Bitdeer Becomes Top Bitcoin Miner as Hashrate Hits 71 EHs in December

TLDR

• Bitdeer hits 71 EH/s managed hashrate, surpassing MARA’s reported 61.7 EH/s

• Self-mining reaches 55.2 EH/s as SEALMINER deployment expands output

• December BTC production rose 339% YoY, reaching 636 BTC mined

• AI and data center projects active in Canada, US, Ethiopia, and Norway

Bitdeer Technologies Group has surpassed MARA Holdings as the largest bitcoin mining company by total managed hashrate. The Singapore-based firm reported a capacity of 71 exahashes per second (EH/s) as of December 2025, combining 55.2 EH/s in self-mining and hosted rigs under management.

By comparison, MARA reports 61.7 EH/s in mining capacity. Bitdeer’s December growth represents an 18% monthly increase and a 229% rise year-over-year, according to VanEck’s Matt Sigel. The data suggests Bitdeer controls around 6% of the global bitcoin hashrate.

Bitdeer’s increase in mining power is largely attributed to its proprietary SEALMINER rigs, which have helped boost production significantly. In December alone, the company mined 636 BTC, compared to just 145 BTC in the same month of 2024.

SEALMINER Deployment Drives Production Growth

The company’s self-mining growth has been driven by its SEALMINER A2 chip series. Bitdeer sold around 1.4 EH/s worth of these units to customers in December. According to the firm’s latest report, the SEAL04-1 chip offers 6–7 J/TH efficiency at the chip level, although exact comparisons with competitors like MARA may vary due to different metrics.

Bitdeer’s mining revenue has also increased, supported by an annualized run rate of $10 million from external SEALMINER subscriptions. Eight GB200 systems have been deployed for testing in Malaysia, with cloud service offerings expected to launch in early 2026.

While MARA focuses on holding mined BTC, Bitdeer has been selling mined coins to support its expansion into artificial intelligence and high-performance computing infrastructure. This move aligns with a wider industry trend as more miners look to diversify into AI markets.

Global Infrastructure and AI Expansion Underway

Bitdeer is also growing its infrastructure footprint globally. As of the latest update, it operates with 1,658 megawatts of total capacity online and 1,344 MW in its development pipeline. Current expansion projects span the United States, Ethiopia, Norway, and Canada.

Ongoing conversions of crypto mining facilities into AI data centers are expected to complete by late 2026. These include locations in Tennessee, Norway, and Washington. The company aims to integrate AI services alongside its core mining business.

Despite this growth, Bitdeer reported a negative levered free cash flow of $1.73 billion and holds $916 million in total debt. Its gross profit margin remains at 11.95%, indicating ongoing financial pressure as it balances expansion and operations.

Market Performance and Financial Outlook

Bitdeer shares (BTDR) are trading at $12.78, showing a 4% gain, while MARA sits at $10.93. The company recently announced a $400 million private placement of convertible senior notes and a direct offering of Class A shares to raise $148.4 million in proceeds.

The firm plans to use the capital for debt repayment and further infrastructure investment. Despite missing some Q3 expectations, analysts forecast 68% revenue growth for the company in fiscal 2025.

Founded by Jihan Wu following a split with Bitmain, Bitdeer continues to position itself as a key player in both mining and AI. With increasing bitcoin production, expanded data center capacity, and aggressive chip deployment, Bitdeer has now moved ahead of MARA in reported hashrate leadership.

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