Bitdeer demonstrates explosive growth: Bitcoin mining increased by 370% year-over-year
Mining company Bitdeer ended May with impressive operational results. During the month, the firm mined 921 BTC, which is 4.7 times higher than the figure from a year ago — in May 2023, the mining volume was only 196 BTC. Thus, the growth amounted to 370%.
The key driver of this success was a massive increase in computing power. Bitdeer's own hash rate grew by almost 420% over the year — from 13.6 EH/s to 70.2 EH/s. This indicates that the company was actively commissioning new equipment, likely using the latest generations of ASIC miners and optimizing energy contracts.
Interestingly, despite the sharp increase in mining output, Bitdeer demonstrates a conservative approach to treasury management. In May, the company increased its Bitcoin reserves by only 98 BTC, bringing them to 171 BTC. For comparison, a year ago, the firm held 1,351 BTC on its balance sheet. This suggests that Bitdeer prefers to sell most of its mined coins on the market — likely to finance further capacity expansion or cover operating expenses.
Analytical commentary: A 420% increase in hash rate with "only" a 370% increase in mining output may indicate that some of the new capacity was brought online late in the period or that the company faced a temporary decline in efficiency. Nevertheless, such growth rates make Bitdeer one of the leaders in scaling speed among public miners. However, the sharp reduction in Bitcoin treasury compared to last year — from 1,351 to 171 BTC — hints at an aggressive sales strategy, which could be a signal to the market: the company is betting on current liquidity rather than long-term accumulation of the asset.