Four major Bitcoin mining firms—Bitdeer, BitFuFu, Canaan, and CleanSpark—collectively produced 1,859 Bitcoin in May 2026, highlighting diverging strategies in operations, treasury management, and expansion into artificial intelligence as market conditions softened.
Production rises but strategies diverge
Bitdeer led output with 921 Bitcoin, a 370% increase from a year earlier, maintaining a self-mining hash rate of 70.2 EH/s. Its managed hash rate climbed to 83.1 EH/s, driven by growth in co-mining capacity, while its own mining capacity remained unchanged.
CleanSpark followed with 671 Bitcoin, holding steady at 50 EH/s. BitFuFu produced 177 Bitcoin, up 22.1% from April, while Canaan reported 90 Bitcoin from its own operations and an additional 24 from customer-related activity.
Despite higher overall production, the companies showed clear differences in how they handled output and infrastructure investment.
Treasury moves reflect different bets
Bitdeer sharply reduced its Bitcoin reserves over the past year, ending May with 171 Bitcoin compared with 1,351 a year earlier, as it sold assets to fund artificial intelligence expansion. CleanSpark followed a similar approach, selling 654 Bitcoin during the month while adding just 17 Bitcoin net to its holdings.
In contrast, BitFuFu and Canaan focused more on accumulation. Canaan increased its holdings to 1,867 Bitcoin and 3,952 Ether, while BitFuFu’s shift toward self-mining suggests a move away from reliance on cloud-based revenue and closer control over mined supply.
These opposing strategies are shaping how newly mined Bitcoin enters the market, with some firms adding selling pressure while others withhold supply.
Operational shifts and constraints
BitFuFu’s production gains were partly driven by improved uptime in Ethiopia after earlier power restrictions. However, its total hash rate declined to 19.5 EH/s and power capacity fell to 346 megawatts, reflecting ongoing adjustments.
Canaan operated only 6.47 EH/s of its 10.05 EH/s capacity due to the planned conclusion of a hosting agreement. Its Texas joint venture, despite wildfire disruption, contributed roughly 45 Bitcoin, with repairs nearing completion.
Bitdeer faces potential legal risks tied to power access at its 570-megawatt Ohio facility, which could affect future output. At the same time, the company continues to expand its computing infrastructure with additional Nvidia deployments.
AI expansion reshapes the sector
All four firms are increasingly positioning themselves beyond mining, investing heavily in artificial intelligence infrastructure. Bitdeer reported stable annualized AI cloud revenue of about $69 million for a second consecutive month, though utilization slipped to 90%.
CleanSpark has also redirected spending toward AI data centers, appointing finance executive Ruben Sahakyan to support fundraising for projects in Georgia and Texas.
Across the sector, this transition is capital intensive, with an estimated $50 billion funding gap for planned AI infrastructure. Only about a quarter of contracted computing capacity has been deployed so far, underscoring execution risks.
Market pressure builds
The operational shifts come as Bitcoin prices weaken. The asset fell 1.48% to trade below $64,725 on June 18, while a key sentiment indicator dropped to 15, signaling extreme fear among traders.
At the same time, digital asset funds recorded net outflows of about $319.3 million in the week ending June 12, reducing demand just as some miners increased selling activity.
This dynamic makes treasury decisions more consequential. Firms selling large portions of their production are adding supply into a market with limited buying support, while those accumulating reserves are restricting immediate circulation.
Balance sheets become critical
The divergence in holdings underscores varying resilience. Canaan’s larger reserve base provides more flexibility during market downturns, allowing it to avoid selling at lower prices. By contrast, Bitdeer’s reduced holdings leave it more reliant on steady cash flow as it funds expansion into AI.
As mining firms evolve into hybrid infrastructure providers, the balance between funding new ventures and managing digital asset exposure is becoming a defining factor in their ability to navigate a weaker market.
Explore how mining economics shape price action in Toobit’s deep dive: how Bitcoin mining really works.
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