Bitdeer surges: Bitcoin mining up 370% year-over-year — what's behind this leap?
May 2024 was a landmark month for Bitdeer — the company managed to mine 921 BTC, which is 4.7 times higher than the result for the same period last year (196 BTC). This represents a 370% increase, and such figures indicate a major restructuring of the miner's operational model.
The key driver is the explosive growth of its own hash rate. Over the year, it increased by almost 420%: from 13.6 EH/s to 70.2 EH/s. This dynamic points to a large-scale deployment of new equipment and, likely, optimization of power supply. Bitdeer is clearly betting on increasing its share in the network, despite the increased mining difficulty after the halving.
Interestingly, the company increased its Bitcoin treasury in May by only 98 BTC — to 171 BTC. A year ago, this figure stood at 1,351 BTC. The sharp reduction in balance sheet holdings suggests that Bitdeer has shifted to an aggressive strategy of selling mined coins, possibly to finance capacity expansion. This is a reasonable move in an environment of high competition and the need to recoup capital expenditures.
My analysis: what this means for the market
A 370% increase in mining output combined with a simultaneous decline in treasury holdings is a classic signal of a transition into an active reinvestment phase. Bitdeer is not hoarding Bitcoin but is using the current market conditions to scale up. If the hash rate continues to grow at this pace, the company could enter the top 5 public miners by network share. However, investors should monitor the debt load level — such growth rates require significant capital infusions.