Bitdeer has mined 921 BTC, but the small reserve raises the main question
Bitdeer mined 921 BTC in May 2025, but the actual reserve of coins on the company’s balance sheet turned out to be lower than market expectations - this casts doubt on the strategy of holding Bitcoin by large public miners. For participantsPOOL BTC calculatorand private miners, this is an important signal: the volume of production in itself does not guarantee the accumulation of assets.
Short:Bitdeer showed strong operating results (921 BTC for the month), but its Bitcoin reserves remain modest compared to competitors. The parallel development of the AI cloud reduces the pressure on the sale of coins, but does not yet change the overall picture. For small and medium-sized miners, this is a reminder: a holding strategy (HODL) requires a separate financial plan.
How much BTC has Bitdeer mined and why is the reserve more important than mining?
In May 2025, Bitdeer reported mining 921 BTC, a solid figure for a public miner in the post-halving era. However, CryptoSlate analysts drew attention to something else: the company’s accumulated reserve of coins remains relatively small compared to players such as Marathon Digital or Riot Platforms. This means that a significant portion of mined coins are promptly sold to cover operating costs.
Why is this important for the market? Miners who hold Bitcoin create what is called a “supply shortage” in the spot market - this props up the price. Miners who sell immediately, on the contrary, create constant pressure. Bitdeer is trying to compensate for this by diversifying into AI cloud services, which theoretically reduces the need for flash sales of BTC.
| Company | BTC Mined (May) | BTC reserve (balance) | Coef. retention | Add. business |
|---|---|---|---|---|
| Bitdeer | 921 | ~400-500 | ~45% | AI cloud |
| Marathon Digital | ~705 | ~17 000+ | ~95%+ | No |
| Riot Platforms | ~500-600 | ~9 000+ | ~80%+ | Energy |
| CleanSpark | ~700+ | ~800-1,000 | ~60% | No |
Sources: public company reports, CryptoSlate, analyst estimates. The data is indicative.
How is Bitdeer's AI cloud changing the economics of Bitcoin sales?
Bitdeer is actively developing the direction of AI cloud computing - this is a strategic move that allows it to generate dollar revenue without selling BTC. The logic is simple: if operating costs (electricity, salaries, maintenance) are covered by AI services, then the mined Bitcoin can be held longer.
The advantages of this model are obvious: reduced selling pressure, diversification of income, resistance to BTC volatility. But there are also disadvantages. Firstly, the AI direction requires serious capital investments in GPU infrastructure, which diverts resources from increasing the hashrate. Secondly, the results of BTC holding in May 2025 show that the transition is not yet complete - coins are still being sold more actively than competing HODL miners.
For private miners working through a pool like POOL BTC, the situation with Bitdeer is a good reason to think about their own strategy. For more information on how to calculate real profitability taking into account coin retention, read our materialhow to calculate mining profitability after halving.
What does this mean for the average miner and pool?
The Bitdeer story demonstrates a structural problem: mining volume and savings volume are two different metrics. A public miner with a hashrate of tens of EH/s can hold less BTC than a private investor with several ASIC machines, if he has the right strategy.
Practical conclusion for POOL BTC participants: when working through a pool, it is important to determine in advance what percentage of the reward you fix in fiat and what percentage you leave in BTC. You can withdraw your earned coins and immediately exchange some of them throughcrypto cards POOL BTCis a convenient tool for flexible payment management without completely selling reserves. Read also about reserve management strategies for small miners in the articleHODL strategies for miners: when to sell and when to hold.
Alternatives
Bitdeer's strategy is not the only model for a miner who wants to avoid selling all of his Bitcoin at once. Here are three viable alternatives:
- Full HODL (Marathon style):hold almost all of the BTC mined, covering costs through coin-secured lending or raising external capital. Plus - maximum exposure to BTC growth. The downside is the high liquidity risk in a prolonged bear market.
- Partial sale (50/50):sell exactly as much as is needed for operating expenses, and keep the rest. This is the most realistic strategy for a small to medium miner - it balances stability and accumulation.
- Diversification through AI/HPC (Bitdeer style):build a parallel business based on the same infrastructure. This reduces the dependence on the sale of BTC, but requires significant investment and expertise, which makes the model inaccessible to private miners.
Frequently asked questions
Why is a miner’s BTC reserve more important than the volume of production?
The reserve shows how much a company believes in the long-term growth of Bitcoin and how financially stable it is without selling coins. High mining volume with low reserves means that the miner is essentially acting as a “BTC pipeline” rather than a long-term holder of the asset. For the market, this creates constant pressure on price.
What is a “retention rate” and how is it calculated?
This is the ratio of the accumulated BTC reserve to the total production volume for the period. For example, if a miner mined 1,000 BTC in a year and his balance grew by 600 BTC, the retention rate is 60%. The higher the indicator, the more aggressive the accumulation strategy. For Marathon, this figure historically exceeds 90%, for Bitdeer, according to May data, about 45%.
How does AI direction affect a miner's Bitcoin strategy?
The AI cloud generates dollar revenue regardless of the BTC price. This allows the company to avoid selling coins to pay electricity bills or salaries. However, the transition to AI requires large investments in GPUs and networks, which temporarily increases costs - so the effect does not appear immediately. Bitdeer is in the middle of this transition.
Should a private miner copy the strategy of large public companies?
Not directly. Public companies have access to capital markets, credit, and can afford liquidity risks that a private miner cannot. For a participant in a pool like POOL BTC, the optimal strategy for partial retention is to sell a fixed percentage for operational needs and accumulate the rest in a cold wallet.
How to choose a pool if the flexibility of BTC withdrawal is important?
It is important to look at the frequency of payments, the minimum withdrawal threshold and the availability of conversion tools. POOL BTC offers flexible withdrawal settings and access to