Bitdeer, one of the leading Bitcoin mining companies, reported a significant increase in Bitcoin mined in May. This is a positive sign that the mining industry is gradually recovering after a difficult period.
Specifically, Bitdeer mined 196 $BTC in May, an increase of over 18% compared to April. This is the latest monthly increase recorded by a publicly listed mining company, amid the industry gradually overcoming challenges posed by falling Bitcoin prices and increasing mining difficulty.
#Bitdeer (ticker BTDR on Nasdaq) reported on Wednesday that it has also increased its hashrate to 13.6 exahash per second (EH/s) from last month's 12.4 EH/s, thanks to the addition of new mining machines. Exahash is a unit of measurement for computational power in cryptocurrency mining.
Data from Farside Investors shows that four other leading Bitcoin mining companies – CleanSpark, MARA, Riot Platforms, and HIVE – also mined more BTC in May compared to April. Data from the other five mining companies is currently unavailable.
The Bitcoin mining industry has become more challenging this year. Increased competition for smaller rewards, while the price of digital assets has fallen, has made mining operations struggle to cover costs. Following last year's halving event, the reward for miners to verify transactions on the blockchain has decreased from 6.25 Bitcoin to 3.215 Bitcoin, equivalent to about $340,000 at current prices.
Top miners have been forced to sell more coins than usual to maintain operations. In April, the price of Bitcoin dropped below $75,000 each, down more than 20% over the course of a month due to President Trump's tariff announcements shaking the global market.
However, the surge in the price of the leading cryptocurrency may be helping. Bitcoin broke a new price record in May, reaching $111,814, and is now less than 3% away from that high, according to CoinGecko data.
Mining operations are typically large warehouses filled with specialized computers racing to add blocks to the cryptocurrency's blockchain. The blocks are added to Bitcoin's transaction ledger, and miners are rewarded with newly created digital coins based on their speed. However, this industry requires a lot of equipment and energy, and the chances of success are low.
Miners are distributed around the world, but the United States has the highest global hashrate. President Trump campaigned with a commitment to support this industry and expressed a desire for all future BTC to be mined in the United States.