Bitdeer Technologies Group (Nasdaq: BTDR) has overtaken MARA Holdings Inc. (Nasdaq: MARA) as the largest Bitcoin mining firm by total hashrate under management. As of the end of December 2025, Bitdeer reported a "total hash rate under management" of 71 exahashes per second (EH/s), which represents approximately 6% of the global Bitcoin network hashrate. This figure includes a self-mining hashrate of 55.2 EH/s and hosted rigs for other companies.
MARA, the long-time leader in the sector, reports an "energized hashrate" capacity of 61.7 EH/s on its website. The company solidified its top position from mid-2023 onward, growing from below 20 EH/s to crossing the 60 EH/s milestone in September 2025. However, it is unclear if the two companies' reported metrics are directly comparable, as Bitdeer's "managed" figure includes hosted operations, while MARA's focuses on its own energized fleet.
The shift underscores a broader industry transformation driven by the pivot to artificial intelligence (AI). "Like other miners, they are actively selling everything they mine (and more) to fund the AI pivot," noted VanEck Head of Research Matt Sigel on social media platform X. Bitdeer's hashrate grew 18% month-over-month and a staggering 229% year-over-year.
Bitdeer's growth is powered by its proprietary SEALMINER chip deployments. The company's SEAL04-1 chip demonstrates a power efficiency of approximately 6-7 J/TH at the chip level under low-voltage conditions. In contrast, MARA reports a total "fleet energy efficiency" of 19 J/TH. The efficiency of Bitdeer's technology contributed to it mining 636 bitcoins in December 2025, a massive increase from 145 BTC in December 2024.
While aggressively expanding mining, Bitdeer is also scaling its AI and high-performance computing (HPC) infrastructure "in parallel," investing in construction projects across at least eight sites in Canada, Ethiopia, Norway, and the U.S. states of Ohio, Tennessee, and Washington.
MARA maintains a contrasting strategy. The company operates 18 data centers primarily using Bitmain's Antminer ASIC chips and is known for holding, rather than selling, the Bitcoin it mines. This has helped it amass the second-largest Bitcoin treasury among public companies, holding over 55,000 BTC. For comparison, Bitdeer's treasury holds roughly 2,000 BTC.
Founded by Bitmain co-founder Jihan Wu in 2020, Bitdeer posted a disappointing Q3 2025 financial return despite a 173.6% year-over-year revenue jump, as its AI rollout missed investor expectations. On the stock market, BTDR shares were up over 4% to $12.78 following the news, while MARA shares traded at $10.93, up over 2%.
