September Production Figures Show Mixed Results

Bitcoin mining operators CleanSpark, BitFuFu, and Canaan released their September operational updates on October 15, 2026, highlighting contrasting trends in output. CleanSpark mined 529 Bitcoin, a nearly 11 percent decline from 593 Bitcoin the prior month. BitFuFu reported 167 Bitcoin, a 4 percent drop from 174 Bitcoin, while Canaan produced 44 Bitcoin unchanged from August.

The declines at CleanSpark and BitFuFu contrasted with Canaan’s steady performance. CleanSpark’s monthly update reversed earlier gains, and BitFuFu’s total output fell despite an increase in self-mining. All three companies disclosed shifts in their Bitcoin treasury balances, with CleanSpark’s holdings dropping to 13,530 Bitcoin from 13,703 Bitcoin in August. BitFuFu’s balance rose to 1,388 Bitcoin from 1,373 Bitcoin, and Canaan’s increased to 1,875 Bitcoin from 1,868 Bitcoin.

CleanSpark plans to replace monthly mining updates with quarterly reports as it expands into data centers. The company continues to finance large-scale infrastructure projects that could support future growth.

CleanSpark Sells More Bitcoin Than It Mines in September

CleanSpark’s September activities stood out for exceeding its mining output. The company sold 2 Bitcoin on spot markets and delivered 700 Bitcoin through call option exercises at an average price of $72,928 per Bitcoin. This resulted in 702 Bitcoin in total transactions against 529 Bitcoin produced, contributing to a month-end treasury decline of 173 Bitcoin.

Despite the production drop, CleanSpark emphasized its data center expansion. It closed a $2.276 billion senior secured notes offering to fund the Sandersville campus in Georgia and reimburse prior equity investments. The project includes a 20-year lease with an undisclosed investment-grade technology customer covering 175 megawatts, projecting $6.6 billion in contracted revenue over the initial term.

Shares of CleanSpark fell more than 24 percent year-to-date as of the latest trading snapshot, amid broader market volatility.

BitFuFu Faces Cloud Mining Decline and Acquisition Uncertainty

BitFuFu’s September output declined as cloud mining production dropped nearly 20 percent to 69 Bitcoin from 86 Bitcoin. Self-mining rose 11 percent to 98 Bitcoin, keeping average daily output steady at 5.6 Bitcoin. The company’s managed computing power stood at 19.4 exahashes per second.

A material risk surrounds BitFuFu’s proposed purchase of a majority stake in an Ethiopian mining facility. The company has paid $4.1 million and deployed about 13,700 Bitmain Antminer S19-series machines. An electricity supplier’s threat to seize collateralized assets unless a disputed payment is resolved within 10 days has delayed the deal, prompting assessment of termination, arbitration, or recovery options.

Ethiopia’s broader power reductions to miners, linked to hydropower strains, have also affected operations at the site.

Canaan Maintains Output While Advancing Heat Recovery Projects

Canaan reported no change in September production at 44 Bitcoin, ending three straight monthly declines. Its Bitcoin holdings rose modestly to 1,875 from 1,868 Bitcoin. Outside joint ventures, the company operated at 10 exahashes per second, with joint ventures adding 4.18 exahashes per second.

Chairman and CEO Nangeng Zhang highlighted progress on energy efficiency initiatives. The 8 MW Nordic district heating project is now fully operational, delivering recovered computing heat to approximately 2,800 homes. A similar greenhouse heat-recovery project in Canada is nearing deployment pending site inspections.

The company also converted 3,952 Ethereum and 54.5 Bitcoin into about $13.9 million in cash under its U.S.-listed securities repurchase program, while spending $5.4 million on 13.6 million American depositary shares in late August, bringing year-to-date repurchases to approximately 16.4 million ADSs.