June was not a great month for digging up digital gold. Three publicly traded bitcoin miners, CleanSpark, BitFuFu, and Canaan, all reported lower bitcoin production compared to May, continuing a pattern that’s becoming uncomfortably familiar in the post-halving mining landscape.

CleanSpark mined 614 BTC in June, down from 671 BTC in May. Canaan’s self-mining operation produced just 64 BTC, a steep drop from 90 BTC the prior month. BitFuFu also reported a decline in output.

The numbers behind the slowdown

CleanSpark averaged 20.46 BTC per day across June, with a peak daily output of 22.57 BTC. The company’s operational hashrate hit 50 EH/s by month’s end.

CleanSpark also sold 179 BTC at spot prices during the month. After those sales, the company ended June holding 13,924 BTC.

Canaan self-mined 64 BTC in June, a 29% drop from May’s 90 BTC. Canaan’s total holdings climbed to a record 1,915 BTC and 3,952 ETH. The company reported a North American fleet efficiency of 17.9 joules per terahash in May.

Why production is falling across the board

The April 2024 halving cut the block reward from 6.25 BTC to 3.125 BTC. Miners are producing roughly half the bitcoin per block that they were two years ago.

What this means for investors

CleanSpark’s 50 EH/s hashrate and nearly 14,000 BTC treasury position it as one of the larger pure-play miners. The company’s strategy of scaling fleet size while selectively selling bitcoin gives it financial flexibility that smaller operators lack.

Canaan presents a different value proposition. As both a hardware maker and a miner, the company has revenue diversification that pure miners don’t. Its record holdings of 1,915 BTC and 3,952 ETH function as a crypto-native balance sheet hedge.