Bitdeer (BTDR) Stock Dethrones MARA as Top Bitcoin Self-Miner

TLDR

• Bitdeer (BTDR) has overtaken MARA Holdings in self-mining hash rate, reaching 63.2 EH/s vs MARA’s 60.4 EH/s, per JPMorgan.
• Bitdeer added 8 EH/s in one month, powered by its proprietary SEALMINER rigs.
• The company mined 668 Bitcoin in January — up 430% year-over-year.
• Roth Capital cut its target from $40 to $30; B. Riley cut from $29 to $22. Both kept Buy ratings.
• Bitdeer is expanding into AI/HPC co-location while continuing to grow its self-mining operations.

Bitdeer Technologies has taken the top spot in Bitcoin self-mining hash rate among publicly traded companies, surpassing MARA Holdings, according to JPMorgan analysts led by Reginald Smith.

Bitdeer Technologies Group, BTDR

Bitdeer is now running at 63.2 exahashes per second (EH/s). MARA’s last reported figure was 60.4 EH/s.

The company added 8 EH/s in a single month — a pace JPMorgan called “impressive.” That growth came from deployments of Bitdeer’s proprietary SEALMINER rigs, hardware the company designs and builds in-house.

That approach sets Bitdeer apart from MARA, which has historically used off-the-shelf hardware from suppliers like Bitmain. Bitdeer’s focus on hyper-efficient silicon is paying off in production numbers.

In January, Bitdeer mined 668 Bitcoin — a 430% increase year-over-year.

MARA Shifts Away From Mining

MARA has been moving in a different direction. The company rebranded as a digital infrastructure firm over the past year and has been prioritizing AI workloads for customers.

MARA no longer reports company-wide Bitcoin production. Given the scale of its Middle East joint-venture operations, it may still lead on total hash rate — but the self-mining title now belongs to Bitdeer.

Bitdeer Eyes AI and HPC

Bitdeer isn’t limiting itself to Bitcoin mining. The company said it is evaluating data center leasing opportunities to bring AI cloud services to U.S. customers this year.

It is also targeting HPC/AI co-location options at larger facilities, including its Tydal site in Norway. Chief Business Officer Matt Kong confirmed SEALMINER deployments will continue through 2026.

Bitdeer also expects to launch the SEALMINER-DL1 in Q1 2026, following strong test results for its DL1 miner built for Litecoin and Dogecoin.

Analysts Cut Targets, Keep Buy Ratings

Roth Capital’s Darren Aftahi lowered his price target from $40 to $30 on February 13, citing mixed Q4 results. He kept his Buy rating, pointing to Bitdeer’s growing focus on high-performance computing.

B. Riley cut its target from $29 to $22 on February 12, citing lower Bitcoin prices and Q4 network difficulties. It also kept its Buy rating, noting the company’s ability to meet growing hyperscaler demand.

Bitdeer held 1,530 Bitcoin at the end of January, down from 2,017 in December. With Bitcoin near $68,000, those holdings were worth around $104 million.

BTDR shares fell 5.95% on Tuesday. MARA dropped 5.18% on the same session.

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