TheBlock
CleanSpark mined 529 BTC in September, down nearly 11% from 593 BTC in August, while BitFuFu produced 167 BTC, a 4% decline from 174 BTC. Canaan held steady at 44 BTC, ending a three-month run of consecutive production declines. The figures show diverging company updates beyond the monthly output totals: CleanSpark is turning toward quarterly reporting and data centers, while BitFuFu is weighing its options on a delayed acquisition.
Why it matters
CleanSpark ended September with 13,530 BTC, down from 13,703 BTC a month earlier. It reported selling 2 BTC on spot markets and another 700 BTC through call option exercises at an average price of $72,928 per bitcoin. The company will stop publishing monthly mining updates as it focuses more on its growing data center business. It recently closed a $2.276 billion senior secured note offering to finance construction of its Sandersville, Georgia, campus, which it expects to generate roughly $6.6 billion in revenue.
BitFuFu’s reported total combines 98 BTC from its own mining, up more than 11% from 88 BTC in August, and 69 BTC from cloud mining, down nearly 20% from 86 BTC. Its holdings edged up to 1,388 BTC from 1,373 BTC. The company disclosed disputes between an Ethiopia site operator and local electricity suppliers that have obstructed its proposed acquisition of an 80 MW mining site. BitFuFu has invested $4.1 million and deployed around 13,700 Antminer S19 rigs there; it is considering cancelling the deal to recover some of its investment.
Market impact
Canaan’s flat output came alongside holdings rising to 1,875 BTC from 1,868 BTC. Its 8 MW Nordic heating project is fully online and uses computing-equipment heat to supply around 2,800 homes. The company is developing a similar project in Canada.
The companies’ shares were also under pressure: CleanSpark traded at $8.76, down more than 24% year to date; BitFuFu traded at $1.27, down over 54%; and Canaan traded at $0.25, down more than 68%. September’s production figures, strategic shifts and project risks offer different signals for investors assessing listed miners’ operating performance and business diversification.
Frequently asked questions
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How did September Bitcoin production compare across the three miners?
CleanSpark mined 529 BTC, BitFuFu produced 167 BTC and Canaan mined 44 BTC. CleanSpark and BitFuFu declined from August, while Canaan was unchanged.
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Why was BitFuFu’s total production down despite growth in its own mining?
Its own mining rose more than 11% to 98 BTC, but cloud mining fell nearly 20% to 69 BTC, bringing total production to 167 BTC.
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What is delaying BitFuFu’s proposed Ethiopia mining-site acquisition?
Disputes between the site operator and local electricity suppliers have created roadblocks. BitFuFu has invested $4.1 million and deployed around 13,700 Antminer S19 rigs, and is considering cancelling the deal.
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Why is CleanSpark moving from monthly to quarterly mining updates?
CleanSpark said it will stop monthly updates as it focuses more on its growing data center business. It closed a $2.276 billion note offering to finance its Sandersville campus.
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What is notable about Canaan’s Nordic heating project?
The 8 MW project is fully online and uses heat from computing equipment to supply around 2,800 homes. Canaan is also developing a similar project in Canada.
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