June was a month of contrasts for public mining companies. Despite a historic drop in Bitcoin mining difficulty to 2026 lows, three major players — CleanSpark, BitFuFu, and Canaan — recorded a decline in their first cryptocurrency mining volumes. This indicates that market conditions and operational factors are having a stronger impact than just network difficulty dynamics.
CleanSpark, one of the sector's leaders, mined 614 BTC compared to 671 BTC in May. The main reason was a drop in average operational hashrate from 46 EH/s to 43 EH/s. The company attributes this to technical nuances, but for the market, it's a signal: even large players are not immune to temporary downtime or suboptimal fleet configuration. CleanSpark ended June with an impressive 13,924 BTC on its balance sheet.
BitFuFu showed a sharper decline — from 177 BTC to 125 BTC. Total computing power of equipment decreased from 19.5 EH/s to 15 EH/s due to a reduction in leased capacity. However, the company is actively investing in its own fleet: 1,200 S21 XP miners were deployed in June, and another 2,000 devices are planned to be connected in July. This indicates a strategic shift from leasing to owning equipment, which should improve mining stability in the long term.
Canaan mined 64 BTC compared to 90 BTC the previous month. The decline is linked to scheduled power grid maintenance at one of its sites. However, the company's Texas joint venture recovered from May disruptions caused by wildfires. Despite the drop in mining, Canaan added 49 BTC to its balance sheet and ended June with a record 1,915 BTC and 3,952 ETH. This demonstrates that the company is accumulating reserves, which could be a sign of confidence in long-term growth.
The stock market reaction was mixed: CleanSpark shares rose 5% (to $13), BitFuFu rose 7% (to $1.42), while Canaan fell 1.5% (to $0.2). Investors appear to view CleanSpark's and BitFuFu's strategies positively but are cautious about Canaan.
CleanSpark Signs $6.6 Billion Megacontract: From Mining to Digital Infrastructure
On July 14, CleanSpark signed a 20-year lease agreement for a data center campus in Sandersville, Georgia, with an unnamed investment-grade technology company. The contract is valued at $6.6 billion. The lessee will deploy 175 MW of infrastructure, with commissioning scheduled for the fourth quarter of 2027. The agreement includes two options for five-year extensions each, potentially increasing the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz emphasized that this contract marks the company's transition from Bitcoin mining to a diversified digital infrastructure model and will allow it to commercialize its energy assets. Simultaneously, the parties signed an exclusivity agreement for negotiations covering CleanSpark's entire Texas portfolio, which includes two sites totaling 718 acres with potential capacity of up to 885 MW.
The company expects the contract to generate approximately $330 million in net operating income annually with nearly 100% operating margins. CleanSpark began its pivot toward AI infrastructure in the fall of 2025, and this move is now bearing fruit. Notably, mining company MARA Holdings also recently purchased a Texas site for $600 million for AI and Bitcoin mining.
My analysis: The decline in mining output at CleanSpark, BitFuFu, and Canaan amid falling difficulty is not a sign of crisis but rather a reflection of structural changes in the industry. Companies are transitioning from simply increasing hashrate to more complex business models, including leasing capacity for AI. CleanSpark's $6.6 billion contract is a prime example of how miners are becoming key players in digital infrastructure. Investors should closely watch those who can successfully diversify their revenues.