5 hours ago
1920
The leading Bitcoin miner in the market by total hashrate, Bitdeer Technologies Group, has surpassed MARA Holdings to become the largest company in the world.
Total hashrate refers to the total computer power utilized by a company for mining, encompassing both the mining machines owned and operated by the company itself and those operated on behalf of other companies.
The change symbolizes a tectonic shift in mining, where, for a long time, MARA had been the first mining company, but Bitdeer’s rise reflects broader trends reshaping the industry.
“Bitdeer reported 71 EH/s capacity as of end December (~6% of global hash rate), +18% m/m, +229% y/y,” VanEck Head of Research Matt Sigel said on X. “Like other miners, they are actively selling everything they mine (and more) to fund the AI pivot.”
While differences in how these companies report figures make it difficult to declare a definitive leader, Bitdeer now controls a substantially higher total hashrate.
Bitdeer’s rise to the top
Bitdeer is a technology company based in Singapore, focusing on mining Bitcoin using powerful machines that can solve extremely complex mathematical problems, as well as constructing high-performance computers for AI and other advanced computing applications.
The company developed its own mining machines, known as SEALMINER rigs, specifically designed for Bitcoin mining. By December 2025, these rigs had mined 636 Bitcoins, a significant increase from roughly 145 Bitcoins in December 2023. By this time, Bitdeer can self-mine around 55.2 EH/s, but it is mined in segments. The other sum of the power is created by hosting services and cloud services, in which Bitdeer helps others to run their machines.
The expansion of Bitdeer has included an increasing number of SEALMINER rigs that it owns and controls directly. Deployed across multiple locations, these machines help the company generate more Bitcoin.”
Additionally, the company does not limit itself to Bitcoin mining. It is making investments in artificial intelligence and high-performance computer infrastructure in locations such as Canada, Ethiopia, Norway, and the United States. This implies that Bitdeer is attempting to establish a presence in the Bitcoin and high-performance computing sectors of the artificial intelligence industry.
What makes MARA different
MARA Holdings is an older company that mines Bitcoin. It utilizes machines from another company, Bitmain, and operates numerous large data centers for its mining operations.
In contrast to Bitdeer, MARA typically attempts to retain the Bitcoin it mines, rather than selling it. It implies that MARA has amassed one of the largest treasuries of Bitcoin among publicly traded mining companies over the years.
Moreover, MARA has access to 18 data centers primarily using Bitmain’s Antminer ASIC mining chips. While MARA is also diversifying into AI operations, the company primarily aims to hold its mined bitcoin, helping to bolster the second-largest BTC treasury among public companies. MARA holds over 55,000 BTC, compared to Strategy’s 687,000 BTC and Bitdeer’s 2,000.
Bitdeer was founded in 2020 by Jihan Wu, who co-founded Bitmain and created Bitdeer after splitting from Micree Zhan. Its AI projects disappointed investors in the third quarter of 2025, with a disappointing financial return despite a 173.6% growth in revenue compared to the previous year. On the stock market, Bitdeer (BTDR) is up more than 4% to $12.78, and MARA was up over 2%, at $10.93, according to The Block.
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