CleanSpark and BitFuFu mined less Bitcoin in September as Canaan’s output held flat

CleanSpark’s treasury shrank after sales and option deliveries

CleanSpark’s September production fell by nearly 11% from the previous month. Its month-end Bitcoin holdings dropped to 13,530 BTC from 13,703 BTC in August.

The company said it sold 2 BTC on spot markets and delivered another 700 BTC through call option exercises, with an average sale price of $72,928 per Bitcoin. Those disclosed transactions totaled 702 BTC, exceeding the 529 BTC mined during the month by 173 BTC, matching the decline in its treasury balance.

Alongside the update, CleanSpark said it will stop publishing monthly mining reports and move to quarterly disclosure. The change comes as the company expands its data center business, including its Sandersville campus in Georgia.

Data center financing adds to the reporting shift

CleanSpark recently said it had closed a $2.276 billion senior secured notes offering tied to its Sandersville construction plans. Earlier in September, the company had proposed secured notes worth $2.227 billion through subsidiary CSDC Finance I LLC, with the debt due in 2031.

According to the earlier proposal, the proceeds were intended to fund construction, reimburse certain prior equity investments and establish debt-service reserves. CleanSpark also said the notes would have a first-priority lien over most assets of the issuer and the Sandersville property company, and would not be convertible into common shares.

The Georgia project is linked to a previously disclosed 20-year lease covering 175 megawatts with an undisclosed investment-grade technology company as customer. CleanSpark has estimated $6.6 billion in contracted revenue over the initial lease term. In the same earnings release, it reported quarterly revenue of $138 million, down 30.5% year over year, and a net loss of $239 million.

BitFuFu’s lower cloud mining output offset self-mining gains

BitFuFu said September production slipped 4% to 167 BTC from 174 BTC in August, even as average daily output held at 5.6 BTC. The mix of production changed during the month: self-mining rose to 98 BTC from 88 BTC, while cloud mining fell to 69 BTC from 86 BTC.

Its Bitcoin balance increased slightly to 1,388 BTC at the end of September, up from 1,373 BTC a month earlier. But the company also flagged uncertainty around a proposed purchase of a majority stake in an Ethiopian business that operates an 80 MW mining facility.

BitFuFu said it had paid the sellers $4.1 million and deployed around 13,700 Bitmain Antminer S19-series machines, but the acquisition had not closed because required conditions were still unmet. It also disclosed that the target company’s electricity supplier issued a Sep. 28 notice threatening to take possession of collateralized equipment and assets unless it received a disputed payment within 10 days. BitFuFu said it was evaluating termination, arbitration, recovery of payments and the return of its machines, and identified a material risk that the deal may not close.

Canaan kept production steady and expanded treasury and energy projects

Canaan reported 44 BTC mined in September, unchanged from August and ending a run of three monthly declines. Its treasury rose to 1,875 BTC from 1,868 BTC.

The company also said its 8 MW Nordic district heating project is now fully operational and is supplying recovered computing heat to about 2,800 homes. In Canada, Canaan said a greenhouse heat-recovery project was nearing planned deployment, subject to site inspections.

Separately, Canaan disclosed that by Oct. 15 it had converted 3,952 ETH and 54.5 BTC into about $13.9 million in cash as part of a treasury-funded repurchase initiative for holders of its U.S.-listed securities. The company said it spent $5.4 million to repurchase 13.6 million American depositary shares in late August, bringing total buybacks this year to about 16.4 million ADSs.

What changes next

The clearest confirmed next step is at CleanSpark, where monthly mining disclosures are set to end in favor of quarterly reporting. That means future updates on its mining output and Bitcoin treasury will come less frequently than before.

For BitFuFu, the near-term focus remains the unresolved Ethiopian transaction and the status of the machines and payments tied to it. At Canaan, the latest update points to continued monitoring of its heat-recovery projects and treasury activity after September’s steady mining result.