Mainland voltage support! Bitdeer hash rate reaches 71 EH/s, surpassing MARA to become the world's largest mining company

The landscape of the Bitcoin mining industry is undergoing a major reshuffle. Led by Wu Jihan, Bitdeer (比特小鹿, Nasdaq: BTDR) has successfully surpassed the long-standing dominant MARA Holdings (Nasdaq: MARA) through its self-developed SEALMINER mining chips and its mainland voltage technology. According to the latest operational data, Bitdeer has risen to become the world’s largest Bitcoin mining giant, setting a new industry benchmark with its managed hash rate.

As of the end of December 2024, Bitdeer’s reported “Managed Total Hash Rate” has reached an astonishing 71 EH/s (including 55.2 EH/s of self-operated hash rate and hosted equipment). In comparison, MARA’s operational hash rate during the same period was approximately 61.7 EH/s. This shift marks an upgrade in the mining industry from traditional mining hardware manufacturers to innovation-driven enterprises.

SEALMINER Chips Paired with Mainland Voltage Technology, Hash Rate Surges

Bitdeer’s quick turnaround is primarily due to its self-developed SEALMINER mining chips entering large-scale deployment. These chips utilize mainland voltage (low voltage) design, employing precise voltage control to significantly reduce power consumption while maintaining computational performance. This technological innovation directly translates into a surge in mining output—Bitdeer mined 636 Bitcoins in December 2025, nearly 4.3 times the 145 Bitcoins mined in the same month of 2024, fully demonstrating the commercial power of mainland voltage technology.

Data shows that Bitdeer’s latest SEAL04-1 chips operate at an energy efficiency of only 6-7 J/TH (Joules per THash) in low-voltage mode, approaching one-third of MARA’s overall mining fleet average efficiency of 19 J/TH. Although the two benchmarks differ, the gap remains significant, highlighting the advanced nature of mainland voltage mining technology.

Threefold Lead in Energy Efficiency, Business Power of Low-Voltage Mining

In the challenging environment following Bitcoin’s halving, mining profits have been greatly compressed. As a result, energy efficiency technologies like mainland voltage become crucial—they directly determine how many Bitcoins can be mined at the same electricity cost. Bitdeer’s energy efficiency advantage means it maintains stronger competitiveness at any global electricity price level, especially in developed countries with higher electricity costs.

Matt Sigel, Head of Research at VanEck, pointed out that by the end of December 2024, Bitdeer’s hash rate accounted for about 6% of the total network hash rate, with an 18% increase quarter-over-quarter and a 229% increase year-over-year. He analyzed, “Like other miners, Bitdeer almost quickly liquidates what it mines, mainly to raise funds for AI transformation.” This demonstrates that the high efficiency brought by mainland voltage technology not only boosts mining output but also provides ample financial support for the company’s strategic shift.

Abandoning Coin Hoarding for AI, the Strategic Divergence of Bitdeer and MARA

Facing survival pressure after Bitcoin’s halving, major mining companies are shifting toward higher-profit areas such as AI and high-performance computing (HPC). Bitdeer is at the forefront of this transformation, currently expanding AI infrastructure at at least 8 locations including Canada, Ethiopia, Norway, and in the US states of Ohio, Tennessee, and Washington. These AI data centers are expected to become a key pillar of the company’s future revenue.

In contrast, MARA’s strategy appears more conservative. The company owns 18 data centers primarily using Bitmain’s Antminer hardware. Its core strategy remains “coin hoarding,” currently holding over 55,000 Bitcoins, ranking second among publicly listed companies worldwide after MicroStrategy. In comparison, Bitdeer holds only 2,000 Bitcoins and is more inclined to reinvest mining income into AI infrastructure.

The difference in these strategies reflects the different judgments miners have about the industry’s future—MARA bets on long-term Bitcoin appreciation, while Bitdeer leverages technological innovation (especially mainland voltage and other efficiency breakthroughs) to rapidly accumulate capital and shift toward higher-margin AI fields. Founded by Bitmain co-founder Wu Jihan in 2020, Bitdeer saw a 173.6% revenue increase in Q3 2025, but due to slower-than-expected AI deployment, investors were initially disappointed. Whether the advantages of mainland voltage and other technologies can translate into competitive AI business will be crucial in determining whether Bitdeer can maintain its leadership.