CleanSpark Becomes Second Bitcoin Miner to Report Reaching 50 EH/s Mark

CleanSpark has reached 50 EH/s in deployed hashrate, becoming the second publicly traded Bitcoin mining firm to report crossing that threshold.

The company announced Tuesday that it had achieved its mid-year target with proprietary data centers spanning more than 30 sites across Georgia, Mississippi, Tennessee, and Wyoming.

The milestone places CleanSpark just behind MARA in terms of installed and realized hashrate among publicly traded mining companies. It comes amid intensifying competition from peers like IREN and Cango, both of which are expected to cross the 50 EH/s mark in the coming months.

CleanSpark said it remains on track to scale further, with plans to reach 60 EH/s and beyond. The company has previously outlined expansion initiatives tied to new capacity in Wyoming and other sites. However, the growth has not been without challenges—CleanSpark recently faced community resistance over proposed mining developments in Mountain City, Tennessee.

Separately, CleanSpark’s Digital Asset Management division has been monetizing a treasury of more than 12,500 self-mined bitcoin since May through yield strategies. According to its May production report, 2,210 BTC had been posted as collateral under its credit facility agreement with Coinbase.

CleanSpark’s hashrate ramp-up comes as public miners continue to battle for a shrinking share of Bitcoin mining economics. Cipher Mining (NASDAQ: CIFR), for instance, recently energized its 150-megawatt Black Pearl site in Texas with 2.5 EH/s of capacity in Phase 1, and plans to scale that to 9.5 EH/s in the coming months.

Meanwhile, Bitcoin’s seven-day average network hashrate hit a record high near 950 EH/s earlier in June before dropping below 850 EH/s, likely due to summer curtailments across the U.S. grid. The decline is expected to result in a roughly 8% easing of mining difficulty in the coming days, offering temporary relief to operators amid compressed margins.