Bitdeer manages a computing power of 71 EH/s, with Wu Jihan leading the mining company to complete the world's largest reversal

The global Bitcoin mining competition landscape has undergone a dramatic transformation. Managed by Bitdeer (比特小鹿, NASDAQ: BTDR), the total hash rate has surpassed 71 EH/s, officially overtaking the long-standing industry leader MARA Holdings (NASDAQ: MARA), and rising to become the world’s largest Bitcoin mining giant. Behind this reversal is a deep breakthrough in chip innovation and strategic deployment led by Wu Jihan’s team.

Key Data Behind Surpassing MARA

As of the end of December 2025, Bitdeer’s reported Total Hash Rate Under Management reached an astonishing 71 EH/s, including 55.2 EH/s of self-operated hash rate and托管设备资源. In comparison, MARA’s current energized hash rate is approximately 61.7 EH/s, a difference of nearly 9.3 EH/s.

This data comparison has sparked interesting discussions within the industry. Industry insiders point out that the concept of “managed hash rate” used by Bitdeer and MARA’s “energized hash rate” differ slightly in definition, and their measurement standards are not entirely equivalent. However, even considering this difference in calculation standards, Bitdeer remains clearly ahead in scale.

In terms of growth rate, Bitdeer has performed even more impressively over the past year. As of December 2025, Bitdeer’s hash rate accounts for about 6% of the total network, with a month-over-month growth of 18% and a year-over-year increase of up to 229%. This explosive growth is driven by the company’s comprehensive acceleration in capacity and strategic initiatives.

The Energy Efficiency Revolution of SEALMINER Chips

Bitdeer’s rapid surpassing of competitors is primarily driven by the large-scale deployment of its自主研发的SEALMINER mining chips. This shift has directly boosted the company’s output capacity. In December 2025, Bitdeer mined 636 Bitcoins in a single month, compared to 145 in the same period in 2024, representing nearly a 4.3-fold increase, with such rapid capacity expansion attracting industry attention.

More notably, the energy efficiency advantage of SEALMINER chips is remarkable. Latest tests show that the SEAL04-1 chip’s energy consumption is only 6-7 J/TH (Joules per TeraHash) under low-voltage operation, far superior to MARA’s overall miner fleet average of 19 J/TH. Although the calculation standards differ, this efficiency gap clearly reflects Bitdeer’s technological innovation advantage—lower power consumption means higher profit margins, enabling stronger profitability at the same coin price.

The Inevitable Shift Toward AI High-Performance Computing

Faced with profit pressures after Bitcoin halving, global miners are seeking new growth points. Many are turning to more lucrative AI computing and high-performance computing (HPC) sectors, which has become a common industry trend. Bitdeer is at the forefront of this transition.

Matt Sigel, Head of Research at VanEck, pointed out that Bitdeer’s strategy is “to mine almost as much as they sell, or even more,” aiming to quickly raise funds for the shift to AI business. To support this transformation, Bitdeer has expanded AI infrastructure in 8 locations worldwide, including Canada, Ethiopia, Norway, and U.S. states such as Ohio, Tennessee, and Washington. This global layout demonstrates the company’s ambition in AI infrastructure.

Two Completely Different Mining Strategies

In contrast to Bitdeer’s aggressive expansion, MARA Holdings (which owns 18 data centers) has adopted a more conservative approach. MARA mainly uses Bitmain’s Antminer machines for Bitcoin mining and has begun to deploy AI businesses. However, the company’s core strategy remains centered on “holding”—currently holding over 55,000 Bitcoins, ranking second among publicly listed companies worldwide after Strategy.

In comparison, Bitdeer’s strategy is evidently more aggressive. The company holds only 2,000 Bitcoins and primarily adopts a “mine and sell” model to accumulate funds for its transition. These two miners represent two distinct industry paths: one is a稳健的"holding and appreciating" strategy, and the other is an ambitious “selling to transform” approach.

Founded by Bitmain co-founder Wu Jihan in 2020, Bitdeer achieved a significant revenue increase of 173.6% in Q3 2025. Although there was some disappointment among investors due to AI deployment delays, the latest hash rate surpassing data indicates that the company is regaining market confidence through technological and strategic execution.