Bitcoin mining’s top spot has changed hands. Bitdeer (Nasdaq: BTDR), founded by Bitmain co-founder Jihan Wu in 2020, has surpassed the long-time leader MARA Holdings to become the world’s largest Bitcoin miner by reported hash rate.
As of end-December 2025, Bitdeer disclosed a total hash rate under management of 71 EH/s, comprising 55.2 EH/s of self-mined power plus hosted units. In comparison, MARA’s energized hash rate stood at approximately 61.7 EH/s. However, the two metrics are not strictly comparable — Bitdeer uses “hash rate under management,” while MARA reports “energized hash rate.” Industry observers note the distinction and caution against direct equivalence.
Self-Developed SEALMINER Chip Drives the Leap
Bitdeer’s rapid ascent is largely powered by its in-house SEALMINER mining chips. Large-scale deployment of these chips boosted the firm’s monthly Bitcoin production to 636 BTC in December 2025, a 4.3x increase from 145 BTC in the same month a year earlier.
Energy efficiency is another edge. The SEAL04-1 chip achieves 6-7 J/TH under low voltage, while MARA’s average fleet efficiency is around 19 J/TH. Despite differing calculation baselines, Bitdeer’s cost advantage is clear.
AI Transformation and Diversification
Post-halving, many miners have pivoted to AI and high-performance computing (HPC) to sustain margins. Bitdeer has been among the most aggressive. VanEck head of digital assets research Matt Sigel noted that Bitdeer’s hash rate grew 18% month-over-month and 229% year-over-year, representing about 6% of the total network. He added: “Like most miners, Bitdeer sells nearly all it mines, and sometimes more, to fund its AI transformation.”
Bitdeer has expanded AI infrastructure in at least eight locations, including Canada, Ethiopia, Norway, and U.S. states Ohio, Tennessee, and Washington.
MARA’s approach is more conservative. It operates 18 data centers primarily with Bitmain’s Antminers, and while it has started AI initiatives, its core strategy remains hodling. MARA holds over 55,000 BTC — second only to Strategy among publicly listed companies — whereas Bitdeer holds roughly 2,000 BTC.
Bitdeer reported a 173.6% revenue surge in Q3 2025, but missed AI deployment milestones, disappointing some investors.