Bitdeer overtakes MARA as largest bitcoin miner by ‘managed hashrate’ metric

Bitdeer Technologies Group (Nasdaq: BTDR) appears to be the largest bitcoin mining firm by capacity, surpassing MARA Holdings Inc. (Nasdaq: MARA), according to the firms’ latest reported statistics. 

As of the end of December, Bitdeer reported a “total hash rate under management” of 71 exahashes per second (EH/s), including a self-mining hashrate of 55.2 EH/s and hosted rigs.

MARA, the longtime leader among bitcoin miners by computing power, reports a capacity for 61.7 EH/s, according to its website.

From mid-2023 onward, MARA solidified its position as the world's largest publicly traded Bitcoin miner by self-mining hashrate, jumping from below 20 EH/s at the time to crossing the 60 EH/s milestone in September 2025 and other records throughout the year.

It is unclear if Bitdeer’s “total hash rate under management” figure is directly comparable to MARA's reported "energized hashrate."

Bitdeer reports a self-mining capacity of 55.2 EH/s, with over 1,100 chips deployed, 538 operate under external subscription, earning an annualized run rate of about $10 million, according to its Q4 2025 earnings.

AI pivot

However, the rise of the AI vertical has substantially reshaped the bitcoin mining economy as rival firms rush to build out high-performance computing infrastructure and double down on cheap energy access. 

“Bitdeer reported 71 EH/s capacity as of end December (~6% of global hash rate), +18% m/m, +229% y/y,” VanEck Head of Research Matt Sigel said on X. “Like other miners, they are actively selling everything they mine (and more) to fund the AI pivot.”

For its part, Bitdeer is building out its mining hashrate through its proprietary SEALMINER chip deployments. The hyper-optimized chips helped the firm mine 636 bitcoins in December 2025, up from 145 BTC in December 2024, according to its latest quarterly report, as it continues to build and deliver more rigs.

Bitdeer's SEAL04-1 chip’s latest verification demonstrated approximately 6-7 J/TH power efficiency at the chip level under low-voltage conditions, compared to MARA's total "fleet energy efficiency" of 19 J/TH, which, again, may not be an apples-to-apples comparison.

The firm, based in Singapore, is also scaling its AI and HPC infrastructure “in parallel,” including investing in construction projects in at least eight sites in Canada, Ethiopia, and Norway, as well as the U.S. states of Ohio, Tennessee, and Washington.

MARA, by contrast, has access to 18 data centers primarily using Bitmain’s Antminer ASIC mining chips. While MARA is also diversifying into AI operations, the company largely tries to hold its mined bitcoin, helping to bolster the second-largest BTC treasury among public firms. MARA holds over 55,000 BTC, compared to Strategy’s 687,000 BTC and Bitdeer’s 2,000. 

Latest financials

Bitdeer was founded by Bitmain co-founder Jihan Wu, who spun it off from Bitmain in 2020 following a corporate split with Micree Zhan.

The firm posted a disappointing Q3 2025 return, despite seeing a 173.6% jump in revenue year-over-year, due to missing investor expectations for its AI rollout.

BTDR is up over 4% to $12.78 while MARA is changing hands at $10.93, up over 2% on the day, according to The Block's crypto stock data.

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