Bitcoin Mining Slump Deepens as CleanSpark, BitFuFu and Canaan Output Falls

Summary

• CleanSpark produced 586 BTC in July while maintaining 13,931 BTC reserves despite lower operating hashrate across its mining infrastructure overall.
• BitFuFu recorded weaker cloud mining production while self-mining improved, reducing its Bitcoin treasury to 1,314 BTC through capacity payments significantly.
• Canaan produced 46 BTC as operations stabilized from wildfire disruptions, while management authorized cryptocurrency sales to support planned share repurchases.

 

Public Bitcoin miners CleanSpark, BitFuFu, and Canaan reported lower production in July, extending output declines for a second consecutive month.7 CleanSpark mined 586 BTC, representing a 5% decrease from 614 BTC in June, while BitFuFu produced 112 BTC.

Meanwhile, Canaan recorded the steepest reduction among the three companies, with production dropping 28% from 64 BTC to 46 BTC. Bitcoin’s market recovery contrasted with weaker mining output, as the cryptocurrency climbed from roughly $58,500 to $62,800 during July. In June, Bitcoin had fallen from approximately $73,500 to $58,500 as broader selling pressure weighed on cryptocurrency markets.

Also Read: Metaplanet Bets 2,100 BTC on Superplanet to Launch U.S. Bitcoin Treasury

CleanSpark Maintains Strong Bitcoin Reserves

CleanSpark’s production decline was accompanied by a 9% reduction in average operating hashrate compared with the company’s June levels. Despite lower output, the miner averaged approximately 18.9 BTC per day and finished July with 13,931 BTC.

Consequently, CleanSpark ranked as the tenth-largest publicly traded Bitcoin treasury holder, maintaining substantial reserves despite reduced monthly production. Additionally, CleanSpark has expanded its business beyond mining by developing data center infrastructure using its existing energy and computing assets.

In July, the company signed a $6.6 billion, 20-year lease with an unnamed technology company covering its Sandersville, Georgia, campus. CleanSpark shares gained 1.8% to $12.30 on Monday, leaving the stock approximately 6.4% higher for the year.

BitFuFu and Canaan Face Deeper Production Pressure

BitFuFu’s total hashrate under management declined approximately 7%, contributing to its overall production decrease during July. However, self-mining production increased from 70 BTC to 72 BTC, showing that cloud mining caused the broader monthly decline.

Cloud mining output dropped from 55 BTC to 40 BTC, creating the largest drag on BitFuFu’s production performance. Moreover, BitFuFu used Bitcoin reserves for advance payments covering future hashrate capacity, reducing its treasury from 1,671 BTC to 1,314 BTC.

Its shares dropped 5.5% to $1.37, placing its year-to-date decline at more than 50%. Canaan faced greater production pressure, although its joint venture operations stabilized following wildfire disruptions at its Alborz facility in Texas.

The company finished July holding 1,917 BTC and 3,952 ETH while maintaining cryptocurrency assets alongside its mining operations. Additionally, management received authorization to monetize part of Canaan’s cryptocurrency holdings to help finance planned share repurchases. Canaan shares slipped approximately 1% to $0.23, extending their year-to-date decline beyond 70%.

Conclusion

July highlighted persistent production challenges across all three miners despite Bitcoin recovering part of its June market losses. CleanSpark retained the strongest treasury position, while BitFuFu and Canaan experienced larger operational pressures and substantial stock market declines.

Also Read: Bitcoin Holders on Alert as Dogecoin Contributor Issues Urgent Wallet Warning

 

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