Bitcoin miners' September output: CleanSpark and BitFuFu slip, Canaan holds flat

Three listed bitcoin miners published September production figures on Thursday: CleanSpark and BitFuFu mined less than in August, while Canaan's output did not change, The Block reported. Here is what each company disclosed.

CleanSpark: output down nearly 11%, monthly reports end

• Mined 529 BTC in September versus 593 BTC in August.
• Held 13,530 BTC at month-end, down from 13,703 BTC.
• Sold 2 BTC on the spot market and 700 BTC through exercised call options, at an average of $72,928 per coin.

The company will stop publishing monthly updates and switch to quarterly reporting as it leans into AI data centres. Last week it closed a $2.276 billion senior secured note offering to fund its Sandersville, Georgia campus.

BitFuFu: cloud mining drags, Ethiopia deal in doubt

• Total production fell 4% to 167 BTC from 174 BTC.
• Self-mining rose to 98 BTC from 88 BTC, but cloud-mining output dropped to 69 BTC from 86 BTC.
• Holdings edged up to 1,388 BTC from 1,373 BTC.

BitFuFu also flagged problems with its planned purchase of an 80 MW site in Ethiopia, where the operator is in a dispute with local electricity suppliers. It has already invested $4.1 million and installed about 13,700 Antminer S19 machines there, and is weighing options including cancelling the deal.

Canaan: flat output, Nordic heat project online

• Mined 44 BTC, the same as in August, ending three straight months of declines.
• Holdings rose to 1,875 BTC from 1,868 BTC.

Canaan said its 8 MW heat-recovery project in the Nordic region is fully running and warms roughly 2,800 homes; a similar project is being developed in Canada.

The bigger picture

The figures land in a tough month for miner stocks: The Block noted CleanSpark shares down more than 24% year to date, BitFuFu down over 54% and Canaan down more than 68%. Shifting capital toward AI and high-performance computing has become a common hedge as mining margins tighten.