Bitdeer recorded explosive growth in Bitcoin mining: +370% year-over-year
May 2024 was a landmark month for mining company Bitdeer: the volume of mined coins reached 921 BTC, which is 4.7 times higher than the figure from a year ago (196 BTC). This surge of 370% indicates a massive expansion of the company's operational capacity.
Hashrate and Treasury Reserves
The company's proprietary hashrate grew by almost 420% over the year, from 13.6 EH/s to an impressive 70.2 EH/s. However, despite the aggressive increase in mining output, Bitdeer continues to reduce its bitcoin reserves. In May, the treasury added only 98 BTC, reaching 171 BTC. For comparison, a year ago this figure was 1,351 BTC. This trend points to active selling of mined coins to finance operational expenses or investments in equipment.
My Analysis
A 420% increase in hashrate combined with a decline in treasury reserves is a classic signal of an aggressive "mine and sell" strategy. Bitdeer is clearly betting on scaling up, sacrificing short-term asset accumulation. In the context of intensifying competition in mining and the approaching halving, this approach may be justified: the company aims to capture market share while it is still possible. However, investors should closely monitor how long Bitdeer can sustain such a pace without significant pressure on margins.