Bitcoin Miners Report Mixed May Results as AI Expansion Reshapes Industry Strategies

Major Bitcoin mining companies reported mixed production results for May, highlighting how artificial intelligence investments are beginning to influence mining operations, treasury management and future growth plans.

Bitdeer, BitFuFu, Canaan and CleanSpark mined a combined 1,859 Bitcoin during the month. Bitdeer led the group with 921 BTC mined, while CleanSpark produced 671 BTC, BitFuFu generated 177 BTC and Canaan mined 90 BTC through its self-mining operations.

AI Investments Affect Treasury and Expansion Plans

Bitdeer maintained a self-mining hash rate of 70.2 EH/s but significantly reduced its Bitcoin holdings to 171 BTC as it continued funding AI infrastructure projects. The company is deploying 2,304 Nvidia Blackwell GPUs and expanding cloud computing services.

BitFuFu increased self-mining output to 90 BTC despite lower overall hash rate and power capacity, helped by improved operations in Ethiopia.

Treasury Growth and New Revenue Opportunities

Canaan expanded its treasury to a record 1,867 BTC and 3,952 ETH while also growing its hash-to-heat business through a new district heating project in the Nordic region.

CleanSpark mined 671 BTC at a stable 50 EH/s hash rate but sold a large portion of its production. The company continues investing in AI-focused data center development in Georgia and Texas, signaling a broader shift beyond traditional Bitcoin mining.