Canaan Inc. reported mining 44 BTC in September, maintaining the same output as August and ending a three-month streak of monthly declines. The company's bitcoin treasury rose to 1,875 BTC from 1,868 BTC, reflecting continued accumulation through self-mining rather than open-market purchases.
CleanSpark mined 529 bitcoin in September, down nearly 11% from 593 in August. Its holdings fell to 13,530 BTC from 13,703 at the end of August, after the company sold 2 BTC on spot markets and delivered another 700 BTC through call option exercises at an average price of $72,928 per bitcoin. CleanSpark also announced it will stop issuing monthly mining updates and move to quarterly reporting as its data center business grows. Last week, the company closed a $2.276 billion senior secured notes offering to fund construction of its Sandersville, Georgia, data center campus, which has a 175-megawatt lease over 20 years with an unnamed investment-grade technology company. CleanSpark estimates $6.6 billion in contracted revenue over the initial term. In its August earnings release, CleanSpark reported a $239 million quarterly net loss, while revenue fell 30.5% year over year to $138 million.
BitFuFu produced 167 bitcoin in September, down 4% from 174 in August. Its self-mining output rose more than 11% to 98 BTC, but cloud mining output fell nearly 20% to 69 BTC. The company's bitcoin holdings rose slightly to 1,388 BTC. BitFuFu also disclosed that its planned purchase of a majority stake in an Ethiopian business operating an 80 MW mining site may not close. It has already paid $4.1 million and shipped about 13,700 Bitmain Antminer S19 machines to the site. On September 28, the site's electricity supplier warned it would seize collateralized equipment unless a disputed payment arrived within 10 days. BitFuFu said it is weighing termination, arbitration, recovery of payments and the return of its machines, and it cited a material risk the deal will not close. Ethiopian Electric Power’s CEO said in September that deliveries to miners had fallen to 23% of contracted amounts.
Canaan also said its 8 MW Nordic heating project is fully online and supplies heat to about 2,800 homes, while a similar greenhouse project in Canada is nearing deployment pending site inspections. The company converted 3,952 ETH and 54.5 bitcoin into about $13.9 million for share buybacks.
In Thursday trading, CleanSpark shares closed at $8.76, down more than 24% year to date; BitFuFu traded at $1.27, down over 54%; and Canaan traded at $0.25, down more than 68%.
