Bitdeer Overtakes MARA as World’s Largest Miner; Hashrate Gap Widens
Bitdeer hits 55.2 EH/s self-mining capacity, eclipsing MARA’s 53.2 EH/s, as the two giants diverge on AI infrastructure and treasury management.
Bitdeer Technologies (BTDR) has officially surpassed MARA Holdings (MARA) in active mining power, marking a changing of the guard at the top of the public bitcoin mining sector. In a December production update released Tuesday, Singapore-based Bitdeer reported a proprietary hashrate of 55.2 EH/s, eclipsing MARA’s reported 53.2 EH/s.
The market reacted swiftly to the flippening. Bitdeer shares jumped 4% to $12.78, while MARA ticked up 2% to $10.93. The displacement signals a broader industry fracture: while MARA doubles down on its bitcoin treasury, Bitdeer is aggressively liquidating yields to fund an infrastructure pivot.
The Tale of the Tape
The numbers confirm a decisive volume lead for Bitdeer, driven by the deployment of its in-house SEALMINER rigs. As of December 31, 2025:
- Bitdeer: 55.2 EH/s (Self-Mining) / 71.0 EH/s (Total Managed).
- MARA: 53.2 EH/s (Energized).
While MARA actually mined more bitcoin in December (890 BTC vs. Bitdeer’s 636 BTC), likely due to pool luck or joint venture accounting, its raw computational capacity has fallen behind. Bitdeer’s total managed hashrate, which includes hosted clients, now sits at a massive 71 EH/s, approximately 6% of the entire global Bitcoin network.
“We have now surpassed 55 EH/s, marking a significant operational milestone… driving more than a fourfold increase in Bitcoin production year over year,” said Matt Kong, Bitdeer’s Chief Business Officer.
Strategy Divergence: HODL vs. Build
The two giants are no longer playing the same game. MARA remains the proxy for leveraged bitcoin exposure, holding a massive treasury of 44,893 BTC (valued at ~$4.2B). The company’s strategy relies on retaining mined coins to deepen its balance sheet leverage.
Bitdeer is taking the opposite route: cash flow velocity. The company holds just ~2,000 BTC, choosing instead to sell production to finance a rapid expansion into high-performance computing (HPC). The December update confirmed the deployment of 1,152 high-end GPUs (H100/A100s) generating $10 million in Annual Recurring Revenue (ARR).
This AI pivot buffers Bitdeer against hashprice volatility, a hedge MARA lacks. As network difficulty grinds higher, the market is beginning to price in Bitdeer’s hybrid model, mining bitcoin to fund AI, rather than mining bitcoin to hold bitcoin.
