a strategically sound decision in the current market conditions.
However, despite the increase in mining output, the company's bitcoin treasury size decreased. In May, Bitdeer increased its reserves by 98 BTC, bringing them to 171 BTC. For comparison, this figure was 1,351 BTC a year ago. This trend indicates that the firm is actively selling mined coins to cover operating expenses or reinvest in development, rather than accumulating them in anticipation of a price increase.
My analysis: A 420% increase in hashrate with "only" a 370% increase in mining output may suggest that some of the new capacity was brought online at the end of the period or faced technical delays. Nevertheless, Bitdeer is confidently becoming one of the leaders in scaling rates among public miners, making its shares attractive to long-term investors, despite the current market volatility.