TheBlock
Three of the most-watched public bitcoin miners logged a second straight month of declining production in July, with CleanSpark, BitFuFu and Canaan all posting lower output despite a recovery in BTC price from June's steep selloff. CleanSpark produced 586 BTC, down roughly 5% from 614 BTC in June, while BitFuFu's output fell about 10% to 112 BTC from 125 BTC, and Canaan saw the steepest drop at around 28% to 46 BTC from 64 BTC. The declines arrived as BTC opened July near $58,500 and closed around $62,800, recovering from a June rout that took the asset from roughly $73,500 to $58,500.
Why it matters
Production declines at this scale, repeating month over month, are not normal noise for the largest public miners. CleanSpark's average operating hashrate fell about 9% from June, BitFuFu's total hashrate under management dropped roughly 7%, and Canaan pointed to ongoing stabilization at its Alborz, Texas joint venture after earlier wildfire disruptions. The pattern matters because miners are price-takers: when hashrate falls while network difficulty holds, mining economics compress immediately, and the sector's response is to draw down treasuries or pivot business lines. BitFuFu's treasury dropped to 1,314 BTC from 1,671 BTC in a single month as the company pre-paid for future hashrate capacity, and Canaan's board authorized management to monetize a portion of its crypto holdings to fund share buybacks. The miners are not just running slower; they are actively reshaping their balance sheets to absorb the squeeze.
Market impact
CleanSpark's pivot is the most consequential strategic move in the batch. Alongside its July production report, the company signed a $6.6 billion 20-year lease with an unnamed tech counterparty for its Sandersville, Georgia campus, repurposing mining infrastructure for adjacent data center workloads. The move frames the bigger miners' playbook: replace BTC-denominated cash flow with contracted compute revenue, even if it means slower BTC accumulation. Stock performance has split hard on the message.
Frequently asked questions
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Why did bitcoin miners' production decline in July if BTC price recovered?
Operating hashrate fell across the board. CleanSpark's dropped about 9% from June, BitFuFu's total hashrate under management fell roughly 7%, and Canaan pointed to ongoing stabilization at its Alborz, Texas joint venture after earlier wildfire disruptions.
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How much bitcoin did each miner produce in July?
CleanSpark produced 586 BTC, down about 5% from 614 BTC in June. BitFuFu produced 112 BTC, down roughly 10% from 125 BTC. Canaan produced 46 BTC, the steepest drop at around 28% from 64 BTC in June.
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What is CleanSpark's $6.6 billion Georgia lease about?
CleanSpark signed a 20-year lease with an unnamed tech counterparty for its Sandersville, Georgia campus, repurposing bitcoin mining infrastructure for adjacent data center workloads rather than BTC mining.
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How did miners' bitcoin treasuries change in July?
BitFuFu's treasury dropped to 1,314 BTC from 1,671 BTC in a single month to pre-pay for future hashrate capacity. CleanSpark ended July holding 13,931 BTC, the 10th-largest public bitcoin treasury. Canaan authorized management to monetize a portion of its crypto holdings to fund share buybacks.
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How have mining stocks performed year to date in 2026?
CleanSpark is up about 6.4% YTD at $12.30, BitFuFu has lost more than half its value at $1.37, and Canaan is down more than 70% at $0.23, reflecting divergent investor views on the strategic pivot to data center compute.
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