June 2026 was a month of contrasts for public mining companies. CleanSpark, BitFuFu, and Canaan simultaneously reported a decline in Bitcoin mining volumes, against the backdrop of network difficulty dropping to 2026 lows. One might think easier conditions would spur growth, but reality proved more complex.
CleanSpark, traditionally considered one of the most efficient miners, reduced production from 671 BTC in May to 614 BTC. The key factor was a decrease in average operational hashrate from 46 EH/s to 43 EH/s. This is a direct consequence of either technical issues or planned shutdown of some capacity. The company still holds an impressive reserve of 13,924 BTC on its balance sheet.
BitFuFu showed an even sharper decline: from 177 BTC to 125 BTC. Total computing power dropped from 19.5 EH/s to 15 EH/s due to a reduction in leased capacity. However, the company is actively expanding its own fleet: 1,200 S21 XP miners were deployed in June, and another 2,000 devices will be connected in July. This indicates a long-term strategy to reduce dependence on third-party hosting.
Canaan mined only 64 BTC compared to 90 BTC the previous month. The reason was planned maintenance of the power grid at one of its sites. However, a positive note was the recovery of the Texas joint venture after May's forest fires. Canaan's balance sheet grew by 49 BTC, ending June with a record 1,915 BTC and 3,952 ETH.
The market reacted mixed: CleanSpark shares rose 5% (to $13), BitFuFu rose 7% (to $1.42), while Canaan lost 1.5% (to $0.2). Investors apparently assess each company's prospects differently.
CleanSpark signs $6.6 billion contract: from mining 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 additional five-year renewal options could bring the total deal value to $11.6 billion.
CleanSpark CEO Matt Schultz emphasized that this move marks the company's transition from Bitcoin mining to a diversified digital infrastructure model, allowing it to commercialize energy assets. Simultaneously, an exclusive negotiation agreement was signed for CleanSpark's entire Texas portfolio, including 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 margin. This is a logical continuation of the strategy launched in fall 2025, when CleanSpark announced the development of its data center business and a shift toward AI workloads.
Notably, a similar trend is observed among other players: MARA Holdings recently acquired a Texas site for $600 million to host AI and Bitcoin mining capacity.
My comment: June's figures are not just statistics but a signal of structural changes in the industry. The decline in production at CleanSpark and BitFuFu amid rising network difficulty is a wake-up call for those who view mining as "easy money." But CleanSpark's $6.6 billion contract is a turning point. The company is effectively diversifying risks, moving away from Bitcoin's volatility toward stable infrastructure income. If this trend continues, we will see miners transforming into data center operators, with Bitcoin becoming just one line of their business. Investors should closely watch how quickly competitors follow this example.