CleanSpark outperformed peers, increasing production and surpassing 20 EH/s in hashrate growth
Bitcoin [BTC] miners pulled back production in June, but not all followed the script.
Amid soaring summer power demand and strategic curtailments in Texas, several major Bitcoin miners – Riot Platforms, Cipher Mining, and Marathon Digital – logged notable drops in output. And yet, CleanSpark broke ranks, posting record-breaking hash rate growth and higher BTC production, dodging the broader slowdown.
Riot Platforms saw a 12% dip in Bitcoin production in June, mining 450 BTC compared to 514 BTC the previous month. The decline was largely due to the company’s decision to scale back operations during peak summer demand in Texas.
“Economic curtailment” and participation in ERCOT’s Four Coincident Peak (4CP) program were key elements of the firm’s strategy, according to CEO Jason Les.
“…significantly contribute(s) to grid stability while enhancing Riot’s competitive positioning.”
The miner sold 397 BTC for $41.7 million and held a total of 19,273 Bitcoin, as of the end of June.
Cipher Mining and MARA Holdings joined Riot in scaling back operations during June, with both firms citing power curtailments and strategic planning as key factors behind lower production.
Cipher mined 160 BTC, selling 58 and ending the month with 1,063 BTC in reserves. The company attributed the decline to its “proactive 4CP avoidance strategy,” which it said,
“…allowed the company to avoid costly 4CP penalties and maintain its position as having some of the lowest power costs in the industry.”
Cipher’s new Black Pearl site began contributing late in the month, but it couldn’t offset the broader slowdown. Meanwhile, MARA recorded a 25% drop in output, mining 211 BTC compared to 282 in May. CEO Fred Thiel pointed to weather-driven curtailments, older machines in use, and “natural variability in block luck – an expected dynamic when operating our own mining pool…”
Contrary to industry peers, CleanSpark boosted its Bitcoin production by 6.7% in June, mining 445 BTC while selling just 8. The company now holds 6,591 BTC, having exceeded its mid-year goal by reaching 20 EH/s in operational hashrate.
“Surpassing 20 EH/s… is more than double our hashrate from December,” CEO Zach Bradford said, crediting the team’s focus and efficiency.
While competitors trimmed output or sought alternative revenue streams, CleanSpark doubled down on growth, with upcoming expansions in Wyoming and Tennessee aimed at pushing toward its 50 EH/s target.
