Bitdeer Technologies has officially surpassed MARA Holdings to become the world’s largest Bitcoin mining firm by total managed hashrate.
Key Takeaways
- Bitdeer reported a total managed hashrate of 71 EH/s in December 2025, outpacing MARA’s 61.7 EH/s.
- December BTC production surged 339 percent year-over-year, reaching 636 BTC mined.
- Proprietary SEALMINER rigs fuel self-mining capacity of 55.2 EH/s.
- Company is investing in AI and HPC infrastructure across the US, Canada, Ethiopia, and Norway.
What Happened?
Bitdeer Technologies Group, based in Singapore, has overtaken MARA Holdings in the race for mining dominance. With 71 exahashes per second (EH/s) under management at the end of December 2025, Bitdeer now controls approximately 6 percent of the global Bitcoin network hashrate. This includes 55.2 EH/s of self-mining capacity, with the rest coming from hosted machines and cloud mining clients.
Bitdeer’s #hashrate under management grew 300% to 71.0 EH/s in 2025.$BTDR #BitcoinMining #Investors pic.twitter.com/dsRf7Bkr5w
— Bitdeer (@BitdeerOfficial) January 13, 2026
Bitdeer’s Rise in Hashrate and Production
The climb to the top is powered by Bitdeer’s proprietary SEALMINER mining rigs, which have significantly boosted its Bitcoin output. In December 2025 alone, Bitdeer mined 636 BTC, a dramatic rise from just 145 BTC in December 2024, marking a 339 percent year-over-year growth.
The SEALMINER A2 series and latest SEAL04-1 chip offer power efficiencies of 6 to 7 joules per terahash (J/TH) under low-voltage conditions. By comparison, MARA’s fleet-wide energy efficiency stands at 19 J/TH, although the companies report slightly different metrics which may not be directly comparable.
Bitdeer has sold about 1.4 EH/s worth of SEALMINER units to external customers. These sales, combined with over 1,100 chips deployed (538 of which operate under subscription), help generate an annualized revenue of approximately $10 million.
Infrastructure Growth and AI Expansion
Bitdeer is not just focused on mining. The firm is rapidly expanding into high-performance computing (HPC) and artificial intelligence (AI), converting crypto mining sites into AI-ready data centers. Its infrastructure currently includes 1,658 megawatts online and 1,344 MW in the development pipeline, with projects underway in Tennessee, Washington, Ohio, Norway, Canada, and Ethiopia.
Additionally, eight NVIDIA GB200 systems are undergoing testing in Malaysia, as Bitdeer prepares to launch its AI cloud services in early 2026. Despite its growth, Bitdeer reported a negative levered free cash flow of $1.73 billion and holds $916 million in debt, alongside a gross profit margin of 11.95 percent.
To support further expansion and debt reduction, Bitdeer recently secured $400 million through a private note placement, and raised an additional $148.4 million via a direct equity offering.
MARA Holds the Line with Bitcoin Treasury
While Bitdeer leads in hashrate, MARA maintains one of the largest BTC treasuries among public companies, holding over 55,000 BTC. This contrasts with Bitdeer’s smaller stash of 2,000 BTC. MARA continues to operate 18 data centers using Bitmain’s Antminer ASIC rigs and generally holds onto its mined coins rather than selling them.
Though MARA is beginning to explore AI integration, it remains focused on traditional Bitcoin mining, setting a different strategic course from Bitdeer’s diversification model.
CoinLaw’s Takeaway
In my experience watching this sector, Bitdeer’s leap over MARA signals more than a shift in leadership. It reflects the new blueprint for crypto miners: massive scaling, custom chip innovation, and an aggressive move into AI. MARA’s conservative strategy of holding mined BTC might have worked in the past, but the landscape is evolving fast. Bitdeer is betting big on AI infrastructure while selling mined coins to fuel growth, a strategy that comes with both high risk and high reward. It’s a bold play, and whether it pays off will depend on how quickly those AI investments turn into real revenue.
