Bitdeer's Bitcoin mining output jumped nearly fivefold in the second quarter, but the company ended the period holding just 150 BTC after liquidating its treasury earlier this year. The miner produced 2,694 BTC in Q2, a sharp increase from the prior quarter, yet its balance sheet shows a deliberate shift toward selling what it digs up.
The Q2 production spike
Bitdeer mined 2,694 BTC in the three months ending June 30, up nearly fivefold from the previous quarter. That's a big jump, and it points to expanded capacity or better efficiency. The company didn't break down the drivers, but the numbers speak for themselves.
A thin treasury
The more striking number is the 150 BTC left on the books at quarter's end. That's a fraction of what the company produced in a single quarter. Bitdeer said earlier this year it had liquidated its treasury, and the Q2 balance sheet confirms it: nearly every coin mined is being sold.
A deliberate sell-off
Miners have a choice: hold Bitcoin as a reserve asset or sell it to cover costs. Bitdeer is clearly in the sell camp. With 150 BTC on hand, the company is running a lean operation, converting production into cash rather than building a stack. That's a notable stance for a publicly traded miner, especially one that just ramped up output.
The next quarterly report will show whether Bitdeer keeps selling at this pace or starts rebuilding its holdings.
