June 2026 was a challenging month for three major public mining companies — CleanSpark, BitFuFu, and Canaan. Despite the expected decline in Bitcoin network difficulty to 2026 lows, each of them recorded a significant drop in their first cryptocurrency mining volumes. This signals that the industry is entering a phase of consolidation and business model reorientation.
CleanSpark, traditionally considered one of the most efficient operators, mined 614 BTC in June compared to 671 BTC in May. The 8.5% decline is linked to a reduction in the average operational hashrate from 46 EH/s to 43 EH/s. Meanwhile, the company still holds 13,924 BTC on its balance sheet — an impressive reserve that could be used to finance further projects.
BitFuFu was hit harder: mining output fell from 177 BTC to 125 BTC — a decline of nearly 30%. Total computing power dropped from 19.5 EH/s to 15 EH/s due to a reduction in leased capacity. However, the company is actively expanding its own fleet: 1,200 S21 XP miners were deployed in June, and another 2,000 devices are expected to come online in July. This indicates a strategic shift from leasing to owning equipment.
Canaan, for its part, reduced mining output from 90 BTC to 64 BTC. The reason was planned maintenance of the power grid at one of its sites. Recovery from May disruptions caused by wildfires in Texas allowed the company to add 49 BTC to its balance sheet. As of the end of June, Canaan holds a record 1,915 BTC and 3,952 ETH — asset diversification is becoming an important trend.
The stock market reaction was mixed: CleanSpark shares rose 5% to $13, BitFuFu gained 7% to $1.42, while Canaan lost 1.5%, falling to $0.2. Investors are clearly assessing each company's prospects differently, favoring those demonstrating flexibility and a willingness to diversify.
CleanSpark: From Mining to an Infrastructure Empire
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 five-year renewal options, which could increase the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz called this agreement a milestone marking the company's transition from Bitcoin mining to a diversified digital infrastructure model. 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. This move is part of a broader trend: mining company MARA Holdings recently purchased a site in Matagorda County, Texas, for up to $600 million, also targeting AI workloads.
Expert commentary from Cryptalist: June data confirms my long-standing hypothesis: classic Bitcoin mining as a standalone business is losing its appeal for public companies. Those who fail to pivot to hybrid models focusing on AI infrastructure and energy contracts risk being left behind. CleanSpark demonstrates an exemplary strategy — using its energy assets as a platform for long-term, high-margin contracts rather than solely for BTC mining. In the next 12-18 months, we will see a wave of similar deals.