Bitdeer Overtakes MARA Holdings to Rank No. 1 in Bitcoin Hashrate Share

Bitcoin miner Bitdeer has overtaken MARA Holdings (MARA) on the basis of hashrate under management, becoming the world’s largest mining company.

According to a report by The Block on the 13th (local time), Bitdeer said its total hashrate under management stood at 71 exahashes per second (EH/s) as of late December last year. The figure includes its self-mining hashrate of 55.2EH/s as well as hosted machines operated for external clients.

MARA Holdings discloses its current mining capacity at 61.7EH/s on its website. MARA has remained the leader among publicly listed Bitcoin miners after surpassing 60EH/s in self-mining hashrate in September 2025.

However, it is also noted that the two companies’ metrics are not fully comparable. While Bitdeer’s hashrate under management includes hosted equipment, MARA’s figures are tallied based on its energized hashrate that is actually running.

Bitdeer is rapidly scaling mining capacity on the back of its in-house semiconductor capabilities. The company is building out mining infrastructure using its self-developed SEALMINER chips and said it mined 636 bitcoins in December alone last year. That marks a sharp increase from 145 bitcoins in December 2024.

Expanding its artificial intelligence (AI) business is also a key pillar of its strategy. Matt Sigel, head of VanEck research, said Bitdeer accounts for about 6% of global hashrate and is selling most of the bitcoin it mines to fund AI infrastructure investment. Bitdeer is simultaneously expanding AI and high-performance computing (HPC) infrastructure across Canada, Ethiopia, Norway and multiple U.S. states.

By contrast, MARA is maintaining a strategy of holding the bitcoin it mines. MARA currently holds more than 55,000 bitcoins, securing the second-largest bitcoin treasury among public companies. It ranks second to Strategy, which holds about 687,000 bitcoins.

Bitdeer was founded in 2020 by Bitmain co-founder Jihan Wu. While quarterly revenue rose 173.6% year on year, earnings missed market expectations as the rollout of its AI business fell short of expectations. In the stock market, Bitdeer rose about 4% in a single day to $12.78, while MARA gained about 2% to $10.93.