Bitcoin : Bitdeer becomes No.1… by changing the rules of the game

Bitcoin mining loves podiums. One number climbs, another falls, and the ecosystem tells itself a simple story. Except that in this industry, the way you count matters almost as much as the machines. And that’s exactly what makes the “Bitdeer moment” interesting. Bitdeer claims to have reached 71 EH/s of total hashrate “under management” at the end of December 2025. According to this metric, the company surpasses MARA, which reports 61.7 EH/s of “Energized Compute” and a fleet efficiency of 19 J/TH. The title of “largest Bitcoin miner” therefore depends first and foremost on the definition.

Mining Bitcoin : A throne built on a definition

Bitdeer does not just say “we mine bitcoin”. Bitdeer says: we manage. In its 71 EH/s, the company adds its self-mining (55.2 EH/s) and hosted machines (rigs operated for others). In its 71 EH/s, it combines self-mining and machines hosted for third parties, operated in its infrastructures. It’s a broad snapshot, almost “industry” level.

MARA, on the other hand, highlights a stricter measurement. Its public reminder speaks of Energized Compute, meaning the hashrate actually powered, connected, active. The number is clean, readable, and it comes with another signal: the fleet’s energy efficiency. It’s another way to explain Bitcoin mining to the market.

The result is strangely logical. We’re comparing two thermometers that don’t take the temperature in the same place. And Bitdeer gains a narrative advantage: imposing its “hashrate under management” indicator in the conversation already shifts the ranking rules.

SEALMINER : the silent weapon

Where Bitdeer really becomes dangerous is not just on one metric. It’s on technology. The company is pushing its SEALMINER range, and announces that the SEAL04-1 chip showed an efficiency of about 6–7 J/TH at the chip level during verification, in low power mode, with mass production targeted in Q1 2026.

Put another way: Bitdeer wants to control more of its chain. To be less dependent on the ASIC market, to produce more, to integrate more. It’s a strategy that goes beyond “classic” Bitcoin mining. It’s no longer just about buying machines. It’s about the ability to decide the pace of fleet evolution.

And the production figures serve as a showcase. Bitdeer states 636 BTC mined in December 2025, against 145 BTC in December 2024. The acceleration is clear. The important detail remains off-screen: how many machines, which generations, what energy cost. But the effect on the bitcoin narrative is immediate.

The real match : AI, energy and treasury

The setting has changed. Bitcoin mining is no longer the sole end in itself. Access to energy and buildings “ready for power” becomes a launchpad for HPC and AI. In this view, some miners are more willing to sell their production to finance infrastructures that will survive multiple cycles.

Against this, MARA cultivates a different stance. The company highlights a reserve strategy, with over 50,000 bitcoin in treasury, presented as the result of a HODL approach and a structured accumulation. It’s another style: less “factory”, more “war chest”.

And the market decides without sentimentality. On January 14, 2026, BTDR trades around $12.77 and MARA around $10.95. Bitdeer can win a managed hashrate title, while the real battle is played out on energy, chips, financial discipline… and the ability to stand tall when Bitcoin difficulty accelerates. Meanwhile, the power law model predicts a major test for bitcoin.