Mining giant Bitdeer soared: bitcoin mining grew by 370% year-over-year
Bitdeer, one of the leading players in the mining market, has demonstrated impressive growth in operational metrics. In May of this year, the volume of mined bitcoins reached 921 BTC, a 370% increase compared to the same period last year—196 BTC. This is a direct result of aggressive expansion of computing power.
Hashrate Soars by 420%
The company's own hashrate increased by nearly 420%—from 13.6 EH/s in May 2023 to 70.2 EH/s in May 2024. Such a leap indicates massive investments in equipment and infrastructure optimization. Bitdeer is clearly betting on scaling, outpacing many competitors in terms of growth rate.
Treasury: The Paradox of Reduction
An interesting point concerns the bitcoin treasury. In May, the company added 98 BTC to its reserves, bringing them to 171 BTC. However, a year ago, this figure stood at 1,351 BTC. This apparent contradiction is explained by the strategy: the firm is likely actively selling mined coins to finance capacity expansion rather than accumulating them as liabilities. This is a reasonable move given high market volatility and the need for capital expenditures.
From my expert perspective, such growth rates in hashrate and mining output signal that Bitdeer is preparing for the halving and competition for blocks. However, the reduction in treasury may indicate a tilt toward short-term liquidity. The market should monitor their reports in the second half of the year—this will show how sustainable their model is.