BitFuFu, CleanSpark Post Higher August Bitcoin Output as Canaan Extends Three-Month Decline

BitFuFu and CleanSpark, two U.S.-listed Bitcoin miners, reported higher production in August, while Canaan logged a third consecutive monthly decline.

The Block reported on September 15 that BitFuFu mined 174 BTC last month, up more than 55% from 112 BTC in July. The gain was driven largely by a 45.1% month-over-month increase in the company’s managed hashrate to 20.6 EH/s.

By segment, cloud-mining production more than doubled to 86 BTC from 40 BTC, while self-mining output rose 22% to 88 BTC from 72 BTC. BitFuFu’s Bitcoin holdings also increased to 1,373 BTC from 1,314 BTC over the same period.

CleanSpark produced 593 BTC in August, up about 1% from the previous month. Output increased even as its average operating hashrate edged lower to 38.3 EH/s. Its cumulative production for January through August reached 4,903 BTC.

CleanSpark’s Bitcoin holdings, however, fell to 13,703 BTC at the end of August from 13,931 BTC at the end of July. The company sold 77 BTC in the spot market, while 500 BTC and 244 BTC were used for call-option exercises and basis trades, respectively.

Canaan, by contrast, mined 44 BTC in August, down from 46 BTC in July and 64 BTC in June, extending its production decline to a third straight month. The company also sold all 3,952 ETH it held, along with 54 BTC, last month, raising about $13.9 million in cash.

Canaan used $5.4 million of that amount to repurchase 13.6 million American depositary shares. As of the end of August, the company held 1,868 BTC and no Ether.