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

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.

As of the end of July, CleanSpark held 10,393 BTC, the 10th-largest Bitcoin treasury among listed companies. The company is also expanding its data-center business. Last month, it signed a 20-year lease agreement worth $6.6 billion with an unnamed technology company related to its Sandersville, Georgia, data center.

BitFuFu's total output fell to 112 BTC as total managed hash rate declined about 7% from the previous month. Its self-mining production, however, rose slightly to 72 BTC from 70 BTC. Output from its cloud-mining segment fell to 40 BTC from 55 BTC, weighing on overall results.

BitFuFu also used part of its Bitcoin holdings to make advance payments to secure future hash rate. As a result, its Bitcoin holdings fell to 1,314 BTC at the end of July from 1,671 BTC at the end of June.

Canaan recorded the biggest 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 wildfire damage, 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 help fund share buybacks.