Bitcoin production has fallen to 529 BTC at CleanSpark and 167 BTC at BitFuFu in September, while Canaan has maintained output at 44 BTC, according to the companies’ operational updates.
Summary
- CleanSpark’s production fell nearly 11%, while its Bitcoin holdings dropped to 13,530 BTC.
- BitFuFu reported lower cloud mining output despite an increase in its self-mining production.
- CleanSpark will replace monthly mining updates with quarterly reporting as its data center business expands.
- Canaan maintained production at 44 BTC and brought its Nordic heating project fully online.
CleanSpark, BitFuFu and Canaan reported different treasury movements alongside their September production figures: CleanSpark’s holdings declined, while the other two companies added Bitcoin to their balances.
According to their updates, CleanSpark held 13,530 BTC at month-end, compared with 13,703 BTC in August. BitFuFu’s balance rose to 1,388 BTC from 1,373 BTC, while Canaan’s holdings increased to 1,875 BTC from 1,868 BTC.
CleanSpark’s Bitcoin sales exceed September production
In its September operational update, CleanSpark reported production of 529 BTC, down from 593 BTC in August, reversing the previous month’s modest increase.
The company disclosed sales of 2 BTC on spot markets and deliveries of another 700 BTC through call option exercises. CleanSpark reported an average sale price of $72,928 per Bitcoin for the transactions.
With 702 BTC sold or delivered against 529 BTC mined, the company’s disclosed transactions exceeded production by 173 BTC. Its month-end treasury declined by the same amount, according to the operational figures.
Alongside the production report, CleanSpark said it would discontinue monthly mining updates and publish the figures quarterly instead. The reporting change accompanies its expansion into data centers, including the Sandersville campus in Georgia.
For investors following the company through its Nasdaq-listed CLSK shares, the announcement changes how frequently CleanSpark will publish its mining performance and Bitcoin treasury figures.
In the Thursday trading snapshot cited by The Block, CLSK traded at $8.76, leaving the shares down more than 24% since the start of the year.
CleanSpark finances its Georgia data center expansion
For its Sandersville construction, CleanSpark announced last week that it had closed a $2.276 billion senior secured notes offering, according to the financing report cited in the original coverage.
Earlier, crypto.news reported that the company had proposed secured notes worth $2.227 billion on Sep. 17. Under that proposal, subsidiary CSDC Finance I LLC would issue the debt, with the notes due in 2031.
The September announcement said proceeds would fund construction, reimburse certain earlier equity investments and establish debt-service reserves. CleanSpark also said the proposed notes would carry a first-priority lien over most assets belonging to the issuer and the Sandersville property company.
Under the proposed terms, the notes carried no right to convert into CleanSpark common shares.
The underlying customer agreement predates the financing. In coverage published on Aug. 7, the company’s Georgia data center lease covered 175 megawatts over 20 years, with an undisclosed investment-grade technology company as the customer.
CleanSpark estimated $6.6 billion in contracted revenue over the initial lease term. In the same earnings release, it reported a $239 million quarterly net loss and revenue of $138 million, down 30.5% from a year earlier.
BitFuFu’s cloud mining decline offsets self-mining gains
According to BitFuFu’s Oct. 13 update, September production fell 4% to 167 BTC from 174 BTC, although average daily output remained unchanged at 5.6 BTC.
Within that total, self-mining generated 98 BTC, up more than 11% from August’s 88 BTC. Cloud mining production fell to 69 BTC from 86 BTC, a decline of nearly 20%.
The company also disclosed uncertainty over its proposed purchase of a majority stake in an Ethiopian business operating an 80 MW mining facility.
Under the agreement, BitFuFu had paid sellers $4.1 million and deployed about 13,700 Bitmain Antminer S19-series machines. The company said the acquisition had not closed because required conditions remained unsatisfied.
According to its disclosure, the target company’s electricity supplier issued a notice on Sep. 28 threatening to take possession of collateralized equipment and assets unless it received a disputed payment within 10 days.
BitFuFu said it was assessing termination, arbitration, recovery of payments and the return of its machines. The company identified a material risk that the acquisition might not close.
Separately, Sep. 16 coverage documented Ethiopia’s cuts to mining power. Ethiopian Electric Power CEO Ashebir Balcha said electricity deliveries to miners had fallen to 23% of contracted amounts after earlier reductions.
The Block’s Thursday snapshot put FUFU shares at $1.27, down more than 54% year to date.
Canaan maintains output and brings heating project online
In its Oct. 15 release, Canaan reported 44 BTC mined in September, matching August and ending three consecutive monthly declines.
For its energy projects, chairman and CEO Nangeng Zhang said:
“Our 8 MW Nordic district heating project is now fully operational, delivering recovered computing heat to approximately 2,800 homes.”
In Canada, Zhang said a greenhouse heat-recovery project was approaching planned deployment, subject to site inspections.
The company’s release also disclosed a direct use of its digital assets for shareholders in its U.S.-listed securities. By Oct. 15, Canaan said it had converted 3,952 ETH and 54.5 BTC into approximately $13.9 million in cash under a treasury-funded repurchase initiative.
According to the update, Canaan spent $5.4 million buying back 13.6 million American depositary shares in late August, bringing year-to-date repurchases to approximately 16.4 million ADSs.