Bitdeer Surpasses Marathon in Self-Mining Power, Taking Lead in Public Bitcoin Miners
Bitcoin mining firm Bitdeer has edged past Marathon (MARA) in self-mining hash rate, becoming the largest self-miner among publicly traded companies over the past month, according to analysts at JPMorgan.
Based on the bank’s latest figures, Bitdeer now operates 63.2 exahashes per second (EH/s) of self-mining capacity. That means the company is dedicating more of its own computing power directly to securing the Bitcoin network than any other listed miner. Marathon, which for years set the benchmark in the space, last reported a self-mining hash rate of 60.4 EH/s.
Analysts led by Reginald Smith highlighted that this shift did not happen gradually. Bitdeer’s rise to the top was driven by what they described as a notably strong month of growth, during which the Singapore-based miner added roughly 8 EH/s of self-mining capacity in a short window of time.
In its recent production update, Bitdeer attributed the jump in hash rate to the rollout of its in-house SEALMINER rigs. These proprietary machines, designed specifically for high-efficiency Bitcoin mining, allowed the company to scale more aggressively than rivals that rely primarily on third-party hardware suppliers.
For years, Marathon’s strategy centered on relentless expansion of its mining fleet, positioning the company as the sector’s yardstick for scale. Its build-out of vast data centers and large orders of ASIC miners regularly put it at the top of hash rate rankings. More recently, however, Marathon has been working to reposition itself more broadly within the digital infrastructure and digital asset technology space, looking beyond pure self-mining to diversify its business model and explore new revenue streams.
That strategic pivot may help explain why Bitdeer was able to overtake Marathon on the specific metric of self-mining hash rate. While Marathon balances hosting, technology services, and other initiatives with its own mining operations, Bitdeer has been leaning hard into scaling its proprietary mining capacity, aided by its vertically integrated approach and control over hardware design.
The numbers matter because hash rate is one of the most important competitive indicators in the Bitcoin mining industry. A higher self-mining hash rate means a company is contributing more raw computing power under its own control, giving it a larger share of total network rewards, assuming similar uptime and efficiency. For investors, that can translate into a clearer connection between Bitcoin price performance and the miner’s revenue, particularly when a company is not heavily dependent on hosting or third-party clients.
Bitdeer’s use of SEALMINER rigs also underscores a broader trend: the push toward hardware differentiation in an increasingly competitive market. As Bitcoin’s network difficulty climbs and block rewards halve over time, margins are squeezed. Miners that can deploy more efficient, custom-designed machines have a better chance of staying profitable when power prices are high or Bitcoin’s price softens.
From a geographic standpoint, Bitdeer’s base in Singapore, combined with its global operations, may give it additional flexibility in sourcing energy, negotiating data center deals, and navigating regulatory regimes. Access to relatively cheap or stable electricity is a core determinant of mining profitability, and large operators are racing to secure long-term power contracts or build facilities in energy-rich regions.
Marathon’s repositioning as a broader digital infrastructure player should not be viewed simply as retreat. Instead, it reflects a maturing market where scale alone is no longer the only path to value creation. By investing in software, optimization tools, and new infrastructure services, Marathon aims to capture segments of the value chain that are less exposed to the volatility of block rewards and Bitcoin price cycles.
Still, for now, the headline takeaway for the mining sector is clear: Bitdeer has claimed the top spot in self-mining power among public peers. That milestone is likely to draw additional attention from institutional investors and analysts who closely track operational metrics such as hash rate, energy efficiency, and monthly production updates.
The timing of Bitdeer’s surge is particularly notable given the broader environment for miners. After the most recent Bitcoin halving, block rewards were cut in half, compressing revenue overnight for all participants. In that context, adding 8 EH/s of capacity in a single month signals both confidence from Bitdeer’s management and access to significant capital and infrastructure.
This development also highlights how quickly rankings can change in an industry where deployment cycles are measured in months, not years. A large order of new rigs, a new facility coming online, or a proprietary hardware release can rapidly shift the balance of power among top players. Companies that fail to upgrade equipment or secure cheap power risk sliding down the leaderboard even if they maintain stable operations.
For observers trying to interpret what Bitdeer’s lead means going forward, two questions stand out. First, can the company sustain this pace of growth while keeping costs under control? Second, how will Marathon and other major miners respond-by ramping their own self-mining capacity, doubling down on diversification, or pursuing mergers and acquisitions to regain scale?
In the medium term, the competition between Bitdeer, Marathon, and other large miners could accelerate consolidation in the sector. Smaller operators with older equipment and higher energy costs may find it harder to compete with giants deploying proprietary rigs and negotiating industrial-scale power deals, making them potential acquisition targets.
For Bitcoin itself, a rising hash rate concentrated among a handful of large public companies is a double-edged dynamic. On one hand, the growing total hash rate strengthens the network’s security and resilience against attacks. On the other, regulators and market participants are increasingly attentive to how mining power is distributed, who controls it, and where facilities are located, especially from an environmental and policy standpoint.
Ultimately, Bitdeer’s move into the lead on self-mining hash rate underscores how the narrative in Bitcoin mining is evolving. It is no longer just a race to deploy the most machines; it is a contest of engineering, energy strategy, capital access, and business model innovation. Bitdeer’s latest milestone signals that the company is currently executing well across several of these fronts, while Marathon is in the midst of redefining how it wants to compete in a rapidly changing industry.