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Mining 2,694 BTC in one quarter is strong, but production growth should never be confused with profit growth. ⛏️📊 Bitdeer reportedly mined nearly five times more Bitcoin than a year earlier while revenue increased 47% to $228.8 million. That tells me its expanded hashrate is working. The remaining question is what each Bitcoin cost to produce. Electricity, network difficulty, machine efficiency and infrastructure spending decide whether higher output creates real margin or only larger revenue. For miners, the best metric is not simply BTC mined. It is how much cash remains after producing it and how much BTC must be sold to keep expansion running. $BTC #CPIToResetFedBets #AIMemorySelloffEases #BTCETHETFInflowsReturn