June 2026 proved challenging for leading public mining companies. CleanSpark, BitFuFu, and Canaan simultaneously reported a decline in Bitcoin mining volumes, despite a notable drop in network difficulty, which hit 2026 lows. This indicates that even favorable macro conditions do not always compensate for operational issues.
CleanSpark, traditionally one of the industry leaders, reduced its mining output from 671 BTC in May to 614 BTC. The key reason was a drop in average operational hashrate from 46 EH/s to 43 EH/s. The company's balance sheet at the end of the month held 13,924 BTC. BitFuFu showed an even sharper decline — from 177 BTC to 125 BTC, linked to a reduction in leased capacity: total computing power fell from 19.5 EH/s to 15 EH/s. Notably, the firm continues to expand its own fleet, deploying 1,200 new S21 XP miners (hashrate up to 3.5 EH/s) and planning to connect another 2,000 devices in July. Canaan mined only 64 BTC compared to 90 BTC the previous month, citing power grid maintenance at one of its sites. However, the company's Texas joint venture recovered from May's wildfires, adding 49 BTC to its balance, ending June with a record 1,915 BTC and 3,952 ETH.
The market reacted to the reports in mixed ways: CleanSpark shares jumped 5% (to $13), BitFuFu rose 7% (to $1.42), while Canaan's stock lost 1.5% (to $0.2).
CleanSpark signs mega-contract worth $6.6 billion
Amid declining mining output, CleanSpark made a significant strategic move. On July 14, the company signed a 20-year lease agreement for a data center campus in Sandersville, Georgia, with an unnamed technology company. The contract is valued at $6.6 billion. The lessee will deploy infrastructure with a capacity of 175 MW, with commissioning scheduled for the fourth quarter of 2027. The agreement includes two five-year renewal options, potentially increasing the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz emphasized that this contract marks the company's transition from pure Bitcoin mining to a model of diversified digital infrastructure and commercialization of energy assets. Simultaneously, the parties signed an agreement for exclusive negotiations on CleanSpark's entire Texas portfolio, which includes two sites totaling 718 acres with potential capacity of up to 885 MW. The contract is expected to generate approximately $330 million in net operating income annually with nearly 100% operating margin.
CleanSpark's pivot toward artificial intelligence infrastructure began in the fall of 2025. Recall that mining company MARA Holdings also purchased a site in Texas for $600 million to host AI and mining facilities. This confirms a trend: major miners are no longer just Bitcoin extractors — they are transforming into providers of high-tech infrastructure, which, in my view, is the only correct strategy amid growing competition and volatility in mining revenues.