Publicly traded Bitcoin miners faced mixed results in September 2026. CleanSpark and BitFuFu both saw their production decline, while Canaan managed to keep output flat after several months of drops.
CleanSpark mined 529 BTC last month, an almost 11% drop from the 593 BTC it produced in August. BitFuFu’s total output fell to 167 BTC, down about 4% from 174 BTC. Canaan held steady at 44 BTC, ending a three-month streak of consecutive declines.
CleanSpark finished September with 13,530 BTC in its treasury, slightly lower than the 13,703 BTC it held at the end of August. The company sold 2 BTC on the spot market and another 700 BTC through call option exercises, averaging $72,928 per coin.
In a notable change, CleanSpark announced it will stop releasing monthly mining updates and switch to quarterly reporting. The move comes as the company pours more energy into its expanding data center business. Last week it closed a $2.276 billion senior secured note offering to fund construction of its Sandersville, Georgia campus. Management expects that facility to generate roughly $6.6 billion in revenue over time.
CleanSpark shares traded around $8.76 on Thursday and remain down more than 24% year to date.
BitFuFu’s overall production dip masked a split in performance. Its self-mining rose more than 11% to 98 BTC, but cloud mining output dropped nearly 20% to 69 BTC. The company ended the month holding 1,388 BTC, a small increase from 1,373 BTC in August.
The bigger story for BitFuFu centers on its planned acquisition of an 80 MW mining site in Ethiopia. The deal has hit roadblocks because of disputes between the site’s operator and local electricity suppliers. BitFuFu has already invested $4.1 million and deployed around 13,700 Bitmain Antminer S19 machines. Management is now evaluating its options, including the possibility of canceling the transaction to recover part of the capital.
BitFuFu stock (FUFU) changed hands near $1.27 on Thursday and is down over 54% year to date.
Canaan’s production remained unchanged at 44 BTC in September. Its Bitcoin holdings rose slightly to 1,875 BTC from 1,868 BTC the previous month.
On the operational side, the company reported that its 8 MW heating project in the Nordic region is now fully online. The system captures heat from computing equipment and supplies warmth to roughly 2,800 homes. Canaan is also developing a similar heat-recovery project in Canada.
September’s results highlight the ongoing challenges Bitcoin miners face even after periods of relative stability. Hashrate growth, power costs, and operational disruptions continue to influence monthly output. CleanSpark’s decision to move away from monthly reporting and double down on AI-related data centers signals a broader industry shift toward diversified revenue streams. BitFuFu’s Ethiopia complications show how geopolitical and infrastructure risks can still disrupt expansion plans in emerging markets.
Canaan’s flat production and progress on heat-recovery projects offer a quieter counterpoint, emphasizing efficiency and secondary uses for mining hardware.
As the sector heads into the final quarter of 2026, investors will be watching how these companies balance pure mining economics with new business lines and how successfully they navigate regional power and regulatory hurdles.
