June 2026 became a month of significant decline in production metrics for three major public mining companies — CleanSpark, BitFuFu, and Canaan. Despite the fact that Bitcoin mining difficulty dropped to 2026 lows, which theoretically should have made mining easier, each of these firms faced unique operational challenges.
CleanSpark, traditionally considered one of the most efficient miners, reduced its output from 671 BTC in May to 614 BTC in June. The main reason was a drop in the average operational hashrate — from 46 EH/s to 43 EH/s. Despite this, the company still holds an impressive reserve of 13,924 BTC on its balance sheet, indicating a long-term accumulation strategy.
An even sharper decline was demonstrated by BitFuFu: from 177 BTC to 125 BTC. The decrease in total computing power from 19.5 EH/s to 15 EH/s is linked to a reduction in leased capacity. However, the company is actively investing in its own fleet: in June, 1,200 S21 XP miners were deployed, increasing its own hashrate to 3.5 EH/s. In July, another 2,000 devices are planned to be connected — a signal that BitFuFu is focused on long-term growth despite current difficulties.
Canaan, in turn, mined only 64 BTC compared to 90 BTC the previous month. The decline is associated with scheduled maintenance of the power grid at one of its sites. However, a positive development was the recovery of the Texas joint venture after the May wildfires. The company added 49 BTC to its balance sheet, ending June with a record 1,915 BTC and 3,952 ETH, indicating a diversification of its portfolio.
The stock market reaction was mixed: CleanSpark shares rose by 5% (to $13), BitFuFu by 7% (to $1.42), while Canaan's shares fell by 1.5% (to $0.2). This reflects varying degrees of investor confidence in these companies' strategies.
CleanSpark's New $6.6 Billion Contract: A Shift Towards AI Infrastructure
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, and considering two optional five-year extensions each, the total deal value could reach $11.6 billion.
The lessee will deploy infrastructure with a capacity of 175 MW, with commissioning scheduled for the fourth quarter of 2027. CleanSpark CEO Matt Schultz noted that this agreement marks the company's transition from pure Bitcoin mining to a diversified digital infrastructure model. Simultaneously, the parties signed an exclusivity agreement for negotiations regarding CleanSpark's entire Texas portfolio, which includes two sites totaling 718 acres 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. This is a logical continuation of the strategy initiated back in the fall of 2025, when CleanSpark announced the development of its data center business and the conversion of energy sites for AI workloads. Notably, MARA Holdings took a similar path, purchasing a site in Texas for $600 million.
My analysis: The current decline in production at CleanSpark, BitFuFu, and Canaan is a temporary correction caused by operational disruptions and business model restructuring. However, the long-term trend is clear: major miners are increasingly diversifying towards artificial intelligence infrastructure. CleanSpark's $6.6 billion contract is not just a deal but a signal that the future of mining lies not in the hashrate race, but in monetizing energy assets. Investors should closely monitor this transition, as it could fundamentally change the valuation of such companies.