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

August 6, 2025
Bitcoin mining facility in Iowa

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.

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