Bitdeer Overtakes MARA as Largest Public Bitcoin Miner by Hashrate

Bitdeer has emerged as the largest public Bitcoin miner by hashrate after boosting its self-mining capacity to 69.5 EH/s in March 2026 — a staggering 504% year-over-year increase. The company's total managed hashrate, including hosted machines, reached 78.1 EH/s, overtaking nearest rival MARA at 66.4 EH/s and CleanSpark at 47.3 EH/s.

«$BTDR March 2026 Operations Update: Self-mining hashrate of 69.5 EH/s (⬆️ 504% Y/Y), with 661 $BTC mined (⬆️ 480% Y/Y). SEALMINER A4 series launched with efficiency of ~9.45 J/T. AICloud ARR reached ~$43M (⬆️ 105% M/M) as demand for AI agent workloads grows…» — Bitdeer (@Bitdeer), original post

Why This Matters

The changing of the guard among publicly traded mining companies signals a meaningful shift in the industrial mining landscape. MARA Holdings (formerly Marathon Digital) has long held the top position by deployed hashrate. Bitdeer's leap — driven by proprietary ASIC production and aggressive expansion — comes at a time when Bitcoin's network hashrate contracted by nearly 6% in Q1 2026 due to the retirement of obsolete equipment. The divergence between network-wide contraction and individual company growth highlights an ongoing consolidation trend in the sector.

Bitdeer's March Operational Highlights

The company mined 661 BTC in March, representing a 480% year-over-year increase. Bitdeer operates approximately 262,000 mining rigs, of which 225,000 are company-owned. Its global energy capacity, including projects under development, has reached 3 GW.

On the hardware front, Bitdeer is ramping up production of its proprietary ASIC miners. The flagship SEALMINER A4 series, boasting energy efficiency of approximately 9.45 J/TH, is already available for purchase. In March, the company also unveiled the SEALMINER DL1 Air — a Scrypt-based miner designed for Litecoin and Dogecoin mining.

The company's AI business is also gaining traction. Utilization of its AI Cloud service jumped from 64% to 94%, while annualized revenue from the segment hit roughly $43 million — a 105% month-over-month increase. Bitdeer's Chief Operating Officer Matt Kong noted that this trajectory reflects both the scale of market opportunity and the company's ability to deliver high-performance AI infrastructure effectively.

CleanSpark and Canaan Performance

CleanSpark reported mining 658 BTC in March, accumulating 1,799 BTC year-to-date. The company's operational hashrate reached 50 EH/s by month-end. Its fleet of 224,473 units achieved peak efficiency of 16.07 J/TH, with average monthly hashrate growing 11%. CleanSpark controls over 1.8 GW of power capacity, with 808 MW already operational.

CleanSpark CEO Matt Schultz stated the company has made significant progress in securing its first hyperscale client for AI and high-performance computing workloads.

Canaan mined 89 BTC in March, bringing its crypto reserves to a record 1,808 BTC and 3,952 ETH. The company's deployed hashrate stands at 10.97 EH/s, with an additional 4.4 EH/s generated by a joint venture acquired from Cipher Mining — Canaan purchased its partner's 49% stake in three Texas facilities in February.

Miners Continue Selling Bitcoin

Major public miners have been steadily offloading their Bitcoin holdings amid challenging industry conditions. According to CryptoQuant, aggregate miner balances have declined from 1.862 million to 1.801 million BTC since the start of the current cycle, representing net sales of approximately 61,000 BTC.

«Miner Reserves Declining. Since the start of this cycle, miner reserves fell from ~1.862M BTC to 1.801M BTC, a net sell of ~61K BTC. Verified selling: Riot Platforms: 4,026 BTC, Marathon Digital: 13,210 BTC, Core Scientific: 1,992 BTC. Simultaneously, AntPool miner…» — CryptoQuant.com (@cryptoquant_com), original post

MARA Holdings was the largest seller, disposing of 13,210 BTC. Riot Platforms sold 4,026 BTC and Core Scientific offloaded 1,992 BTC. Meanwhile, analysts noted that AntPool's balances have been increasing.

The broader context remains challenging: Bitcoin's network hashrate fell nearly 6% during Q1 2026, attributed by experts to the decommissioning of outdated mining hardware.