June was a challenging month for leading public mining companies. CleanSpark, BitFuFu, and Canaan — three major market players — reported a noticeable decline in Bitcoin mining volumes. Despite mining difficulty dropping to its lowest levels in two years, the companies faced internal operational difficulties.
CleanSpark mined 614 BTC compared to 671 BTC in May. The 8.5% decline is linked to a drop in average operational hashrate from 46 EH/s to 43 EH/s. The company ended the month with 13,924 BTC on its balance sheet. BitFuFu showed an even sharper reduction — from 177 BTC to 125 BTC. Here, the main reason was a decrease in leased computing power: the total hashrate fell from 19.5 EH/s to 15 EH/s. At the same time, the company continues to expand its own fleet — 1,200 new S21 XP miners were deployed in June, and another 2,000 devices are expected to be connected in July.
Canaan mined just 64 BTC compared to 90 BTC the previous month. The decline is attributed to scheduled power grid maintenance at one of its sites. However, there is a positive note: the company's Texas joint venture fully recovered after the May wildfires. Canaan's balance sheet grew by 49 BTC, ending the month with a record 1,915 BTC and 3,952 ETH.
The stock market reaction was mixed. CleanSpark shares rose 5% (to $13), BitFuFu gained 7% (to $1.42), while Canaan's stock lost 1.5% (to $0.2).
CleanSpark's Strategic Shift: $6.6 Billion Contract
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 the facility's launch scheduled for the fourth quarter of 2027. The agreement includes two five-year renewal options, which, if exercised, could increase 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 diversified digital infrastructure model. Concurrently, the parties signed an exclusivity agreement for negotiations covering CleanSpark's entire Texas portfolio, which includes two sites totaling 718 acres with a potential capacity of up to 885 MW. The company expects the contract to generate approximately $330 million in annual net operating income with nearly 100% operating margins.
Analyst Comment: The decline in production at CleanSpark, BitFuFu, and Canaan is not an alarming signal for the market as a whole, but rather a reflection of internal operational issues and business model restructuring. CleanSpark's case is particularly illustrative, as it actively diversifies toward AI infrastructure. This confirms a long-term trend: miners no longer want to rely solely on Bitcoin's volatility but seek to monetize their energy assets through more stable and high-margin avenues.