Two of the world's largest Bitcoin mining companies reported June 2026 results that reveal a surprising trend: while their monthly Bitcoin production declined, both companies significantly expanded their cryptocurrency treasuries and self-owned computing power. This apparent contradiction points to a deliberate strategic pivot in how miners are approaching profitability and long-term value creation in an increasingly competitive industry.

Why Are Miners Prioritizing Treasury Growth Over Production?

Canaan Inc. (NASDAQ: CAN) produced 64 Bitcoin (BTC) in June 2026, but after accounting for operating costs and revenue from miner sales, the company added 49 BTC to its balance sheet, bringing total holdings to a record 1,915 BTC and 3,952 Ethereum (ETH). Meanwhile, BitFuFu Inc. (NASDAQ: FUFU) produced 125 BTC in June, down 29.4% from May's 177 BTC, yet the company strategically deployed new mining hardware and secured future hashrate capacity through long-term supplier agreements.

The pattern suggests miners are betting on Bitcoin's future value rather than maximizing immediate production. Canaan's CEO Nangeng Zhang emphasized this approach, stating that June was "a month of consolidation and recovery" focused on "disciplined execution" despite challenging market conditions. BitFuFu's leadership similarly highlighted "disciplined capital allocation" and investment in "infrastructure and technologies that support our long-term growth."

Nangeng Zhang

"During June, we produced 64 BTC. Despite grid maintenance at one of our facilities, after accounting for operating costs and the receipt of BTC as payment for our miner sales in June, we recorded our strongest monthly increase of 2026, adding 49 BTC to our cryptocurrency treasury," said Nangeng Zhang, Chairman and Chief Executive Officer of Canaan.

Nangeng Zhang, Chairman and Chief Executive Officer, Canaan Inc.

What Do the Production Numbers Actually Tell Us?

BitFuFu's production decline warrants closer examination. The company's total hashrate under management (the combined computing power it controls) fell to 15.3 exahashes per second (EH/s) in June from 19.5 EH/s in May, a significant drop. However, this wasn't due to equipment failure or operational problems. Instead, BitFuFu deliberately reduced its reliance on third-party hashrate suppliers to focus on expanding its self-owned mining capacity.

The company deployed 1,200 S21 XP mining units in June, increasing self-owned hashrate to 3.5 EH/s, a 9.4% month-over-month increase. BitFuFu also signed agreements to acquire and deploy 2,000 additional S21 XP units in July and secured 5.3 EH/s of hashrate from suppliers under a nine-month agreement starting in August 2026. This forward-looking infrastructure investment explains why Bitcoin holdings decreased to 1,671 BTC from 1,855 BTC; the company used cash for upfront payments on future capacity.

• Canaan's Efficiency Metrics: North American non-joint venture fleet maintained 17.9 joules per terahash (J/TH) efficiency with an average all-in power cost of US$0.043 per kilowatt-hour, demonstrating disciplined cost management despite challenging market conditions.
• BitFuFu's Operational Shift: The company reduced total hashrate under management while increasing self-owned capacity, reflecting a strategic transition from relying on third-party suppliers toward building proprietary mining infrastructure.
• Joint Venture Recovery: Canaan's 49%-owned joint venture with WindHQ substantially recovered from May wildfire disruptions, with operating hashrate reaching 4.09 EH/s versus 4.81 EH/s installed capacity, demonstrating strong operational resilience.

How Are Miners Positioning for Long-Term Growth?

Both companies are making moves that suggest confidence in Bitcoin's medium to long-term prospects. Canaan won an 8-megawatt hash-to-heat project in the Nordic region, expanding from a previous 2-megawatt capacity. This type of project converts mining heat into usable energy for heating applications, improving operational economics and environmental sustainability.

BitFuFu's CEO Leo Lu emphasized the company's "conviction in Bitcoin's medium- to long-term value proposition" when announcing the nine-month hashrate agreement. The company also authorized a US$5 million share repurchase program, a move typically signaling management confidence that shares are undervalued.

Leo Lu

Canaan's leadership team demonstrated similar confidence through insider buying. CEO and CFO purchases totaled 1,065,000 American Depositary Shares (ADSs) at US$0.35 per ADS in open market transactions, representing a significant personal commitment to the company's future.

What Challenges Are Miners Still Facing?

Despite the positive strategic moves, both companies face operational headwinds. Canaan's Ethiopia facility experienced reduced computing power in mid-June due to local power grid maintenance, temporarily limiting output from one of its major operations. The company also transferred its listing from the Nasdaq Global Market to the Nasdaq Capital Market, requiring an additional 180-day compliance period for bid-price requirements.

BitFuFu's power capacity under management decreased to 273 megawatts from 346 megawatts in May, reflecting the strategic reduction in third-party hashrate arrangements. While this supports the company's focus on self-owned infrastructure, it temporarily reduces overall production capacity.

The broader context matters here. Both miners are operating in an environment where Bitcoin's price and mining difficulty directly impact profitability. By building treasury reserves and investing in proprietary infrastructure now, these companies are positioning themselves to weather potential downturns while capturing upside if Bitcoin's value appreciates. The June results suggest that in 2026, Bitcoin miners view themselves less as pure production businesses and more as long-term Bitcoin holders and infrastructure developers.