CleanSpark reported 50 EH/s of operational hashrate in September 2026, but its average operating hashrate was 36 EH/s. That means the month averaged about 72% of the company’s reported operational peak, even though the headline fleet size remained unchanged.
The figures come from CleanSpark’s October 9 operational update. The company mined 529 BTC during September, operated 199,745 deployed miners, reported peak fleet efficiency of 16.07 J/TH, and listed 808 MW of utilized power.
The Average-to-Peak Ratio Fell to 72%
CleanSpark defines operational hashrate as the highest hashrate achieved concurrently by installed, functional miners supported by energized infrastructure and capable of contributing to a mining pool or directly to the network. Average operating hashrate measures what the fleet actually averaged over the month.
Dividing September’s 36 EH/s average by 50 EH/s operational hashrate gives an average-to-peak ratio of 72%. That is not the same thing as a formal uptime percentage because hashrate can vary for several reasons, including curtailment, maintenance, pool-side measurement differences, thermal conditions, equipment availability and fleet changes.
Still, the ratio is useful because it shows how much distance existed between the fleet’s reported peak capability and what it averaged through September.
A Year Earlier, the Same 50 EH/s Fleet Averaged 45.6 EH/s
CleanSpark’s September 2025 update also reported 50 EH/s of operational hashrate, but average operating hashrate was 45.6 EH/s. That produced an average-to-peak ratio of 91.2%.
One year later, the operational headline is still 50 EH/s, but the monthly average fell from 45.6 EH/s to 36 EH/s. That is a 21.1% reduction in average operating hashrate and a 19.2 percentage-point decline in the average-to-peak ratio.
CleanSpark Held 50 EH/s With 17% Fewer Miners
The deployed fleet count also changed sharply. CleanSpark reported 241,934 miners at the end of September 2025 and 199,745 at the end of September 2026—a decline of about 17.4%.
Yet reported operational hashrate remained at 50 EH/s. A simple ratio of operational hashrate to deployed machine count rises from roughly 207 TH/s per deployed miner in September 2025 to roughly 250 TH/s per deployed miner in September 2026, an increase of about 21%.
That does not prove every installed machine became 21% faster, and CleanSpark’s release does not identify the exact model mix behind the change. It is, however, consistent with a fleet carrying the same peak hashrate with fewer machines—something that can happen as lower-hashrate units are retired or replaced by higher-output ASICs.
BitcoinVersus has repeatedly tracked why ASIC efficiency and site efficiency must be separated. A fleet can reduce machine count without reducing total hashrate if each replacement miner contributes more TH/s.
The Power Numbers Nearly Reconcile Exactly
CleanSpark also reported 16.07 J/TH peak fleet efficiency and 808 MW of utilized power. Multiplying 50 EH/s by 16.07 J/TH gives approximately 803.5 MW of ASIC-level power.
That is only about 4.5 MW below CleanSpark’s reported 808 MW maximum utilized power, a difference of roughly 0.6%. The figures therefore line up unusually well as a rough cross-check of the company’s peak fleet metrics.
The remaining difference should not automatically be interpreted as overhead because the published metrics are defined differently and may not represent the exact same measurement instant. But the arithmetic shows that the 50 EH/s, 16.07 J/TH and 808 MW figures are internally close.
Mining Stayed Flat While Contracted Power Grew 75%
The bigger strategic shift appears in CleanSpark’s power portfolio. Contracted power increased from 1.03 GW in September 2025 to 1.8 GW in September 2026—about 74.8% growth.
Yet utilized mining power remained at 808 MW in both September snapshots, and operational mining hashrate remained at 50 EH/s. That means the expansion in contracted power has not translated into a larger reported Bitcoin-mining peak.
CleanSpark explains why in the same release: it has closed $2.276 billion of senior secured notes to fund its Sandersville data-center buildout and says it is commercializing a broader power-and-land portfolio. The company also announced that September would be its final monthly operating update as it moves to standard quarterly reporting.
BitcoinVersus previously covered CleanSpark’s 1.8 GW power portfolio and August mining production. September makes the separation clearer: the power portfolio is growing faster than the mining fleet.
Bitcoin Production Fell Less Than Average Hashrate
CleanSpark produced 629 BTC in September 2025 and 529 BTC in September 2026, a decline of about 15.9%. Average operating hashrate fell by about 21.1% over the same comparison.
The mismatch does not point to one single cause. Bitcoin production per unit of hashrate can vary with network difficulty, total network hashrate, pool luck, fee income and the exact timing of when hashrate was online. It does show why BTC production cannot be interpreted from fleet nameplate alone.
Watch CleanSpark’s 50 EH/s Fleet
CleanSpark’s own 2026 mining update video below shows the same 50 EH/s operational fleet, 16.07 J/TH peak efficiency and 808 MW utilized-power baseline that appears again in September’s report.
What the Numbers Show
- Operational hashrate remained 50 EH/s, but September average operating hashrate was 36 EH/s.
- The average-to-peak ratio fell from 91.2% in September 2025 to 72% in September 2026.
- Deployed miner count fell 17.4% while reported peak hashrate stayed flat.
- 50 EH/s at 16.07 J/TH implies about 803.5 MW, close to the reported 808 MW utilized maximum.
- Contracted power grew about 75% year over year while mining’s reported peak hashrate and utilized MW remained unchanged.
The important story is not that CleanSpark suddenly lost 14 EH/s of installed capacity. Its reported peak remains 50 EH/s. The story is that the company averaged materially less of that peak during September while simultaneously controlling far more contracted power than a year ago. CleanSpark’s mining platform is still large, but the company’s growth story is increasingly happening outside the mining hashrate number.
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