Bitcoin miners showed a decline in production in June: CleanSpark, BitFuFu, and Canaan reported results
Three leading public mining companies — CleanSpark, BitFuFu, and Canaan — recorded a decline in Bitcoin mining volumes in June, despite a notable drop in network difficulty, which reached 2026 lows. This paradox clearly demonstrates that even with easing global conditions for miners, operational issues and strategic shifts continue to pressure production metrics.
CleanSpark mined 614 BTC, down 8.5% from May's result of 671 BTC. The decline is linked to a reduction in average operational hashrate from 46 EH/s to 43 EH/s. The company held 13,924 BTC on its balance sheet at the end of the month. BitFuFu showed an even sharper drop: 125 BTC versus 177 BTC in May. The reason is a decrease in leased computing power, with total hashrate falling from 19.5 EH/s to 15 EH/s. However, the company continues to expand its own fleet: 1,200 S21 XP miners were deployed in June, and another 2,000 devices are planned for July. Canaan mined 64 BTC compared to 90 BTC the previous month, citing scheduled power grid maintenance at one of its sites. Meanwhile, their joint venture in Texas recovered from disruptions caused by wildfires in May. The company added 49 BTC to its balance sheet and ended June with a record 1,915 BTC and 3,952 ETH.
Market reaction was mixed: CleanSpark shares rose to $13 (+5%), BitFuFu increased to $1.42 (+7%), while Canaan fell to $0.2 (-1.5%).
CleanSpark Signs $6.6 Billion Contract: A Shift Toward AI 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 tenant will deploy 175 MW of infrastructure, 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 noted that this contract marks the company's transition from pure Bitcoin mining to a diversified digital infrastructure model. Simultaneously, the parties signed an exclusive negotiation agreement covering CleanSpark's entire Texas portfolio, which includes two sites with a 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.
This move is a logical continuation of a strategy that began in the fall of 2025, when CleanSpark announced the development of its data center business and a pivot toward artificial intelligence. We see a similar trend with MARA Holdings, which recently acquired a site in Texas for $600 million.
My comment: The decline in mining output for these companies is not so much a network issue as it is a reflection of internal operational challenges and strategic resource reallocation. CleanSpark, in particular, demonstrates a mature approach by converting its energy assets into high-margin AI projects. This could become the new norm for large miners seeking sustainable revenue streams beyond the volatile Bitcoin market.