Bitdeer overtakes MARA as largest bitcoin miner by ‘managed hashrate’ metric

Bitdeer Technologies Group (BTDR) has officially surpassed Marathon Digital Holdings (MARA) to become the largest Bitcoin mining operator globally, based on the crucial metric of ‘managed hashrate.’ This operational metric encompasses both Bitdeer’s proprietary mining capacity and the substantial capacity provided through its high-performance hosting services for third-party clients.

Bitdeer recently reported a managed hashrate capacity exceeding 23 Exahashes per second (EH/s), solidifying its position as the industry leader in total operational scale. In contrast, while Marathon remains a dominant player based on purely self-mined capacity, Bitdeer’s diversified strategy—which includes infrastructure design, hosting, and mining pool operations—has allowed it to leverage capital efficiency and scale faster.

Industry analysts note that the ‘managed hashrate’ metric is becoming increasingly important as large miners evolve into vertically integrated infrastructure companies. For Bitdeer, this operational structure provides a significant strategic advantage, offering more resilient and predictable revenue streams by charging fees for hosting and energy usage, regardless of short-term volatility in the Bitcoin price.

The successful scaling of Bitdeer’s infrastructure underlines a competitive pivot within the mining sector, prioritizing infrastructural capabilities and client service scalability alongside the acquisition of ASICs. This focus positions Bitdeer to maintain its lead in the expanding global mining arms race.

Source: Bitdeer overtakes MARA as largest bitcoin miner by ‘managed hashrate’ metric