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CleanSpark Hits 20 EH/s as Bitcoin Hashrate War Intensifies

Public miners boost capacity while network hashrate declines

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.

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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 also increased its bitcoin production and realized hashrate by 20% in June after completing a series of site upgrades.