Bitcoin production declined across major mining companies in September, with CleanSpark reporting 529 BTC production, down nearly 11% from 593 BTC in August, according to company operational updates. BitFuFu's production fell 4% to 167 BTC from 174 BTC, while Canaan maintained steady output at 44 BTC, matching August levels. The production declines come as mining companies navigate market conditions and operational challenges, with CleanSpark ending a slight August turnaround in production. These developments highlight operational challenges and strategic investments shaping the Bitcoin mining sector's near-term outlook.
CleanSpark's treasury declined to 13,530 BTC from 13,703 BTC in August, while BitFuFu's balance increased to 1,388 BTC from 1,373 BTC. Canaan's holdings rose to 1,875 BTC from 1,868 BTC. CleanSpark disclosed sales of 702 BTC on spot markets and deliveries of 700 BTC through call option exercises, with an average sale price of $72,928 per Bitcoin. The company's disclosed transactions exceeded production by 173 BTC, resulting in a corresponding decline in its treasury balance. These transactions reflect the ongoing capital rotation in the mining sector as companies manage operational cash flows.
CleanSpark announced it will discontinue monthly mining updates and publish figures quarterly instead, as reported in its operational update. The company closed a $2.276 billion senior secured notes offering to finance its Sandersville data center construction, with proceeds funding construction, reimbursement of earlier equity investments, and establishing debt-service reserves. CleanSpark's shares traded at $8.76, down more than 24% year-to-date, according to Thursday trading data cited by The Block. This strategic shift comes as the company focuses more on its growing data center business and advances its financing project in Georgia.
BitFuFu's September production showed mixed results, with self-mining generating 98 BTC, up more than 11% from August's 88 BTC, while cloud mining production fell to 69 BTC from 86 BTC, a decline of nearly 20%. The company disclosed uncertainty over its proposed purchase of a majority stake in an Ethiopian business operating an 80 MW mining facility, with disputes between the site's operator and local electricity suppliers threatening the acquisition. BitFuFu already put $4.1 million into the deal and deployed around 13,700 Bitmain Antminer S19 mining rigs to the site, with the company now weighing options including fully cancelling the deal to recover some investment.
Canaan reported 44 BTC production in September, matching August levels and ending three consecutive monthly declines. Chairman and CEO Nangeng Zhang announced that the company's 8 MW Nordic district heating project is now fully operational, delivering recovered computing heat to approximately 2,800 homes. Canaan disclosed direct use of digital assets for shareholders, having converted 3,952 ETH and 54.5 BTC into approximately $13.9 million in cash under a treasury-funded repurchase initiative. The company spent $5.4 million buying back 13.6 million American depositary shares in late August, bringing year-to-date repurchases to approximately 16.4 million ADSs. Canaan shares traded at $0.25 on Thursday, now down more than 68% year to date.
