Bitcoin Miners Report Mixed August: BitFuFu Output Rebounds as CleanSpark Sells More BTC Than Mined

1 hour ago 2 sources neutral

Key takeaways:

  • CleanSpark's overselling implies miners still hedging despite improving hashprice fundamentals.
  • BitFuFu's reserve dip masks capacity growth; cloud-mining revenue shifts treasury strategy.
  • Monitor miner BTC flows as August sales pressure could offset production gains.

BitFuFu reported a 55.4% rebound in August Bitcoin production as additional hashrate capacity came online. Total production rose to 174 BTC from 112 BTC in July, according to the company’s unaudited Sept. 3 operating update. Cloud-mining customers accounted for about three quarters of the extra output, with cloud-mining production climbing from 40 BTC to 86 BTC. Self-mining added the remaining increase, rising from 72 BTC to 88 BTC. BitFuFu ended August with 1,373 BTC, up 59 BTC from 1,314 BTC in July, though still 298 BTC below June’s 1,671 BTC. Managed hashrate reached 20.6 EH/s at Aug. 31, compared with 14.2 EH/s a month earlier. CEO Leo Lu had previously said managed hashrate returned to roughly 20 EH/s by mid-August. The company attributed the earlier reserve decline mainly to advance payments for hashrate capacity scheduled to start in August and run for 330 days.

CleanSpark produced 593 BTC in August 2026, a slight increase from 586 BTC in July, even as average operating hashrate slipped from 38.6 EH/s to 38.3 EH/s. The company sold 821 BTC during the month, exceeding production by 228 BTC and reducing its Bitcoin holdings from 13,931 BTC at the end of July to 13,703 BTC at the end of August. Approximately 3,951 BTC, or 29% of holdings, were posted as collateral or recorded as receivables tied to derivative transactions. CleanSpark reported an average sale price of $65,420 per BTC, calculated using net sale proceeds plus premiums. August hashprice averaged $34.63 per petahash daily, its highest monthly level since May. The company reported peak efficiency of 16.07 joules per terahash, implying an electricity-only breakeven near nine cents per kilowatt-hour before other operating costs. CleanSpark also said construction continued at its Sandersville, Georgia data center campus, and ERCOT issued conditional batch-zero classifications covering 585 MW of contracted baseload capacity and 300 MW of studied load capacity in Texas.

The updates highlight how major Bitcoin miners are expanding capacity and managing treasuries differently. BitFuFu’s cloud-mining output does not replenish its own reserves, while CleanSpark sold more Bitcoin than it mined, adding potential supply pressure even as hashprice conditions improved.

Previously on the topic:
Sep 2, 2026, 7:08 p.m.
Hyperscale Data Shuts Down Michigan Bitcoin Mining for AI Pivot
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