According to company operational updates, in September, the Bitcoin production of CleanSpark decreased to 529 coins, that of BitFuFu dropped to 167 coins, while Canaan remained at 44 coins.

• The production of CleanSpark has decreased by nearly 11%, and its Bitcoin holdings have dropped to 13,530 coins for BTC.
• Despite the increase in self-mining output, the cloud mining output of BitFuFu has still decreased.
• With the expansion of data center operations, CleanSpark will no longer release mining updates on a monthly basis, but will instead disclose them quarterly.
• Canaan maintains a production of 44 BTC, and ensures that its Nordic heating project is fully operational.

While releasing their September production data, CleanSpark, BitFuFu, and Canaan also disclosed different changes in their capital holdings: CleanSpark saw a decrease in its holdings, while the other two companies increased their Bitcoin balances.

According to the update, CleanSpark held 13,530 BTC at the end of the month, which is lower than the 13,703 BTC in August. The balance of BitFuFu increased from 1,373 BTC to 1,388 BTC, while the holding of Canaan rose from 1,868 BTC to 1,875 BTC.

CleanSpark Bitcoin sales exceed September production

In the September operational update, CleanSpark reported a production of 529 BTC, which is lower than the 593 BTC from August, reversing the slight increase seen last month.

The company disclosed that it sold 2 BTC in the spot market and delivered an additional 700 BTC through the exercise of call options. CleanSpark stated that the average selling price for these transactions was $72,928 per Bitcoin.

Calculated by selling or delivering 702 BTC and mining 529 BTC, the transaction volume disclosed by the company is 173 BTC more than the production volume. According to operational data, the company's treasury balance also decreased by 173 BTC at the end of the month.

While releasing the production report, CleanSpark indicated that it will stop publishing mining updates on a monthly basis and switch to quarterly releases. This change in disclosure is carried out in tandem with its expansion into data center services, which includes the Sandersville facility located in Georgia.

For investors who follow the company through its NASDAQ-listed stock CLSK, this announcement changes the frequency at which CleanSpark discloses mining performance and Bitcoin wallet data.

According to the Thursday trading snapshot cited by The Block, CLSK reported a price of $8.76, with a decline of over 24% since the beginning of the year.

CleanSpark Financing for the Expansion of Data Centers in Georgia

For the Sandersville construction project, CleanSpark announced last week that it had completed a issuance of senior secured notes amounting to $2.276 billion, and related financing reports were cited by the original reports.

Earlier on, crypto.news reported on September 17th that the company proposed to issue $2.227 billion in secured notes. According to this proposal, the subsidiary CSDC Finance I LLC will issue debt, with the notes maturing in 2031.

The announcement in September stated that the funds raised would be used for the construction, repayment of some previous equity investments, and the establishment of a debt repayment reserve. CleanSpark also indicated that the proposed notes would have a first lien on most of the assets of the issuer and Sandersville property company.

According to the proposed terms, these instruments do not have the right to be converted into CleanSpark common shares.

The relevant customer agreement predates this financing. In a report released on August 7, the company stated that its data center lease in Georgia covers 175 megawatts for a period of 20 years, and the customer is an investment-grade technology company whose name has not been disclosed.

CleanSpark It is estimated that during the initial lease period, contract revenue will reach $6.6 billion. In the same financial report, the company disclosed a quarterly net loss of $239 million and revenue of $138 million, which is a decrease of 30.5% compared to the same period last year.

BitFuFu Cloud mining decline offsets the growth of self-mining

According to the update on BitFuFu on October 13th, the production volume in September decreased from 174 BTC to 167 BTC, a reduction of 4%, however, the average daily production volume remained unchanged at 5.6 BTC.

In the total output, self-mining contributed 98 BTC, an increase of over 11% compared to 88 BTC in August. Cloud mining output, on the other hand, decreased from 86 BTC to 69 BTC, a drop of nearly 20%.

The company also disclosed that there is uncertainty regarding its plan to acquire a majority stake in a company that operates an 80-megawatt mine in Ethiopia.

According to the agreement, BitFuFu has paid $4.1 million to the seller and deployed approximately 13,700 Bitmain Ant mining machines of the S19 series. The company stated that since the necessary conditions have not yet been met, this acquisition is not yet complete.

According to the disclosure, the target company's power supplier issued a notice on September 28th, threatening to take over the equipment and assets that were used as collateral if a disputed payment was not received within 10 days.

BitFuFu indicates that options such as terminating the agreement, arbitration, recovering funds, and reclaiming machinery are being evaluated. The company pointed out that there are significant risks associated with this acquisition that may not be successfully completed.

According to reports on September 16, Ethiopia has reduced the electricity supply to miners. Ethiopian Electric Power CEO Ashebir Balcha stated that after previous reductions, the electricity supplied to miners has dropped to 23% of the contracted amount.

As shown in the snapshot from Thursday The Block, the stock price of FUFU is $1.27, representing a decline of over 54% since the beginning of the year.

Canaan Maintain production and put the heating project into operation

In the announcement released on October 15th, Canaan stated that 44 BTC were mined in September, which was the same as in August, and this marked an end to a three-month downward trend.

In terms of energy projects, Chairman and CEO Nangeng Zhang stated: "Our 8-megawatt Nordic regional heating project is now fully operational, delivering recycled heat to approximately 2,800 households."

In Canada, Zhang indicates that a greenhouse waste heat recovery project is nearing its planned deployment, but it still depends on on on-site inspections.

The company announcement also revealed that digital assets were directly used in the shareholder return plan for its securities listed in the United States. As of October 15th, Canaan indicated that 3,952 ETH and 54.5 BTC had been exchanged for approximately $13.9 million in cash, which was used for a repurchase program funded by treasury funds.

According to the update, Canaan spent $5.4 million in late August to repurchase 13.6 million American depositary receipts, with a total of approximately 16.4 million ADS repurchased this year.