diff --git a/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/KotlinTestsDependenciesUtil.kt b/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/KotlinTestsDependenciesUtil.kt
index 2c195244fede..d87758f36dda 100644
--- a/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/KotlinTestsDependenciesUtil.kt
+++ b/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/KotlinTestsDependenciesUtil.kt
@@ -10,6 +10,7 @@ import java.nio.file.Files
 import java.nio.file.InvalidPathException
 import java.nio.file.Path
 import java.security.MessageDigest
+import java.util.concurrent.ConcurrentHashMap
 import kotlin.io.path.*
 import kotlin.jvm.optionals.getOrNull
 
@@ -179,7 +180,7 @@ object KotlinTestsDependenciesUtil {
             if (sha256 == null) {
                 error("cannot find sha256 in '$block'")
             }
-            val checksum = calculateSha256SumForUrl(url)
+            val checksum = sha256SumForUrl(url)
             if (isUpToDateCheck) {
                 if (checksum != sha256) {
                     errors.add("sha256 mismatch for '$url' expected '$sha256' but got '$checksum'")
@@ -201,6 +202,10 @@ object KotlinTestsDependenciesUtil {
         }
     }
 
+    private val sha256Cache = ConcurrentHashMap<String, String>()
+
+    internal fun sha256SumForUrl(url: String): String = sha256Cache.getOrPut(url) { calculateSha256SumForUrl(url) }
+
     private fun calculateSha256SumForUrl(url: String): String {
         println("Calculating SHA256 checksum for '$url'")
         val digest = MessageDigest.getInstance("SHA-256")
diff --git a/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/impl/JpsLibrary.kt b/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/impl/JpsLibrary.kt
index c313dd2db1e8..68bd6c809930 100644
--- a/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/impl/JpsLibrary.kt
+++ b/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/impl/JpsLibrary.kt
@@ -1,5 +1,7 @@
 package org.jetbrains.tools.model.updater.impl
 
+import org.jetbrains.tools.model.updater.KotlinTestsDependenciesUtil
+
 data class JpsLibrary(
     val name: String,
     val type: LibraryType,
@@ -25,10 +27,14 @@ data class JpsLibrary(
                     xml("properties", *properties) {
                         if (jpsResolverSettings.sha256ChecksumsEnabled) {
                             xml("verification") {
-                                computeSha256Checksums(classes, type.remoteRepository).forEach {
-                                    xml("artifact", "url" to it.url) {
+                                for (clazz in classes) {
+                                    val jpsPath = clazz.path
+                                    val fileUrl = JpsUrl.File(jpsPath)
+                                    xml("artifact", "url" to fileUrl.url) {
                                         xml("sha256sum") {
-                                            raw(it.sha256Checksum)
+                                            val url = "${type.remoteRepository.url}/${jpsPath.relativePath}"
+                                            val sha256checksum = KotlinTestsDependenciesUtil.sha256SumForUrl(url)
+                                            raw(sha256checksum)
                                         }
                                     }
                                 }
@@ -65,10 +71,6 @@ data class JpsLibrary(
             val excludes: List<MavenId> = emptyList(),
             val includeTransitive: Boolean = true,
             val remoteRepository: JpsRemoteRepository
-        ) : LibraryType() {
-            companion object {
-                data class ArtifactVerificationEntry(val url: String, val sha256Checksum: String)
-            }
-        }
+        ) : LibraryType()
     }
 }
diff --git a/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/impl/jpsChecksumUtil.kt b/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/impl/jpsChecksumUtil.kt
deleted file mode 100644
index 6c30df97a338..000000000000
--- a/plugins/kotlin/util/project-model-updater/src/org/jetbrains/tools/model/updater/impl/jpsChecksumUtil.kt
+++ /dev/null
@@ -1,40 +0,0 @@
-// Copyright 2000-2023 JetBrains s.r.o. and contributors. Use of this source code is governed by the Apache 2.0 license.
-package org.jetbrains.tools.model.updater.impl
-
-import org.jetbrains.tools.model.updater.impl.JpsLibrary.LibraryType.Repository.Companion.ArtifactVerificationEntry
-import java.net.URL
-import java.security.MessageDigest
-
-fun computeSha256Checksums(classesRoots: List<JpsUrl>, remoteRepository: JpsRemoteRepository): List<ArtifactVerificationEntry> {
-    return classesRoots.map {
-        require(it.path is JpsPath.MavenRepository)
-        val sha256checksum = downloadFileAndComputeSha256("${remoteRepository.url}/${it.path.relativePath}")
-        val fileUrl = JpsUrl.File(it.path)
-        ArtifactVerificationEntry(fileUrl.url, sha256checksum)
-    }
-}
-
-private fun downloadFileAndComputeSha256(url: String): String {
-    println("Computing SHA256 checksum for '$url'")
-    val digest = MessageDigest.getInstance("SHA-256")
-
-    URL(url).openStream().use { inputStream ->
-        val buf = ByteArray(65536)
-
-        while (true) {
-            val count = inputStream.read(buf)
-            if (count <= 0) break
-            digest.update(buf, 0, count)
-        }
-    }
-
-    return byteArrayToHexString(digest.digest())
-}
-
-private fun byteArrayToHexString(bytes: ByteArray): String {
-    val builder = StringBuilder(bytes.size * 2)
-    for (b in bytes) {
-        builder.append(String.format("%02x", b))
-    }
-    return builder.toString()
-}
\ No newline at end of file