June was a challenging month for three leading public mining companies. CleanSpark, BitFuFu, and Canaan reported a decline in Bitcoin mining volumes, despite network difficulty dropping to its lowest levels since 2026. This is a paradoxical signal for the market: decreased network competition should have made life easier for miners, but operational issues outweighed the benefits.
CleanSpark mined 614 BTC compared to 671 BTC in May. 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 — a solid reserve, but the mining dynamics raise questions about the efficiency of its equipment fleet.
BitFuFu showed an even sharper decline: from 177 BTC to 125 BTC. Total computing power fell from 19.5 EH/s to 15 EH/s due to a reduction in leased capacity. 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. This indicates a strategic shift toward controlling its own equipment.
Canaan posted the lowest result among the three — 64 BTC versus 90 BTC the previous month. The decline is linked to scheduled power grid maintenance at one of its sites. Meanwhile, Canaan's Texas joint venture recovered from May disruptions caused by wildfires. The company added 49 BTC to its balance sheet, ending June with a record 1,915 BTC and 3,952 ETH.
The stock market reaction was mixed. CleanSpark shares rose to $13 (+5%), BitFuFu increased to $1.42 (+7%), while Canaan fell to $0.2 (-1.5%). Investors appear to have differing assessments of these players' long-term prospects.
CleanSpark signs $6.6 billion contract: a move away from mining?
On July 14, CleanSpark entered into a 20-year lease agreement for a data center campus in Sandersville, Georgia, with an unnamed technology company. The contract value is $6.6 billion. The lessee will deploy 175 MW of infrastructure, with commissioning scheduled for the fourth quarter of 2027. The agreement includes two renewal options, potentially increasing the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz called this step a transition from Bitcoin mining to a diversified digital infrastructure model. The company also signed an exclusivity agreement for negotiations on its 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 margins.
CleanSpark began its pivot toward AI infrastructure in the fall of 2025, announcing the development of its data center business. This trend is confirmed by the actions of other players — for example, MARA Holdings purchased a Texas site for $600 million for AI and Bitcoin mining.
My analysis: The decline in mining output at CleanSpark, BitFuFu, and Canaan is not merely a coincidence but a reflection of a structural shift in the industry. Miners are increasingly diversifying into high-margin AI projects, sacrificing short-term BTC production for long-term contracts. The market, judging by stock reactions, supports this course, but the question remains whether Bitcoin mining will become a side business for major players.