JPMorgan Chase analysts say a new leader has emerged in the public Bitcoin mining race, and it is not MARA Holdings.
Singapore-based Bitdeer has overtaken American Bitcoin (BTC) mining giant MARA (NASDAQ: MARA) in self-mining hash rate.
According to JPMorgan analysts led by Reginald Smith, Bitdeer now allocates 63.2 exahashes per second (EH/s) to mine Bitcoin (BTC) for itself, surpassing MARA’s last reported 60.4 EH/s.
Exahashes (EH/s) is a unit used to measure Bitcoin mining hashrate. One exahash equals 1 quintillion hashes per second.
In Bitcoin mining, EH/s shows how much computational power is being used to solve cryptographic puzzles. The higher the exahash count, the more powerful and competitive the mining operation, and the more secure the Bitcoin network becomes.
Related: Explained: What is sustainable Bitcoin mining?
Bitcoin mining is no longer the easy-money business it once was. Rising network difficulty, post-halving reward reductions, and volatile energy prices have squeezed margins across the board.
Large-scale operations now require massive capital expenditure, vertical integration and operational efficiency simply to stay competitive. For smaller or less efficient miners, profitability has become increasingly elusive.
In the past year, many Bitcoin miners have been increasingly pivoting to artificial intelligence, Ethereum (ETH) staking, or shutting down mining operations.
JPMorgan described January as an “impressive” month for Bitdeer. The company added 8 EH/s in the month alone, fueled by the deployment of its proprietary SEALMINER rigs, as reported by Decrypt on Feb. 18.
Unlike many rivals that rely heavily on hardware suppliers such as Bitmain, Bitdeer has invested in developing its own hyper-efficient silicon, a strategic move that appears to be paying off.
The production numbers are striking. Bitdeer mined 668 BTC in January, a 430% increase year-over-year. The firm reported 78.1 EH/s in total hash rate under management, including 13.0 EH/s dedicated to hosted operations for clients.
For years, MARA’s aggressive fleet expansion defined the sector. However, the company has repositioned itself as a broader digital infrastructure firm and has increasingly prioritized AI workloads for customers.
MARA no longer reports company-wide Bitcoin production, making direct output comparisons more difficult.
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