Bitcoin Miners Reduce Production for Second Consecutive Month

Bitcoin miners CleanSpark, BitFuFu, and Canaan have reduced their production in July. This marks the second consecutive month of decline, even as Bitcoin's price recovered from June's sharp correction. The recovery saw Bitcoin start July near $58,500 and end the month near $62,800.

CleanSpark produced 586 BTC in July, a drop of about 5% compared to June's 614 BTC. Its average operating hash rate declined by around 9%. At the end of July, CleanSpark held 13,931 BTC in reserves. The company also expanded its plans in the data center sector, signing a 20-year lease agreement valued at $6.6 billion for a campus in Georgia.

BitFuFu reduced production to 112 BTC in July, down from 125 BTC in June, representing a decline of around 10%. This decrease was mainly attributed to cloud mining, which fell from 55 BTC to 40 BTC. Self-mining, however, rose slightly from 70 BTC to 72 BTC.

Canaan posted the largest drop among the three companies, with production falling from 64 BTC to 46 BTC, a decline of approximately 28%. The company cited its joint venture mining operations continuing to stabilize after disruptions caused by wildfires in Texas. At the end of July, Canaan held 1,917 BTC and 3,952 ETH on its balance sheet.