Bitdeer Overtakes Marathon Digital as Largest Bitcoin Miner by 'Managed Hashrate' Metric

Bitdeer Technologies Group has surpassed Marathon Digital in 'managed hashrate' as the largest public bitcoin miner according to TradingView. The shift reflects a significant shift in the competitive landscape of the crypto mining industry. Bitdeer's rise comes as it continues to expand its operations and deploy proprietary mining hardware.

Bitdeer reported a proprietary hashrate of 58 EH/s in December, a significant leap that positions it as a key player in the bitcoin mining space. This growth is attributed to the deployment of its own SEALMINER rigs, replacing older ASICs in its data centers. Marathon Digital, by contrast, relies heavily on Bitmain's Antminer chips.

The company's recent financial results show a challenging period. Bitdeer posted a net loss of $266.7 million in Q3 2025, driven by increased operating expenses related to its ASIC development roadmap. The announcement led to a drop in its share price, falling from $17.65 to $15.02 in two days.

Legal issues are also weighing on Bitdeer. Shareholders are being advised to seek legal counsel ahead of the February 2, 2026 deadline for lead plaintiff applications in a securities class action lawsuit. The lawsuit claims that the company failed to disclose material information during the class period.

Bitdeer's hashrate growth is supported by its aggressive deployment of SEALMINER rigs and the development of next-generation chips. The company is also expanding into high-performance computing and AI, having deployed NVIDIA GB200 systems in Malaysia. This diversification could provide new revenue streams as the industry evolves.

Marathon Digital remains a strong contender with a large BTC treasury. It holds over 55,000 BTC, significantly less than Bitdeer's 2,017 BTC but still a valuable asset according to TradingView. The company's focus on holding mined BTC could provide long-term value as the asset appreciates.

Bitdeer's strategic moves include evaluating data center leasing opportunities in the U.S. and expanding its global electrical capacity. It has a total of 1,658 megawatts across sites in the U.S., Norway, and Bhutan. Construction continues at several facilities, including a 570-megawatt site in Ohio.

Legal and financial challenges continue to affect investor sentiment. Bitdeer's stock has seen volatility due to the ongoing class action lawsuit and financial performance. Investors are advised to monitor developments closely and consider legal representation if they meet the criteria.

The competitive landscape of the bitcoin mining industry is shifting as companies like Bitdeer and Marathon Digital adapt to changing market conditions. Bitdeer's focus on proprietary hardware and diversification into AI positions it well for future growth.

Legal deadlines are approaching, and shareholders with significant losses are encouraged to take action. The lead plaintiff deadline is set for February 2, 2026, and investors are advised to consult with experienced legal counsel. This could impact the company's future operations and stock performance.

Investors are watching how Bitdeer navigates its challenges and executes its strategic plans. The company's ability to maintain its hashrate lead while addressing financial and legal issues will be crucial in determining its long-term success according to Morningstar.

The industry is also watching Marathon Digital's performance as it continues to build its BTC treasury and explore new opportunities. Bitdeer's expansion into AI and high-performance computing could provide new avenues for growth and differentiation.

Bitcoin mining remains a capital-intensive and competitive industry. Companies that can innovate and scale efficiently are likely to maintain their leadership positions. Bitdeer's recent achievements in hashrate and technology development suggest it is well-positioned to remain a key player.