Points of Focus 

• Bitdeer leads with 71 EH/s managed hashrate (55.2 EH/s self-mining).  
• SEALMINER chips drive efficiency and output; AI pivot accelerates.  
• MARA holds 61.7 EH/s and a large BTC treasury, with Bitdeer holding 2,000 BTC.

Bitdeer Technologies Group surpassed MARA Holdings as the largest bitcoin mining company by total hash rate under management at the end of December 2025, reporting 71 EH/s (including 55.2 EH/s self-mining) compared to MARA’s 61.7 EH/s energized capacity, according to the firms’ latest disclosures.

We have almost doubled our live energy portfolio to about 1.6 GW powering #BitcoinMining and #AIDC at scale.$BTDR $BTC #Bitcoin #datacenter pic.twitter.com/d6mHRxakol

— Bitdeer (@BitdeerOfficial) January 13, 2026

The disclosure is an indicator of Bitdeer’s aggressive expansion through its proprietary SEALMINER chip deployments, which delivered 636 BTC mined in December 2025 (up from 145 BTC a year earlier) at chip-level efficiencies of 6–7 J/TH under low-voltage conditions. The firm has deployed over 1,100 chips, with 538 under external subscription, generating around $10 million annualized run rate. Bitdeer’s total managed capacity grew 18% month-over-month and 229% year-over-year, equating to roughly 6% of global hash rate, per VanEck Head of Research Matt Sigel, on X.

$BTDR becomes world's largest Bitcoin miner, leapfrogging $MARA.

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

— matthew sigel, recovering CFA (@matthew_sigel) January 13, 2026

MARA, the longtime leader that first crossed 60 EH/s in September 2025, maintains a fleet efficiency of 19 J/TH using Bitmain Antminers across 18 data centers. Unlike Bitdeer’s heavy AI pivot, MARA continues to hold mined bitcoin, amassing over 55,000 BTC

Bitdeer’s rise coincides with the industry’s growing focus on AI diversification. The firm is scaling high-performance computing infrastructure across eight sites in Canada, Ethiopia, Norway, and U.S. states (Ohio, Tennessee, Washington). The AI pivot has reshaped mining economics, with miners selling output to fund GPU deployments amid rising energy costs and halving pressure.

Comparison not direct

However, the metric comparison is not direct. Bitdeer’s “total hash rate under management” includes external hosting revenue from client-owned rigs, while MARA reports only its own energized capacity using Bitmain Antminers primarily. Bitdeer’s self-mining portion trails MARA’s 60.4 EH/s from Q3 2025, though MARA has reduced monthly production disclosures.

Both companies are pivoting toward AI and high-performance computing to offset halving pressure and energy cost volatility. Bitdeer is aggressively reallocating mining revenue to GPU infrastructure, while MARA’s holdings make it the second-largest corporate treasury after Strategy’s 687,000 BTC, betting on bitcoin appreciation. 

Despite the hashrate lead, Bitdeer posted disappointing Q3 2025 returns despite 173.6% revenue growth, missing investor expectations on AI rollout pace. BTDR shares traded at $12.78 (up 4%), while MARA changed hands at $10.93 (up 2%) on January 13.