Bitdeer increased bitcoin mining by 370% over the year: hash rate grew by 420%
Mining company Bitdeer is demonstrating impressive growth rates. In May of this year, the volume of mined bitcoin reached 921 BTC, a 370% increase compared to May of the previous year, when only 196 BTC were mined. This leap indicates a large-scale expansion of the company's operational capacity.
The key driver of this growth was a significant increase in its own hash rate. Over the year, this metric surged by nearly 420% — from 13.6 EH/s to 70.2 EH/s. Such dynamics point to Bitdeer's aggressive strategy of deploying new equipment and bringing additional computing power online, which is a critical factor amid growing competition in the bitcoin network.
Interestingly, despite record mining output, the company reduced the size of its bitcoin treasury. In May, Bitdeer increased its reserves by only 98 BTC, bringing them to 171 BTC. For comparison, a year ago this figure stood at 1,351 BTC. This discrepancy suggests that the firm is actively selling mined coins to finance further expansion or cover operating expenses, rather than accumulating them in anticipation of a price increase.
Analytical Commentary
From my perspective, Bitdeer's strategy is a clear example of betting on scale: the company is sacrificing short-term bitcoin accumulation for aggressive market share growth. If the hash rate continues to rise at this pace, Bitdeer could become one of the largest public miners, but investors should closely monitor the level of debt burden and the efficiency of new capacity.