In June 2026, three leading public mining companies — CleanSpark, BitFuFu, and Canaan — recorded a decline in Bitcoin mining volumes, despite a record drop in network difficulty to lows not seen in two years. This indicates that even favorable network conditions do not save them from operational issues related to equipment and infrastructure.
CleanSpark reduced production from 671 BTC in May to 614 BTC. The main 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 June held 13,924 BTC. BitFuFu showed an even sharper decline — from 177 BTC to 125 BTC. The decline is linked to a reduction in leased capacity: total hashrate fell from 19.5 EH/s to 15 EH/s. At the same time, the company is actively expanding its own fleet, deploying 1,200 S21 XP miners and planning to connect another 2,000 devices in July. Canaan mined only 64 BTC compared to 90 BTC the previous month. The decline is attributed to planned maintenance of the power grid at one of its sites, although the company's Texas joint venture recovered from May's wildfires. Canaan's balance increased by 49 BTC, reaching a record 1,915 BTC and 3,952 ETH.
The market reacted mixed to the reports. CleanSpark shares rose 5% to $13, BitFuFu rose 7% to $1.42, while Canaan lost 1.5%, falling to $0.2. This dynamic reflects differences in strategies and investor expectations.
CleanSpark Signs $6.6 Billion Contract: Shift to AI Infrastructure
On July 14, CleanSpark announced the signing of 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 tenant will deploy 175 MW of infrastructure, with commissioning scheduled for the fourth quarter of 2027. The agreement includes two five-year renewal options, which could increase the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz emphasized that this contract marks the company's transition from pure Bitcoin mining to a diversified digital infrastructure model. Simultaneously, the parties signed an exclusivity agreement for negotiations covering CleanSpark's entire Texas portfolio, which includes two sites totaling 718 acres with 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.
CleanSpark began its pivot toward artificial intelligence infrastructure in the fall of 2025. This move reflects a broader trend among miners: MARA Holdings recently acquired a site in Texas for $600 million to host AI workloads and Bitcoin mining.
My analysis: The decline in mining output at CleanSpark and BitFuFu, despite falling difficulty, underscores that operational efficiency and capacity management are becoming critical factors in the post-halving era. CleanSpark, however, demonstrates foresight by diversifying its business toward AI infrastructure. This not only reduces dependence on Bitcoin's volatility but also opens access to stable long-term contracts. For investors, this is a signal: companies that can repurpose their energy assets will benefit in the long run.