CleanSpark Hits 20 EH/s as Bitcoin Hashrate War Intensifies

CleanSpark, the second-largest public mining firm by market cap, has reached the 20 EH/s level for the first time as the hashrate race among large-scale miners intensifies despite the halving.

In a production update on Tuesday, CleanSpark said it exited June with 20.4 EH/s of installed hashrate, up from 18 EH/s at the end of May. As a result, its bitcoin production grew by 6.7% to 445 BTC. The company sold 8 BTC and increased the bitcoin reserves to 6,591 BTC.

Much of CleanSpark’s hashrate increase appears to be attributed to the 60 megawatts of infrastructure it acquired in Georgia last month, totaling 3.7 EH/s of capacity. “As of June 30, approximately 1.7 EH/s have been deployed,” the company stated in the release.

CleanSpark’s June bitcoin production indicated a realized hashrate of 17.9 EH/s, or a 6% month-over-month growth during a period when bitcoin’s average network hashrate was declining.

Network data shows that bitcoin’s average network hashrate dropped from 599 EH/s in May to 580 EH/s in June, suggesting the capitulation of certain small-scale unprofitable mining operations as bitcoin’s hashprice remained mostly below $60/PH/s.

CleanSpark wasn’t the only public mining firm ramping up capacity. Bitfarms (NASDAQ: BITF) also increased its bitcoin production and realized hashrate by 20% in June after completing a series of site upgrades.