Bitdeer Overtakes MARA in Hashrate: What It Means for Pools and Independent Miners
As of July 2026, Bitdeer Technologies Group has taken the top spot among public Bitcoin miners with 73.0 EH/s of hashrate, edging out MARA Holdings (70.7 EH/s). This is the first change at the top among the largest publicly traded miners in several years. CleanSpark holds third place at 42.6 EH/s. We break down where Bitdeer's hashrate comes from, which pools these companies use, and what it means for the rest of the network.
How Bitdeer Built Its Hashrate Lead
Bitdeer is a Singapore-based company founded in 2021 by former Bitmain executives. Unlike MARA, which historically focused on accumulating Bitcoin on its balance sheet, Bitdeer bet on scaling its own infrastructure and developing proprietary ASIC chips. The company operates data centers in Norway, the United States, Bhutan, and Ethiopia, primarily using hydro and geothermal energy.
In parallel, Bitdeer is developing its own Sealminer chip lineup, which reduces dependence on third-party hardware suppliers and gives a competitive advantage on production cost per coin mined - a key factor for surviving low hashprice environments.
Why MARA Lost the Top Spot
MARA Holdings was the largest public miner by hashrate for years. The company still holds one of the largest BTC treasury positions among public companies. However, in 2026, MARA, like other large miners, began redirecting some infrastructure capacity toward AI contracts, which directly affects net mining hashrate (see our CoinShares report breakdown). MARA's strategy remains focused on BTC accumulation rather than revenue diversification.
Which Pools Do the Largest Miners Use
Public miners generally do not disclose exact hashrate distribution across pools. Based on indirect data and public statements:
- MARA has historically operated through its own MARA Pool (formerly in partnership with Luxor), while also distributing hashrate across several large pools
- Bitdeer runs its own Bitdeer Pool platform, available to third-party clients
- CleanSpark primarily uses Foundry USA and Antpool
For a comparison of fees and payout schemes across pools, read our TrustPool, Foundry, and Antpool breakdown.
What the Leadership Change Means for Independent Miners
- Hashrate concentration among the top 3 keeps growing: Bitdeer, MARA, and CleanSpark together control over 186 EH/s, roughly 20% of total network hashrate at current ~900 EH/s levels
- Block competition hasn't changed fundamentally: large players use pools rather than solo mining, so the pressure on pool rewards remains indirect
- Hashprice pressure persists: the more efficient hashrate on the network, the lower the reward per unit of power. If Bitdeer continues scaling, it adds downward pressure on hashprice for all participants
Calculate how profitable your hardware is at current hashprice using our mining profitability calculator.
Frequently Asked Questions
Is Bitdeer a Chinese company?
Bitdeer is incorporated in Singapore and trades on Nasdaq (BTDR). It was founded by former Bitmain executives but is legally and operationally an independent international company with data centers on multiple continents.
Does the hashrate leadership change affect network decentralization?
Not directly, as long as hashrate is distributed across different pools. A decentralization risk arises when a single entity controls more than 51% of network hashrate. Bitdeer's current 73 EH/s represents roughly 8% of total network hashrate, which poses no threat.
How does Bitdeer stay profitable at low hashprice?
Through proprietary ASIC chips with lower manufacturing costs and cheap renewable energy in Norway and Bhutan. This keeps operating costs below the industry average.