Bitdeer (BTDR) Stock Drops despite Bitcoin Miner Overtaking MARA in Hash Rate

TLDR

• Bitdeer (BTDR) has overtaken MARA Holdings in self-mining hash rate, reaching 63.2 EH/s vs MARA’s 60.4 EH/s, per JPMorgan analysts.
• The milestone was driven by deployment of Bitdeer’s proprietary SEALMINER rigs, adding 8 EH/s in one month.
• Bitdeer mined 668 Bitcoin in January, a 430% increase year-over-year.
• Roth Capital cut its price target from $40 to $30 but maintained a Buy rating; B. Riley lowered its target from $29 to $22, also keeping Buy.
• Bitdeer is exploring AI/HPC co-location leasing opportunities while continuing to expand its self-mining operations in 2026.

Bitdeer Technologies has quietly pulled off one of the bigger shakeups in publicly traded Bitcoin mining. The Singapore-based company has surpassed MARA Holdings in self-mining hash rate, according to JPMorgan analysts led by Reginald Smith.

Bitdeer Technologies Group, BTDR

Bitdeer is now running at 63.2 exahashes per second (EH/s) for self-mining. MARA’s last reported figure was 60.4 EH/s. That gap may look small, but the speed at which Bitdeer got there is what caught analysts’ attention.

The company added 8 EH/s in just one month. JPMorgan called it an “impressive” run. The jump was driven by deployments of Bitdeer’s own SEALMINER mining rigs — proprietary hardware the company has been developing in-house.

That in-house silicon strategy is what sets Bitdeer apart. While MARA has historically leaned on off-the-shelf hardware from suppliers like Bitmain, Bitdeer has gone down the path of building its own hyper-efficient chips.

The results are showing up in production numbers. In January, Bitdeer mined 668 Bitcoin — a 430% increase compared to the same month a year earlier.

MARA’s Shifting Focus

MARA, for its part, has been moving in a different direction. The company rebranded as a digital infrastructure firm over the past year and has been pivoting toward AI workloads for its customers.

MARA no longer reports company-wide Bitcoin production figures. Given the scale of its joint-venture operations in the Middle East, it may still hold an overall lead when all hash rate is counted — but the self-mining crown has changed hands.

Meanwhile, Bitdeer isn’t stopping at Bitcoin mining. The company said earlier this month it is evaluating data center leasing opportunities that could bring AI cloud services to U.S. customers this year. It’s also targeting HPC/AI co-location options at larger facilities, including its Tydal site in Norway.

Chief Business Officer Matt Kong confirmed the company will continue deploying SEALMINER rigs through 2026 regardless. Bitdeer also expects to launch the SEALMINER-DL1 in Q1 2026, following strong test results from its DL1 miner for Litecoin and Dogecoin.

Analyst Targets Trimmed

Wall Street is still broadly bullish on BTDR, though recent price targets have come down.

Roth Capital’s Darren Aftahi lowered his price target from $40 to $30 on February 13, citing “some puts and takes” from the earnings call and mixed Q4 results. He kept his Buy rating, pointing to the company’s growing appetite for high-performance computing.

B. Riley followed a similar path, cutting its target from $29 to $22 on February 12. The firm cited lower Bitcoin prices and network difficulties in Q4 but maintained its Buy rating, noting Bitdeer’s ability to handle growing hyperscaler computing demand.

On the balance sheet side, Bitdeer held 1,530 Bitcoin at the end of January, down from 2,017 in December. With Bitcoin trading around $68,000, that stash was worth roughly $104 million.

BTDR shares fell 5.95% on Tuesday. MARA dropped 5.18% on the same day.

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