Bitcoin Mining Stocks Slump as Public Miners Report Second Straight Month of Declining Output

Bitcoin mining companies CleanSpark, BitFuFu, and Canaan reported lower production in July for the second consecutive month. Despite the decline, bitcoin prices recovered from a major selloff in June, opening the month around $58,500 and closing near $62,800.

CleanSpark produced 586 BTC in July, down about 5% from 614 BTC in June. BitFuFu's production fell roughly 10% to 112 BTC from 125 BTC, while Canaan's output dropped about 28% to 46 BTC from 64 BTC.

The declines come as the companies' stock performance varies widely this year. CleanSpark rose 1.8% to $12.30 on Monday, putting it up about 6.4% year to date. BitFuFu fell 5.5% to $1.37 and has lost more than half its value this year, while Canaan slipped about 1% to $0.23, extending its year-to-date decline to more than 70%.