June proved to be a challenging month for public mining giants. CleanSpark, BitFuFu, and Canaan reported a noticeable decline in the volume of the first cryptocurrency mined, and this is happening against the backdrop of a drop in mining difficulty to multi-year lows. This trend points to structural changes in the sector rather than temporary fluctuations.
The Numbers Speak for Themselves
CleanSpark mined 614 BTC compared to 671 BTC in May. The company attributes the 8.5% decline to a drop in average operational hashrate from 46 EH/s to 43 EH/s. BitFuFu showed an even sharper decline — from 177 BTC to 125 BTC (a drop of nearly 30%), driven by a reduction in leased capacity: total computing power decreased from 19.5 EH/s to 15 EH/s. Canaan mined 64 BTC versus 90 BTC the previous month, explaining the decline as due to scheduled power grid maintenance at one of its sites.
Notably, Canaan ended June with a record balance of 1,915 BTC and 3,952 ETH, despite the drop in production. This indicates prudent reserve management and risk hedging.
Market Reactions Vary
The stock market response was mixed. CleanSpark shares rose 5% (to $13), BitFuFu gained 7% (to $1.42), while Canaan shares lost 1.5%, falling to $0.2. Investors are clearly betting on companies that demonstrate strategic flexibility and the ability to diversify their business.
CleanSpark Bets on AI Infrastructure
The biggest announcement of the month was CleanSpark signing a 20-year lease agreement for a data center campus in Georgia with an unnamed investment-grade technology company. The contract is valued at $6.6 billion, and with extension options, could reach $11.6 billion. The tenant will deploy 175 MW of infrastructure, with commissioning scheduled for the fourth quarter of 2027.
CleanSpark CEO Matt Schultz emphasized that this agreement marks the company's transition from pure bitcoin mining to a diversified digital infrastructure model with the commercialization of energy assets. Additionally, an exclusive negotiation agreement was signed covering CleanSpark's entire portfolio in Texas, which includes two sites with a 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.
My analysis: The current situation clearly demonstrates that the era of "easy money" in mining is coming to an end. Companies that fail to adapt to the new realities — either by scaling their own fleet (like BitFuFu, which is increasing hashrate with its own devices) or by diversifying toward AI infrastructure (like CleanSpark) — risk being left behind. The market clearly favors those who see a future beyond pure bitcoin mining.