Three public mining operations reported a decline in Bitcoin mining output in June

Three major public mining companies reported a decline in Bitcoin mining output for the month of June. CleanSpark mined 614 BTC, down from 671 BTC in May; BitFuFu saw its output drop from 177 to 125 BTC; and Canaan’s output fell from 90 to 64 BTC.

CleanSpark attributed the decline in results to a decrease in the average hash rate: over the course of the month, it fell from 46 to 43 EH/s. At the same time, the company’s reserves continue to grow and have already reached 13,924 BTC.

BitFuFu attributed the drop in mining output to a reduction in leased capacity—total computing power fell from 19.5 to 15 Ex/s. At the same time, the Chinese company is expanding its own infrastructure: in June, it launched 1,200 new devices, bringing its own hash rate to 3.5 Ex/s. In July, BitFuFu plans to connect another 2,000 units.

Canaan cited maintenance work on the power grid at one of its sites as the main reason for the decline. However, the company reported that operations at its joint farm in Texas with American partners—which had been idle due to wildfires in May—have fully resumed. In addition, Canaan purchased 49 bitcoins and ended June with 1,915 BTC and 3,952 Ethereum tokens on its balance sheet.

The market reacted to the earnings reports in mixed fashion. CleanSpark’s shares rose by about 5% following the release of the data, BitFuFu’s by 7%, while Canaan’s shares fell by about 1.5%.

Against this backdrop, another mining company, Hive Digital Technologies, reported a net loss of $ 148.4 million—despite rising revenue and a doubling of its Bitcoin mining output.