Three of the largest publicly traded bitcoin miners — CleanSpark, BitFuFu, and Canaan — all reported lower bitcoin production in June compared to May, extending a trend that has become common after the April 2024 halving. The output declines came even as their hashrate and cryptocurrency holdings continued to grow.
June production numbers
CleanSpark mined 614 BTC in June, down from 671 BTC in May. The company averaged 20.46 BTC per day, with a peak daily output of 22.57 BTC. Its operational hashrate reached 50 EH/s by the end of the month. CleanSpark sold 179 BTC at spot prices during June and ended the month holding 13,924 BTC.
Canaan's self-mining operation produced 64 BTC in June, a 29% drop from 90 BTC in May. Despite the lower output, Canaan's total holdings climbed to a record 1,915 BTC and 3,952 ETH. The company reported a North American fleet efficiency of 17.9 joules per terahash in May. BitFuFu also reported a decline in output, though specific figures were not provided.
Why production is falling
The April 2024 halving cut the block reward from 6.25 BTC to 3.125 BTC, meaning miners now produce roughly half the bitcoin per block compared to two years ago. This structural change continues to pressure output across the industry.
Implications for investors
CleanSpark's 50 EH/s hashrate and nearly 14,000 BTC treasury position it as one of the larger pure-play miners. Its strategy of scaling fleet size while selectively selling bitcoin provides financial flexibility that smaller operators lack. Canaan, as both a hardware maker and a miner, benefits from revenue diversification that pure miners do not have. Its record holdings of 1,915 BTC and 3,952 ETH serve as a crypto-native balance sheet hedge.