Bitdeer Eclipses Marathon as Top Public Miner, JPMorgan Reports

Edgen Crypto

·Feb 17 2026, 21:05

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Key Takeaways

Bitdeer has overtaken Marathon Digital Holdings (MARA) to become the leading publicly traded Bitcoin miner by self-mining hash rate, according to a new report from JPMorgan. This shift underscores the intense operational competition within the mining sector.

New Industry Leader: A February 17, 2026, JPMorgan report confirmed Bitdeer now leads all public miners in self-mining hash rate.
Competitive Shift: The change in ranking displaces longtime leader Marathon Digital, signaling a potential re-evaluation of mining stocks by investors.
Investor Implications: The development highlights the dynamic nature of mining operations and could influence capital flows between competing firms like BTDR and MARA.

Bitdeer Seizes Hash Rate Crown from Marathon

Bitcoin miner Bitdeer has officially surpassed Marathon Digital Holdings (MARA) in self-mining hash rate, establishing itself as the new leader among publicly traded mining companies. The development was detailed in a JPMorgan analyst report published on February 17, 2026, which recalibrates the hierarchy of the sector's largest operators. Self-mining hash rate is a critical metric measuring the computational power a company directly owns to mine Bitcoin, directly correlating with its potential to earn block rewards.

JPMorgan Report Signals Sector Shakeup

The confirmation from JPMorgan analysts marks a significant inflection point for the competitive Bitcoin mining landscape. For investors, this leadership change could trigger a re-evaluation of valuations across the sector. The news may place downward pressure on Marathon Digital's stock (MARA) while potentially boosting investor confidence and capital flows into Bitdeer (BTDR). This event highlights the operational volatility and intense competition inherent in the capital-intensive mining industry, where efficiency and scale are paramount.