While top-tier bitcoin miners have largely paused or slowed their fleet expansions, a group of smaller competitors accelerated growth in August, posting the strongest gains in bitcoin production.
This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies.
According to their monthly updates, HIVE, Bitdeer, Cipher, and Canaan all reported double-digit increases in realized hashrate last month, in contrast to the more reserved stance taken by the largest operators.
HIVE grew its realized hashrate by 27.9% to 16.2 EH/s in August, producing 247 bitcoin. The gain was driven by the energization of its Paraguay sites acquired from Bitfarms, with the company surpassing 18 EH/s of installed capacity during the month.
HIVE reiterated the expectation to reach 25 EH/s by U.S. Thanksgiving, projecting daily production of roughly 12 BTC once its 100-megawatt Phase 3 Valenzuela site is fully deployed.
Bitdeer, though it has not yet disclosed its monthly results, reported in weekly updates that it mined 335 BTC over four weeks of August, implying a realized hashrate of about 22 EH/s. That figure represents nearly 25% growth from July and excludes the remaining days of the month.
Cipher lifted realized hashrate by 18.4% to 15.8 EH/s, producing 236 BTC. Management said its Black Pearl Phase I site accounted for nearly 40% of production and remains on track to reach 10 EH/s by the end of the third quarter, which would expand Cipher’s fleet to about 23.5 EH/s.
Canaan, a manufacturer that also operates its own mining fleet, expanded its realized hashrate by 15.7% to 6.4 EH/s while mining 98 BTC in August. The company reported 8.6 EH/s of installed capacity, with another 1.46 EH/s in delivered but not yet deployed equipment. It expects to exceed 10 EH/s when all rigs are online.
The growth underscores a divergence in strategy. Larger miners, having bulked up during the last market cycle, are slowing new purchases under pressure from record network hashrate, low transaction fees, despite bitcoin’s price remaining above $100,000. By contrast, second-tier firms are still scaling — in part by tapping inventory. Bitdeer and Canaan, as manufacturers, have leaned on their own machine stockpiles to ramp up operations.
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