Cipher, Cango Boost Bitcoin Mining Output as Network Hashrate Hits New Record

Cipher and Cango notably ramped up their bitcoin production in July as the Bitcoin network’s monthly average hashrate set a new record above 900 EH/s after recovering from June’s curtailment.

Cipher mined 208 BTC during the month, implying a realized hashrate of 13.4 EH/s — a 26.46% increase from June. The gain was driven by the energization of its Black Pearl facility, which lifted the company’s deployed hashrate to 20.4 EH/s.

“Black Pearl Phase I began contributing meaningfully to production this month, accounting for approximately 24% of Cipher’s total bitcoin mined in July,” the company said, adding that output from the site will continue to grow as Phase I scales.

Cango, which completed its transformation into a bitcoin miner last month, produced 651 BTC in July, representing a realized hashrate of 40.7 EH/s — up 36.67% from the prior month. The increase followed the company’s acquisition of an additional 18 EH/s from Bitmain’s financing arm Antalpha, bringing its installed capacity to 50 EH/s.

By contrast, MARA and CleanSpark — the two largest U.S.-listed miners by deployed capacity — saw moderate declines in realized hashrate of about 7% in July.

CleanSpark achieved a realized hashrate of 41.9 EH/s, while MARA utilized only 74.59% of its installed fleet, recording 43.94 EH/s in realized capacity.

The diverging trends came as the Bitcoin network’s computing power set a new monthly record, underscoring ongoing capacity shifts across the industry despite recent market volatility. Bitcoin’s seven-day moving average hashrate has also crossed the 950 EH/s for the first time.