Bitcoin Mining Output Falls for Second Month at CleanSpark, BitFuFu, and Canaan

Three major publicly traded bitcoin mining companies, CleanSpark, BitFuFu, and Canaan, all posted lower bitcoin production for July, marking the second consecutive month of declines despite bitcoin’s price bouncing back from a rough June. CleanSpark mined 586 BTC, down roughly 5% from 614 BTC the prior month. BitFuFu’s output slipped about 10% to 112 BTC, and Canaan saw the biggest drop of the group, falling nearly 28% to just 46 BTC.

Bitcoin Price Recovers While Output Slows

The dip in mining output came even as bitcoin’s price climbed back during July, starting the month near $58,500 and ending around $62,800. That recovery followed a sharp selloff in June, when bitcoin tumbled from about $73,500 down to $58,500 over the course of the month.

Stock Performance Tells Three Different Stories

Shares of the three companies moved in very different directions this year. CleanSpark gained 1.8% on Monday to close at $12.30, bringing its year-to-date gain to about 6.4%. BitFuFu dropped 5.5% to $1.37, leaving it down more than half its value for the year. Canaan fell around 1% to $0.23, extending its yearly decline past 70%.

CleanSpark Leans Into Data Center Business

CleanSpark’s hashrate fell roughly 9% during July, bringing average daily output down to about 18.9 BTC. The company closed the month with 13,931 BTC in reserve, ranking it as the tenth-largest public bitcoin treasury. Alongside mining, CleanSpark has been expanding into data center operations, and in July it signed a massive 20-year, $6.6 billion lease agreement with an undisclosed technology company for its Georgia facility.

BitFuFu’s Cloud Mining Segment Weighs on Output

BitFuFu’s total managed hashrate dropped about 7% during the month, but the decline came entirely from its cloud mining business, which fell to 40 BTC from 55 BTC. Its self-mining operations actually improved slightly, rising to 72 BTC from 70 BTC. The company also spent down part of its bitcoin reserves during July to prepay for future hashrate capacity, which pulled its treasury down to 1,314 BTC from 1,671 BTC the month before. BitFuFu now holds the 36th-largest public bitcoin treasury.

Canaan Recovers From Site Disruptions

Canaan posted the steepest monthly drop among the three miners. The company attributed part of the slowdown to its joint venture mining sites still stabilizing after wildfire related disruptions at a Texas facility earlier this year. Canaan ended July holding 1,917 BTC and 3,952 ETH on its balance sheet, and management has been authorized to sell a portion of those crypto holdings to help fund stock buybacks.