Bitdeer Technologies Group has emerged as the largest bitcoin mining company by managed hashrate, edging past longtime industry leader MARA Holdings, based on the companies’ most recent disclosures.
As of the end of December, Bitdeer reported a total hash rate under management of 71 exahashes per second (EH/s). This figure combines 55.2 EH/s from the company’s own self-mining operations with additional capacity from hosted mining rigs. By comparison, MARA lists an energized hashrate capacity of 61.7 EH/s on its website.
For much of the past two years, MARA held the top spot among publicly traded bitcoin miners by self-mining power. From mid-2023 onward, the company rapidly expanded its computing capacity, climbing from under 20 EH/s to more than 60 EH/s by September 2025. That growth cemented MARA’s reputation as the sector’s dominant player, making Bitdeer’s latest figures a notable shift in the competitive landscape.
That said, direct comparisons between the two companies are not entirely straightforward. Bitdeer’s “hash rate under management” includes both owned and hosted infrastructure, while MARA reports “energized hashrate,” a metric focused on operational mining capacity. The differing definitions mean the headline numbers may not reflect an exact like-for-like comparison.
Technology and expansion strategies diverge
Bitdeer’s growth has been driven in part by its proprietary SEALMINER chips. According to its Q4 2025 earnings report, the company has deployed more than 1,100 chips, with 538 operating under external subscription agreements that generate an annualized run rate of roughly $10 million. The firm mined 636 bitcoins in December 2025, a sharp increase from 145 bitcoins mined in the same month a year earlier.
Recent verification tests of Bitdeer’s SEAL04-1 chip showed power efficiency of approximately 6 to 7 joules per terahash (J/TH) at the chip level under low-voltage conditions. MARA, meanwhile, reports an overall fleet energy efficiency of about 19 J/TH, though industry observers caution that chip-level and fleet-wide figures measure different aspects of performance.
$BTDR becomes world's largest Bitcoin miner, leapfrogging $MARA.
— matthew sigel, recovering CFA (@matthew_sigel) January 13, 2026
Bitdeer reported 71 EH/s capacity as of end December (~6% of global hash rate), +18% m/m, +229% y/y.
Like other miners, they are actively selling everything they mine (and more) to fund the AI pivot. pic.twitter.com/FZSieHqyiA
Beyond bitcoin mining, Bitdeer is expanding aggressively into artificial intelligence and high-performance computing (HPC). The Singapore-based company is developing infrastructure projects across at least eight locations, including sites in Canada, Ethiopia, Norway, and several U.S. states such as Ohio, Tennessee, and Washington. Analysts note that many mining firms are selling a significant portion of their mined bitcoin to help fund these capital-intensive AI initiatives.
MARA focuses on scale and bitcoin reserves
MARA operates 18 data centers, primarily using Bitmain’s Antminer application-specific integrated circuit (ASIC) machines. While it is also exploring AI-related opportunities, MARA has taken a different financial approach by retaining most of the bitcoin it mines. The company now holds more than 55,000 BTC, giving it the second-largest bitcoin treasury among public companies, behind Strategy. Bitdeer, by contrast, holds roughly 2,000 BTC.
Market performance and outlook
Bitdeer was founded by Bitmain co-founder Jihan Wu, who spun the company out in 2020 following a corporate split with fellow co-founder Micree Zhan. Despite reporting a 173.6% year-over-year increase in revenue, Bitdeer’s Q3 2025 results disappointed investors due to slower-than-expected progress in its AI business.
Bitdeer Technologies GroupIn recent trading, Bitdeer shares rose more than 4% to around $12.78, while MARA stock gained over 2% to approximately $10.93, according to crypto equity data.
