Bitcoin Rebound Fails to Boost Output as CleanSpark, BitFuFu, Canaan Post Second Monthly Drop

Forecast Trend Report by Period

Bitcoin's rebound in July did not lift production at major publicly traded miners, with output falling 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. BitFuFu's production fell about 10% to 112 BTC from 125 BTC over the same period, while Canaan's dropped about 28% to 46 BTC from 64 BTC.

The declines came even as Bitcoin prices recovered. Bitcoin fell from about $73,500 in early June to $58,500 at the end of the month, then rebounded from roughly $58,500 at the start of July to about $62,800 by month-end.

At CleanSpark, the drop in output was tied to a decline in operating hash rate. Its average operating hash rate in July fell about 9% from the previous month, and average daily Bitcoin production was about 18.9 BTC.