US-Listed Bitcoin Miners' September Output Falls, CleanSpark Down 11%

September Bitcoin production generally declined across U.S.-listed Bitcoin mining companies, even as some moved to expand their data-center businesses and improve operating efficiency at mining facilities.

The Block reported on October 16 that CleanSpark and BitFuFu mined 529 and 167 Bitcoin, respectively, in September. That was down about 11% and 4% from the previous month. Canaan, by contrast, kept output unchanged at 44 Bitcoin.

CleanSpark's Bitcoin production fell to 529 in September from 593 in August. Its Bitcoin holdings also slipped to 13,530 from 13,703 over the same period. The company sold 2 Bitcoin in the spot market and another 700 at an average price of $72,928 after call options were exercised.

CleanSpark plans to stop reporting monthly mining results and shift to quarterly disclosures. It also recently completed a $2.276 billion senior secured notes offering to expand its data-center business. The proceeds will be used to build a data-center campus in Sandersville, Georgia, and the company expects the project to generate about $6.6 billion in revenue.

BitFuFu mined 167 Bitcoin in September, down from 174 in August. Self-mined output rose more than 11% to 98 from 88, but cloud-mining production fell about 20% to 69 from 86, weighing on the total. Its Bitcoin holdings edged up to 1,388 from 1,373.

BitFuFu is also facing difficulties in its acquisition of a mining facility in Ethiopia. A dispute has arisen between the operator of the 80-megawatt site the company is seeking to acquire and a local power supplier. BitFuFu has already invested $4.1 million in the project and deployed about 13,700 Bitmain Antminer S19 mining machines. The company is reviewing options, including canceling the contract to recover part of its investment.

Canaan mined 44 Bitcoin in September, halting a three-month decline in output. Its Bitcoin holdings rose to 1,875 in September from 1,868 in August. The company also said an 8-megawatt waste-heat heating project in Northern Europe has entered full operation. The project uses heat generated by mining equipment to provide heating to about 2,800 households, and Canaan is developing a similar project in Canada.

As of October 16, CleanSpark shares traded at $8.76, down more than 24% since the start of the year. BitFuFu and Canaan were trading at $1.27 and $0.25, respectively, with declines of more than 54% and 68% over the same period.