Bitcoin Rebound Fails to Lift Mining Output as CleanSpark, BitFuFu, Canaan Extend Declines
Summary
- Despite Bitcoin's rebound, Bitcoin production at CleanSpark, BitFuFu and Canaan fell for a second straight month.
- CleanSpark and BitFuFu posted lower output as their hashrate declined, while BitFuFu also used its Bitcoin holdings for advance payments, reducing its reserves.
- Canaan said it holds Bitcoin and Ether (ETH) and gave management authority to liquidate its crypto holdings to fund share buybacks.
Forecast Trend Report by Period
Bitcoin rebounded in July, but Bitcoin production at major publicly traded miners fell for a second straight month.
The Block reported on August 17 that CleanSpark mined 586 BTC in July, down about 5% from 614 BTC in June. Over the same period, BitFuFu's production fell about 10% to 112 BTC from 125 BTC, while Canaan's dropped about 28% to 46 BTC from 64 BTC.
That contrasted with Bitcoin's price recovery. The token fell from about $73,500 in early June to $58,500 at the end of the month, then rebounded from around $58,500 at the start of July to about $62,800 by month-end.
At CleanSpark, lower production was driven by a decline in operating hashrate. Its average operating hashrate in July fell about 9% from the previous month, while average daily Bitcoin production was about 18.9 BTC.
As of the end of July, CleanSpark held 10,393 BTC, the 10th-largest Bitcoin treasury among public companies. The company is also expanding its data center business. Last month, it signed a 20-year, $6.6 billion lease agreement with an unnamed technology company related to its Sandersville data center in Georgia.
BitFuFu's total production fell to 112 BTC as its managed hashrate declined about 7% from a month earlier. Its self-mining output rose slightly to 72 BTC from 70 BTC, but production in its cloud mining segment fell to 40 BTC from 55 BTC, dragging down overall results.
BitFuFu also used part of its Bitcoin holdings to make advance payments to secure future hashrate. As a result, its Bitcoin holdings fell to 1,314 BTC at the end of July from 1,671 BTC a month earlier.
Canaan posted the steepest production decline among the three companies. Its July output fell about 28% to 46 BTC from 64 BTC in June. The company said a joint mining operation at its Alborz facility in Texas, which had been affected by wildfires, is gradually returning to normal.
As of the end of July, Canaan held 1,917 BTC and 3,952 ETH. It also authorized management to liquidate part of its digital-asset holdings to fund share buybacks.
