Every number needs a date, a source and a boundary

An old figure looks just like a new one.

A number carries no visible age. Hashrate is the computing power a bitcoin miner runs, counted in exahashes per second and written EH/s. A hashrate quoted from a filing two years old reads exactly like one from a filing a week old, and both can be quoted correctly from a real document. The only way to tell them apart is the date that goes with each.

Both figures are IREN's own. In its June 2025 monthly update the company reported 50 EH/s installed at month end. In its annual report for the year to Jun 30, 2026, it reported about 23.2 EH/s installed at that date, after taking miners out to make room for AI cloud capacity. A summary written in 2026 that says IREN has 50 EH/s quotes a real filing and is still wrong. Hashrate, bitcoin held and share counts change from month to month, so the date matters most for exactly the figures investors watch most.

Pin the period, the filing date and the document.

Three dates come with every filed figure, and they are easy to mix up. The period is the time the figure describes. The filing date is the day the document went public. The date you read it tells you how much may have changed since. Write all three down, with the document's name, before you use the figure.

The period, filing date and document behind three figures used in this article.

The period, filing date and document behind three figures used in this article.

Figure	Period	Filed	Document
IREN, 50 EH/s installed	End of June 2025	Jul 7, 2025	June 2025 monthly update, 8-K exhibit 99.1
IREN, 23.2 EH/s installed	End of June 2026	Aug 27, 2026	10-K for fiscal 2026
CleanSpark, 44,406 dollars a bitcoin, direct	Quarter ended Jun 30, 2026	Aug 6, 2026	10-Q for the quarter

On this site's company pages, a figure read from the tagged data in a company's SEC filings, such as revenue, cash or shares outstanding, carries its period, its source document and that document's filing date, and one whose period ended more than 400 days before the as-of date carries a stale badge with its age in days. An operating figure such as hashrate or cost per bitcoin shows its period and source in its card but no age badge, so check its date yourself. The methodology page sets out the as-of and stale rules.

When two documents disagree, keep both.

Sometimes two documents give different figures for the same thing. On Oct 17, 2025, Big Digital Energy, then called Mawson, published preliminary revenue of about 11.2 million dollars for the third quarter of 2025. Its results filed on Nov 14, 2025 reported 13.2 million dollars for the same quarter. The first is labelled a preliminary estimate and the second is the reported figure; neither document says why they differ.

When you meet a conflict like this, do not quietly pick one. Keep both, each with its document and date, use the later and more final one, and say that you did. A summary that shows only one of the two hides the fact that the number moved, which is often the most useful thing to know.

Check what a headline number counts.

Two figures with the same name can count different things. In the quarter ended Jun 30, 2026, CleanSpark reported a direct cost of 44,406 dollars per bitcoin (its table calls the row direct energy cost, and it adds 89 dollars of other direct costs to 44,317 of energy) and 96,277 dollars once non-cash depreciation and financing costs are included. For the same quarter, Riot's cost including depreciation, 90,631 dollars, leaves out selling, general and administrative costs. All three are called a cost to mine; comparing them without their definitions compares different boundaries.

Three costs per bitcoin for the quarter ended Jun 30, 2026, each with what it counts, from the filings under Sources.

Three costs per bitcoin for the quarter ended Jun 30, 2026, each with what it counts, from the filings under Sources.

Figure	USD per bitcoin	What it counts
CleanSpark, direct	44,406	The cost of energy, 44,317, and other direct costs of mining (non-energy utilities), 89. Before depreciation and financing costs.
CleanSpark, including depreciation and financing	96,277	The direct cost plus miner depreciation, 51,871. Financing costs are part of the company's definition and were none in the quarter ended Jun 30, 2026.
Riot, including depreciation	90,631	Company-defined: power and other direct mining costs plus machine depreciation, net of power curtailment credits. Leaves out selling, general and administrative costs.

Hashrate has the same problem. Installed, operational and energized capacity are different counts, and an average over a quarter differs from a figure at month end. Before you compare two companies, or one company across two dates, check that both figures count the same thing over the same kind of period. The cost article works through every company's definition.

Where these habits come from.

The ideas in this article come from the free Clief Notes courses by Jake Van Clief, in particular Bas Rosario's lessons on memory, which ask that every kept fact say when it was true and who said it, and that two facts that disagree be flagged rather than merged, and Curtis Hays's lesson The Tool Is Ten Percent, which checks what a headline statistic actually counts before repeating it. The courses are free at skool.com/cliefnotes. The mining examples and the wording here are MinerTerminal's own.