CleanSpark, BitFuFu, Canaan report July Bitcoin production declines as prices climbed

Three of the largest publicly traded Bitcoin mining companies posted lower production numbers in July, even as the price of Bitcoin moved decisively in their favor. CleanSpark, BitFuFu, and Canaan all reported month-over-month declines in mined BTC. All three companies are listed on Nasdaq and provide regular monthly updates on their mining operations. CleanSpark generated 586 BTC in July, down from 614 BTC in June. BitFuFu’s output dropped to 112 BTC from 125 BTC the prior month. Canaan followed a similar trajectory with reduced production of its own. Prices went up, production went down Bitcoin’s price rose from roughly $58,500 to nearly $63,000 over the course of July, a move that should theoretically make mining more profitable on a per-coin basis. Yet all three companies still saw fewer coins come out the other end of their operations. Bitcoin’s mining difficulty adjusts roughly every two weeks to keep block times near ten minutes, regardless of how much computing power the network throws at the problem. When total network hashrate climbs, each individual miner’s share of the pie shrinks. Operational efficiency also plays a role, with fleet performance, cooling costs, hardware...