TLDR
- CleanSpark mined 529 bitcoin in September, down nearly 11% from August, and will move to quarterly reporting.
- BitFuFu produced 167 bitcoin, a 4% drop, as cloud mining fell nearly 20%.
- BitFuFu says its proposed Ethiopia mining deal may not close after an electricity dispute.
- Canaan held output at 44 bitcoin and brought its Nordic heating project fully online.
- CleanSpark closed a $2.276 billion notes offering to fund its Georgia data center.
CleanSpark, BitFuFu and Canaan reported their September bitcoin mining results this week. CleanSpark and BitFuFu produced less than in August, while Canaan stayed flat.
CleanSpark mined 529 bitcoin in September, down nearly 11% from 593 in August. BitFuFu produced 167 bitcoin, a 4% drop from 174.
Canaan mined 44 bitcoin, the same as August. That ended a three-month run of monthly declines.
CleanSpark Moves to Quarterly Reporting
CleanSpark ended September with 13,530 bitcoin, down from 13,703 at the end of August. The company sold 2 bitcoin on spot markets and delivered another 700 through call option exercises.
The average sale price was $72,928 per bitcoin. Those 702 bitcoin sold or delivered were 173 more than the company mined, matching the drop in its holdings.
CleanSpark also said it will stop monthly mining updates and publish figures quarterly. The change comes as its data center business grows.
Last week, CleanSpark closed a $2.276 billion senior secured notes offering. The money will fund construction of its Sandersville, Georgia, data center campus.
The campus has a 175 megawatt lease that runs 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. Revenue was $138 million, down 30.5% from a year earlier.
BitFuFu Faces an Ethiopia Dispute
BitFuFu’s self-mining output rose more than 11% to 98 bitcoin. Its cloud mining output fell nearly 20% to 69 bitcoin from 86.
Average daily output stayed at 5.6 bitcoin. The company’s holdings rose slightly to 1,388 bitcoin from 1,373.
BitFuFu also disclosed problems with its planned purchase of a majority stake in an Ethiopian business that runs an 80 MW mining site. It has paid $4.1 million and sent about 13,700 Bitmain Antminer S19 machines to the site.
On Sep. 28, the site’s electricity supplier warned it would take possession of 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.
The company said there is 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’s holdings rose to 1,875 bitcoin from 1,868. It also said its 8 MW Nordic heating project is fully online and supplies heat to about 2,800 homes.
A similar greenhouse project in Canada is nearing deployment, pending site inspections. Canaan has also converted 3,952 ETH and 54.5 bitcoin into about $13.9 million for share buybacks.
On Thursday, CleanSpark shares traded at $8.76, down more than 24% this year. BitFuFu traded at $1.27, down over 54%, and Canaan at $0.25, down more than 68%.
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