Bitcoin miners are losing momentum: CleanSpark, BitFuFu, and Canaan reduced production in June
June was a challenging month for public mining companies. CleanSpark, BitFuFu, and Canaan simultaneously reported a decline in Bitcoin mining volumes, which appears particularly stark against the backdrop of network difficulty dropping to 2026 lows. Under these conditions, market expectations were for growth, but operational realities proved harsher.
CleanSpark mined 614 BTC compared to 671 BTC in May. The reason was a decrease in average operational hashrate from 46 EH/s to 43 EH/s. The company ended the month with 13,924 BTC on its balance sheet. The drop in computing power is likely related to technical maintenance or power supply disruptions at certain facilities.
BitFuFu showed an even sharper decline: production fell from 177 BTC to 125 BTC. Total equipment capacity 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, increasing its own hashrate to 3.5 EH/s. An additional 2,000 devices are expected to be connected in July. This indicates a strategic shift from leasing to owning equipment.
Canaan mined only 64 BTC compared to 90 BTC the previous month. The decline is linked to scheduled power grid maintenance at one of its sites. Meanwhile, the company's Texas joint venture recovered from May disruptions caused by wildfires. Canaan's balance sheet grew by 49 BTC, ending the month with a record 1,915 BTC and 3,952 ETH.
The stock market reaction was mixed: CleanSpark shares rose to $13 (+5%), BitFuFu to $1.42 (+7%), while Canaan fell to $0.2 (-1.5%). Investors are clearly evaluating not only current production but also long-term prospects.
CleanSpark Bets on AI Infrastructure
On July 14, CleanSpark signed a 20-year lease agreement for a data center campus in Sandersville, Georgia, with an unnamed 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 extension 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 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 with a total capacity of up to 885 MW. The company expects an annual net operating income of approximately $330 million with nearly 100% operating margins.
CleanSpark began its pivot toward AI infrastructure in the fall of 2025. This is a logical step: miners with large energy assets are increasingly shifting toward high-margin AI workloads. The example of MARA Holdings, which bought a site in Texas for $600 million, confirms this trend.
My comment: The decline in production among three major players is not a coincidence but a symptom of a structural market transformation. Miners who once chased hashrate are now forced to balance operational costs with diversification. CleanSpark shows that the future lies in hybrid models, where Bitcoin mining becomes just one revenue stream.