Bitdeer Technologies Group has become the largest publicly traded Bitcoin miner by self-mining hash rate, surpassing Marathon Digital Holdings (MARA), according to a recent analysis from JPMorgan. The Singapore-based company now operates at 63.2 exahashes per second (EH/s), exceeding MARA's last reported rate of 60.4 EH/s.
This leadership shift follows what JPMorgan analysts, led by Reginald Smith, described as an "impressive" month for Bitdeer, during which the company added 8 EH/s to its capacity. The growth was primarily driven by the deployment of Bitdeer's proprietary, hyper-efficient SEALMINER Bitcoin mining rigs, a strategic departure from competitors like MARA that have traditionally relied on off-the-shelf hardware from manufacturers like Bitmain.
Despite this operational expansion and increased production, Bitdeer has simultaneously been reducing its Bitcoin treasury. Data from BitcoinTreasuries shows the company sold 96.5 BTC last week, bringing its total reserves to approximately 943.1 BTC and pushing it below the 1,000 BTC threshold. This marks a significant drawdown from the 1,530 BTC held at the end of January and 2,017 BTC held in December 2025.
In January, Bitdeer mined 668 Bitcoin, representing a staggering 430% increase year-over-year. The company's total hash rate under management stands at 78.1 EH/s, which includes 13.0 EH/s dedicated to hosted operations for its customers.
The change in the competitive landscape coincides with MARA's strategic pivot. Over the past year, MARA has rebranded as a digital infrastructure firm and has begun prioritizing artificial intelligence (AI) workloads for its customers, shifting focus away from pure Bitcoin mining expansion. MARA no longer reports company-wide Bitcoin production figures.
Bitdeer's Chief Business Officer, Matt Kong, confirmed the company will continue deploying SEALMINER rigs throughout the year. However, Bitdeer is also exploring diversification, evaluating data center leasing opportunities that could enable it to offer AI cloud services to U.S. customers in 2026.
