Major Bitcoin Miners' June Output Falls Despite Lower Mining Difficulty

Bitcoin production declined in June at major publicly traded miners despite an easing in Bitcoin mining difficulty.

The Block reported on July 14 that CleanSpark, BitFuFu and Canaan all logged lower month-on-month output in their June operating updates.

CleanSpark mined 614 Bitcoin in June, down from 671 in May. BitFuFu's production fell to 125 Bitcoin from 177, while Canaan's dropped to 64 from 90.

The reasons varied by company. CleanSpark attributed the decline to its average operating hashrate falling to about 43 EH/s from 46 EH/s. BitFuFu said its self-owned hashrate increased to 3.5 EH/s, but a drop in hosted hashrate pushed total hashrate down to 15 EH/s from 19.5 EH/s. Canaan said power-grid maintenance at some mining sites affected output.

The figures were released after Bitcoin mining difficulty was cut by more than 10% in mid-June, hitting its lowest level this year. While lower mining difficulty typically improves mining conditions, company-specific operating issues and weaker equipment utilization appear to have had a larger effect this time.