American banking behemoth JPMorgan Chase has named Bitdeer Technologies Group (Nasdaq: BTDR) as the new dominant force in the global Bitcoin mining race. According to a research report released by the bank’s equity analysis team, the Singapore-based firm has officially overtaken longtime industry titan MARA Holdings (Nasdaq: MARA) to become the largest publicly traded Bitcoin miner by total hash rate.
In the report, JPMorgan analysts Reginald Smith and Charles Pearce highlighted a divergence in corporate strategy that allowed Bitdeer to leapfrog its American counterpart.
Bitdeer Overtakes MARA Holdings to Become Largest Bitcoin Miner by Total Hashrate
As of the latest January data, Bitdeer reported a combined self-mining and managed capacity of 63.2 exahashes per second (EH/s), representing roughly 6% of the global Bitcoin network’s computational power. In contrast, MARA Holdings, which held the top spot for years, reported a total energized hashrate of 60.4 EH/s, marking the first time the company has been unseated from its throne.
JPMorgan’s pivot in sentiment toward Bitdeer is largely driven by the company’s aggressive vertical integration. Unlike most mining firms that purchase hardware from third-party manufacturers, Bitdeer has successfully scaled its proprietary “SEALMINER” technology. These custom-designed chips operate with significantly higher energy efficiency than standard industry models, allowing it to lower its production costs while simultaneously increasing its output. The bank noted that Bitdeer mined 636 BTC ($42.09 million) in December alone, a staggering 330% increase compared to the previous year.
The report also sheds light on the radically different capital management strategies employed by the two leaders. MARA Holdings has long adhered to a “HODL” strategy, amassing one of the world’s largest corporate Bitcoin treasuries with over 55,000 BTC, currently valued at approximately $3.68 billion. Bitdeer, however, has adopted a more liquid approach, actively selling its mined rewards to fund a massive expansion into artificial intelligence and high-performance computing (HPC) data centers. This “AI pivot” is increasingly seen by JPMorgan analysts as a critical hedge against the inherent volatility of mining rewards and rising energy costs.
Smith, who serves as executive director of equity research at JPMorgan, stated in the report that the Bitcoin mining sector is witnessing a “maturation,” with pure-play mining no longer the only path to market dominance. He lauded Bitdeer’s ability to generate cash flow from its Bitcoin production to build AI infrastructure across Canada, Norway, and Ethiopia, which gives the company a “diversified revenue profile” that its competitors lack. The author of the report noted that while MARA remains a “formidable Bitcoin-adjacent financial powerhouse” due to its massive returns, Bitdeer has become the network’s operational leader.
JPMorgan Warns Bitcoin Mining is Entering “Survival of the Fittest” Phase in 2026
However, JPMorgan remains cautiously optimistic about the broader crypto mining sector in 2026. The bank estimated that the top 14 U.S.-listed miners added a combined $13 billion in market capitalization over the first few weeks of the year – but the analysts warned that the gap between “low-cost” leaders like Bitdeer and “high-cost” legacy miners is widening. As network difficulty reaches all-time highs, JPMorgan suggests that the industry is entering a “survival of the fittest” phase, where proprietary hardware and energy efficiency will be the only sustainable ways to maintain profitability.
This announcement has already rippled through the equities market, with Bitdeer (BTDR) shares climbing over 4% following the report’s release. As the digital gold rush continues, the spotlight now remains on whether Bitdeer can maintain its technical edge or if MARA’s massive treasury will eventually allow it to buy its way back to the top.
On Wednesday, Bitdeer Technologies Group (BTDR) closed the trading session at $9.61 – up 1.37% for the day. Meanwhile, MARA Digital Holdings (MARA) was trading at $7.50 – down 0.13% – when the market closed.
At the time of writing, Bitcoin (BTC) is trading at $66,864 – down about 1.5% over the last 24 hours.
