In a divergence from the industry norm, several publicly traded Bitcoin mining firms boosted their computational power, known as realized hashrate, throughout June. This occurred even as numerous miners slowed production due to summer power management strategies implemented across the United States.
According to publicly available production reports, HIVE Blockchain Technologies, Bitdeer Technologies Group, Iris Energy, and CleanSpark all experienced noteworthy growth in realized hashrate when compared to May. Conversely, competitors like Marathon Digital Holdings (MARA), Core Scientific, and Cipher Mining saw decreases in their mining output.
HIVE exhibited the most substantial month-over-month realized hashrate increase, climbing 27.41% to reach 10.8 exahashes per second (EH/s). Bitdeer followed with an 11.84% gain, reaching 13.4 EH/s, and Iris Energy expanded by 6.78% to achieve 41 EH/s. CleanSpark, a major public miner based on deployed hashrate, reported a 6.59% rise, bringing its total to 45.3 EH/s.
These advancements were achieved despite the seasonal challenges faced by mining operations. Summer months frequently lead energy-intensive miners to curtail operations in order to avoid expensive peak demand charges or to comply with grid stabilization requirements, especially in energy-intensive states like Texas. Cipher Mining and Marathon Digital Holdings specifically mentioned power curtailments as a contributing factor to their reduced output.
Marathon Digital Holdings, the largest publicly held miner by self-mining capacity, experienced a considerable 18.95% month-over-month reduction in realized hashrate, falling to 47.1 EH/s. Core Scientific also recorded a 10.7% decrease to 12.4 EH/s, while Cipher Mining declined by 3.48% to 10.6 EH/s.
Production volumes largely reflected the fluctuations in hashrate. CleanSpark and Iris Energy mined 685 BTC and 620 BTC, respectively, in June, ranking among the highest within the sector. In contrast, Core Scientific produced just 187 BTC, and Cipher Mining generated 155 BTC.
CleanSpark and Iris Energy have both recently exceeded the 50 EH/s threshold. Collectively, these two, along with Cango and Marathon Digital Holdings, accounted for 18% of the total Bitcoin mining production share in June and comprised more than 20% of the total network hashrate.