June was a challenging month for major public miners. CleanSpark, BitFuFu, and Canaan reported a decline in Bitcoin mining volumes, despite a notable drop in network difficulty — to its lowest levels in two years. This paradoxical decrease amid easing mining conditions requires a detailed analysis.
CleanSpark mined 614 BTC compared to 671 BTC in May. The main reason was a decline in average operational hashrate from 46 EH/s to 43 EH/s. The company held 13,924 BTC on its balance sheet by the end of the month. BitFuFu showed an even sharper drop: from 177 BTC to 125 BTC. This is linked to a reduction in leased capacity — total hashrate fell from 19.5 EH/s to 15 EH/s. Meanwhile, the company is actively expanding its own fleet, deploying 1,200 S21 XP miners and planning to connect another 2,000 in July. Canaan mined 64 BTC compared to 90 BTC the previous month, citing scheduled power grid maintenance at one of its sites. However, its Texas joint venture recovered from May disruptions due to wildfires, adding 49 BTC to its balance. By the end of June, Canaan held a record 1,915 BTC and 3,952 ETH.
The market reacted mixedly: CleanSpark shares rose 5% to $13, BitFuFu gained 7% to $1.42, while Canaan lost 1.5%, falling to $0.2. This indicates varying levels of investor confidence in the companies' strategies.
CleanSpark Signs $6.6 Billion Contract: Pivot to AI Infrastructure
On July 14, CleanSpark entered into 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. Two five-year renewal options could bring the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz emphasized that the agreement marks a transition from pure Bitcoin mining to a diversified digital infrastructure model. The company is beginning to commercialize its energy assets, simultaneously signing an exclusive negotiation agreement for its entire Texas portfolio, which includes two sites 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.
This move continues a strategy initiated in the fall of 2025, when CleanSpark announced the development of its data center business and a shift toward AI workloads. Notably, MARA Holdings took a similar path, purchasing a Texas site for $600 million.
My comment: The decline in production at CleanSpark and BitFuFu is primarily due to operational issues — a drop in hashrate from leased capacity and maintenance. However, CleanSpark's signing of a multi-billion dollar AI infrastructure contract is a strategic step that could fundamentally change its business model and reduce dependence on Bitcoin volatility. For investors, this is a signal: miners are increasingly diversifying into high-margin segments such as artificial intelligence and cloud computing. In the long term, this could become a key growth driver, but for now, short-term mining results remain under pressure.