Bitcoin miners BitFuFu and CleanSpark lifted production in August after softer July results, while Canaan recorded its third consecutive monthly decline and sold all of its Ethereum holdings alongside part of its Bitcoin reserve. The diverging reports show how production growth increasingly depends on access to energized capacity and operating scale, while treasury management remains a source of liquidity for companies facing the reduced 3.125 BTC block reward.
BitFuFu produced 174 BTC in August, a 55% increase from 112 BTC in July, according to the company’s monthly operating update. The gain followed a sharp increase in the company’s managed hashrate, which rose 45.1% month over month to 20.6 exahashes per second, or EH/s, as capacity secured in June and July entered service.
CleanSpark reported 593 BTC mined during August, compared with July production that was roughly 1% lower. Its average operating hashrate slipped slightly to 38.3 EH/s, suggesting the modest production gain was achieved despite a lower reported average level of active computing power during the month.
Canaan moved in the opposite direction, reporting 44 BTC of production in August, down from 46 BTC in July and 64 BTC in June. The equipment manufacturer and mining operator has now reported declining monthly output for three straight months.
BitFuFu’s cloud mining business drove most of the increase
BitFuFu’s August increase came from both of its primary operating segments, though cloud mining showed the larger percentage jump. Cloud mining generated 86 BTC during the month, more than doubling from 40 BTC in July.
Self-mining production rose to 88 BTC from 72 BTC, a 22% monthly increase. The near-even split between cloud and self-mining output reflects BitFuFu’s hybrid model, in which the company both operates mining equipment for its own account and provides hashrate services to customers.
The company ended August holding 1,373 BTC, up from 1,314 BTC at the end of July. According to BitcoinTreasuries.net, that reserve ranked BitFuFu 39th among publicly traded companies with reported Bitcoin holdings.
The expansion in managed hashrate gives BitFuFu a larger base from which to generate mining revenue, although the economics will depend on Bitcoin’s price, transaction-fee income, network difficulty and the cost of power. Higher hashrate alone does not guarantee a proportional rise in Bitcoin output if the overall network’s computing power increases at the same time.
CleanSpark expands Texas capacity while reducing Bitcoin holdings
CleanSpark’s production reached 4,903 BTC for the first eight months of 2026, according to its August update. Using the company’s cited valuation, that output exceeded $386 million through August.
Its Bitcoin reserve declined during the month to 13,703 BTC from 13,931 BTC. CleanSpark said the movement reflected 77 BTC sold, 500 BTC associated with call-option exercises, and 244 BTC connected to a basis trade, a strategy that seeks to capture the difference between spot and derivatives-market prices.
Even after those transactions, CleanSpark remained the ninth-largest publicly traded corporate Bitcoin holder tracked by BitcoinTreasuries.net. Its reserve remains substantially larger than those disclosed by BitFuFu and Canaan, giving the company more flexibility in how it finances growth or manages short-term obligations.
CleanSpark also continued construction at its Sandersville data-center campus, which is linked to a previously disclosed $6.6 billion lease arrangement. The company said it received conditional classifications from the Electric Reliability Council of Texas, or ERCOT, covering 885 megawatts of contracted capacity across its Texas locations.
ERCOT oversees the Texas electric grid, and its classifications form part of the process required before large power users can connect and operate. For a mining company, contracted capacity can be as consequential as the number of machines it owns: new mining hardware cannot produce Bitcoin until it has a site, power supply and grid approval.
CleanSpark shares fell 2.3% to $13.36 on Monday but were up nearly 16% year to date, based on the figures provided. BitFuFu traded flat at $1.29 and was down about 54% for the year.
Canaan converts crypto reserves to cash
Canaan’s lower production was accompanied by a more direct use of its digital-asset balance sheet. The company sold its entire 3,952 ETH position and 54 BTC during August at average prices of about $2,400 per ETH and $79,000 per BTC, generating approximately $13.9 million in cash, according to Canaan.
It used $5.4 million of that amount to repurchase 13.6 million American Depositary Shares. Canaan ended August with 1,868 BTC and no Ether, placing it 35th among public companies tracked by BitcoinTreasuries.net.
The transactions reduced Canaan’s exposure to Ether while preserving a larger Bitcoin reserve. Share repurchases can lower the number of shares outstanding, though their effect on shareholder value depends on the company’s operating performance, cash needs and the price paid for the shares.
Canaan shares rose 2.4% to $0.34 on Monday but were down more than 55% year to date. The stock’s performance illustrates the difficult position facing smaller listed mining and hardware firms: they must fund equipment development, operations and power commitments while competing with operators that have already secured larger sites and energy contracts.
Mining economics put a premium on power and execution
The Bitcoin halving in April 2024 cut the fixed block subsidy to 3.125 BTC from 6.25 BTC, lowering the number of newly issued coins received for each block. Miners can supplement that subsidy with transaction fees, but their revenue still depends largely on winning blocks at a cost below the value of the Bitcoin produced.
That dynamic places a premium on efficient machines, cheap and reliable electricity, and the ability to keep equipment operating at high utilization. Companies with access to large amounts of energized capacity can deploy new-generation hardware more quickly, while smaller firms may face longer waits for grid connections or rely more heavily on hosted operations.
The August figures offer three different approaches to that environment. BitFuFu translated newly available capacity into a rapid rise in output. CleanSpark paired steady production with a large Texas expansion pipeline and active treasury management. Canaan responded to lower output by converting a portion of its crypto holdings into cash and directing some proceeds toward share repurchases.
None of those choices alone determines long-term profitability. They show that public miners are balancing production, power development and liquidity in different ways as network competition continues to make scale and operating discipline central to the business.
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