The leading Bitcoin miner in the market by total hashrate, Bitdeer Technologies Group, has overtaken MARA Holdings to become the largest company in the world.
Total hash rate It refers to the total computing power used by a company for mining, encompassing both mining machines owned and operated by the company itself and those operated on behalf of other companies.
This shift symbolizes a tectonic shift in the mining sector, where for a long time MARA was the leading mining company, but Bitdeer’s rise reflects broader trends reshaping the industry.
“Bitdeer reported 71 EH/s capacity at the end of 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.”
Although differences in how these companies report their numbers make it difficult to name a definitive leader, Bitdeer now commands a significantly higher total hashrate.
Bitdeer’s rise to the top
Bitdeer is a Singapore-based technology company focused on mining Bitcoin using powerful machines capable of solving extremely complex mathematical problems, as well as building high-performance computers for AI and other advanced computing applications.
The company has developed its own mining machines, known as SEALMINER rigs, designed specifically for Bitcoin mining. As of December 2025, these rigs have mined 636 Bitcoins, a significant increase from around 145 Bitcoins in December 2023. At that time, Bitdeer can self-mine around 55.2 EH/s, but it is mined in segments. The other amount of power is created by hosting services and cloud services, in which Bitdeer helps others run their machines.
Bitdeer’s expansion has included a growing number of SEALMINER platforms that it directly owns and controls. Deployed across multiple sites, these machines help the company generate more Bitcoin.
Additionally, the company is not limited to Bitcoin mining. It invests in artificial intelligence and high-performance computing infrastructure in countries including Canada, Ethiopia, Norway and the United States. This implies that Bitdeer is trying 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 uses machines from another company, Bitmain, and operates many large data centers for its mining operations.
Unlike Bitdeer, MARA generally attempts to hold the Bitcoin it mines rather than selling it. This implies that MARA has accumulated one of the largest Bitcoin hoards among publicly traded mining companies over the years.
Additionally, MARA has access to 18 data centers primarily using Bitmain’s Antminer ASIC mining chips. As MARA also diversifies into AI operations, the company primarily aims to hold its mined bitcoins, helping to bolster the second-largest BTC treasury among public companies. MARA holds over 55,000 BTC, compared to 687,000 BTC for Strategy and 2,000 for Bitdeer.
Bitdeer was founded in 2020 by Jihan Wu, who co-founded Bitmain and created Bitdeer after parting ways with Micree Zhan. Its AI plans disappointed investors in the third quarter of 2025, with disappointing financial performance despite revenue growth of 173.6% from the previous year. On the stock market, Bitdeer (BTDR) is up more than 4% to $12.78, and MARA is up more than 2% to $10.93, according to The Block.
