Bitcoin mining thrives on competitive metrics, where climbing numbers tell a simple story of dominance. However, the way these figures are measured is as crucial as the mining hardware itself. This complexity is highlighted by Bitdeer's recent claims, which spark an interesting discussion about what it truly means to be the "largest" Bitcoin miner.
In brief
- •Bitdeer has claimed to surpass MARA with 71 EH/s of "managed hashrate," positioning itself as the leading Bitcoin miner by this metric.
- •A key distinction exists in their reporting methodologies: Bitdeer combines self-mining and hosting operations, whereas MARA reports an "energized" hashrate.
- •Bitdeer is actively promoting its SEALMINER chips and is accelerating its strategic pivot towards Artificial Intelligence (AI) and High-Performance Computing (HPC).
Mining Bitcoin: A Throne Built on a Definition
Bitdeer's narrative extends beyond simply mining Bitcoin; it emphasizes its role in managing operations. The company's reported 71 EH/s of hashrate under management encompasses both its self-mining operations, which account for 55.2 EH/s, and the machines it hosts for third parties within its infrastructure. This broad metric offers an expansive, almost industry-wide perspective.
In contrast, MARA employs a more stringent measurement. Its public statements refer to "Energized Compute," which signifies the hashrate that is actively powered, connected, and operational. This figure is presented clearly and is accompanied by another important indicator: the energy efficiency of its fleet. This approach offers a different lens through which to understand Bitcoin mining for the market.
The divergence in metrics creates a situation where two different measuring sticks are being used, leading to a comparative outcome that is logically consistent but narratively distinct. Bitdeer's use of "hashrate under management" provides a narrative advantage, effectively reshaping the rules of the ranking conversation.
SEALMINER: The Silent Weapon
Bitdeer's competitive edge extends beyond its chosen metric; its technological advancements are a significant factor. The company is actively promoting its SEALMINER range, announcing that its SEAL04-1 chip demonstrated an efficiency of approximately 6–7 J/TH at the chip level during verification in low-power mode. Mass production for this chip is targeted for the first quarter of 2026.
This strategic move indicates Bitdeer's ambition to exert greater control over its entire operational chain, reducing its reliance on the external ASIC market and increasing its integrated production capabilities. This strategy moves beyond traditional Bitcoin mining, focusing on the ability to dictate the pace of fleet development and technological integration.
The production figures serve as a powerful showcase for this strategy. Bitdeer reported mining 636 BTC in December 2025, a significant increase from the 145 BTC mined in December 2024, illustrating a clear acceleration. While the specifics regarding the number of machines, their generations, and energy costs remain less visible, the impact on the Bitcoin narrative is immediate and impactful.
The Real Match: AI, Energy, and Treasury
The operational landscape for Bitcoin mining has evolved. It is no longer solely an end in itself. Access to energy and facilities equipped for high power consumption is now serving as a launchpad for High-Performance Computing (HPC) and AI initiatives. Within this context, some mining companies are demonstrating a willingness to sell their Bitcoin production to finance infrastructures that can endure multiple market cycles.
MARA, on the other hand, is cultivating a different strategic approach. The company emphasizes a reserve strategy, holding over 50,000 Bitcoin in its treasury. This position is presented as the outcome of a long-term "HODL" strategy and a structured accumulation process, reflecting a distinct operational philosophy—less focused on immediate production and more on building a substantial financial war chest.
The market ultimately makes its decisions without sentimentality. As of January 14, 2026, BTDR was trading around $12.77, while MARA was trading around $10.95. While Bitdeer may claim a title for managed hashrate, the true competition is unfolding across energy resources, chip technology, financial discipline, and the resilience to adapt as Bitcoin's mining difficulty escalates. Concurrently, a power law model predicts a significant test for Bitcoin.