June proved to be a challenging month for three major public mining companies — CleanSpark, BitFuFu, and Canaan. Despite a sharp decline in Bitcoin's network difficulty to 2026 lows, all three firms reported a drop in their mining output of the leading cryptocurrency. This is a clear example that even favorable macro conditions in the network do not guarantee production growth at the individual operator level.
CleanSpark, one of the industry leaders, mined 614 BTC compared to 671 BTC in May. The company attributes the 8.5% decline to a decrease in average operational hashrate — from 46 EH/s to 43 EH/s. At the end of June, the miner held 13,924 BTC on its balance sheet. BitFuFu showed an even sharper reduction: mining output fell from 177 BTC to 125 BTC, a drop of nearly 30%. The reason is a decline in total computing power from 19.5 EH/s to 15 EH/s due to reduced leased capacity. However, the company is actively expanding its own fleet: 1,200 S21 XP miners were deployed in June, with another 2,000 devices to be added in July. Canaan, the smallest of the three in terms of volume, reduced its output from 90 BTC to 64 BTC, citing maintenance of the power grid at one of its sites. Meanwhile, its Texas joint venture recovered from May disruptions caused by wildfires, and its balance sheet grew by 49 BTC, reaching record highs of 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 lost 1.5% (to $0.2). Investors appear to be evaluating not so much current mining performance as the companies' strategic prospects.
CleanSpark pivots to AI infrastructure: $6.6 billion contract
Against this backdrop, CleanSpark made a landmark move. On July 14, the company signed a 20-year lease agreement for a data center campus in Sandersville, Georgia, with an unnamed investment-grade technology firm. 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. Two additional five-year renewal options could increase the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz emphasized that the agreement marks the company's transition from Bitcoin mining to a diversified digital infrastructure model. Simultaneously, the parties agreed to exclusive negotiations regarding 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. Notably, CleanSpark began its pivot toward AI infrastructure in the fall of 2025, and recently MARA Holdings also acquired a Texas site for $600 million.
My view: The decline in mining output at CleanSpark, BitFuFu, and Canaan is not just a temporary setback but a signal of structural changes in the industry. Miners are increasingly shifting from pure Bitcoin mining to providing computing power for AI and cloud services. CleanSpark's $6.6 billion contract is a clear confirmation that the future lies in hybrid models, where energy assets serve both mining and high-performance computing. Investors should closely monitor how companies balance these directions — this will determine their long-term value.