September 2026 split three ways for the public miners covered here: CleanSpark produced 529 BTC, down from 593 BTC in August; BitFuFu produced 167 BTC, down from 174 BTC; and Canaan produced 44 BTC, unchanged from August. The figures show CleanSpark still had the largest output, while Canaan halted a three-month production decline.
September production at a glance
| Company | September 2026 output | August 2026 output | Month-over-month change | September month-end holdings |
|---|---|---|---|---|
| CleanSpark | 529 BTC | 593 BTC | Down nearly 11% | 13,530 BTC |
| BitFuFu | 167 BTC | 174 BTC | Down about 4% | 1,388 BTC |
| Canaan | 44 BTC | 44 BTC | Unchanged | 1,875 BTC |
The CleanSpark and BitFuFu figures were reported by The Block on October 15, 2026. Canaan reported its results in an official release dated October 15, 2026.
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CleanSpark: largest output, but a sharper monthly decline
CleanSpark mined 529 BTC in September, 64 BTC fewer than in August. That is a decline of nearly 11%, the largest percentage drop among the three companies in this comparison. Its bitcoin holdings ended the month at 13,530 BTC, compared with 13,703 BTC at the end of August.
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CleanSpark disclosed that it sold 2 BTC on spot markets and another 700 BTC through call-option exercises. The options transactions had an average sale price of $72,928 per bitcoin. These sales are separate from the monthly production figure and help explain why month-end holdings did not simply rise by the amount mined.
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Why its reporting will change
The company said it will stop issuing monthly mining updates and move to quarterly reporting as data-center expansion becomes a larger part of its strategy. The Block reported a $2.276 billion senior secured note offering to build CleanSpark’s Sandersville, Georgia, data-center campus. The company expects that campus to generate roughly $6.6 billion in revenue; those are company projections, not realized revenue.
BitFuFu: self-mining improved while cloud output contracted
BitFuFu produced 167 BTC in September, down 7 BTC, or about 4%, from August’s 174 BTC. The headline decline hides a significant change in its production mix.
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| BitFuFu production source | August 2026 | September 2026 | Change |
|---|---|---|---|
| Self-mining | 88 BTC | 98 BTC | Up 10 BTC |
| Cloud mining | 86 BTC | 69 BTC | Down 17 BTC |
| Total | 174 BTC | 167 BTC | Down 7 BTC |
Self-mining therefore increased by 10 BTC, but the 17-BTC reduction in cloud-mining output more than offset that gain. BitFuFu’s month-end holdings rose to 1,388 BTC from 1,373 BTC.
Ethiopia site dispute creates execution risk
BitFuFu also disclosed obstacles to its planned acquisition of an 80-megawatt mining site in Ethiopia. The dispute involves the site operator and local electricity suppliers. The company had invested $4.1 million and deployed approximately 13,700 Bitmain Antminer S19 rigs, according to The Block’s report.
Because the proposed facility is large and equipment has already been deployed, BitFuFu said it was considering cancelling the transaction and seeking recovery of its investment. Until the electricity and operator disputes are resolved, the site remains an execution risk rather than dependable new capacity.
Canaan: production stabilizes after three monthly declines
Canaan mined 44 BTC in September, matching August and ending a three-month run of sequential declines. Its treasury increased to 1,875 BTC from 1,868 BTC at the end of August.
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Operating metrics
| Canaan metric | September 2026 figure |
|---|---|
| Non-JV installed hashrate | 10.00 EH/s |
| JV installed hashrate | 4.87 EH/s |
| Average all-in power cost | US$0.043 per kWh |
| Month-end bitcoin treasury | 1,875 BTC |
Energy-reuse projects
Canaan said its 8 MW Nordic district-heating project is fully operational and sends recovered computing heat to approximately 2,800 homes. A separate Canadian greenhouse heat-recovery project was moving toward deployment but still awaited site inspections, so it was not yet described as operational.
Chairman and CEO Nangeng Zhang said: “Bitcoin markets continued to demonstrate resilience in September, navigating macroeconomic and policy uncertainty while institutional participation remained steady.”
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Which miner performed best in September?
The answer depends on the measure. CleanSpark was the production leader at 529 BTC, far ahead of BitFuFu’s 167 BTC and Canaan’s 44 BTC, but it also posted the steepest month-over-month decline. Canaan was the most stable producer because its output was unchanged after three consecutive monthly decreases. BitFuFu increased self-mining, yet its overall production fell because cloud-mining output dropped more sharply.
| Comparison axis | September leader or notable result |
|---|---|
| Absolute bitcoin production | CleanSpark, 529 BTC |
| Month-over-month stability | Canaan, unchanged at 44 BTC |
| Self-mining growth | BitFuFu, up from 88 BTC to 98 BTC |
| Largest percentage decline | CleanSpark, down nearly 11% |
| Largest disclosed treasury | CleanSpark, 13,530 BTC at month-end |
What the September numbers mean for investors
Output alone does not show operating direction
CleanSpark’s higher absolute output came with a sizable monthly decline and a decision to publish less frequent operating data. BitFuFu’s total output also declined, but its self-mining component strengthened. Canaan’s flat result provides a more stable month, although its 44 BTC remains well below the other two miners’ production.
Infrastructure plans carry different risks
- CleanSpark: Its strategic emphasis is shifting toward data-center development, backed by the reported $2.276 billion senior secured note offering and a company-estimated $6.6 billion revenue opportunity at Sandersville.
- BitFuFu: The 80 MW Ethiopia acquisition faces unresolved electricity-supplier and operator disputes, with possible cancellation and investment recovery proceedings.
- Canaan: Its Nordic project demonstrates an operating heat-reuse application, while the Canadian greenhouse project remains dependent on site inspections.
These developments make September’s production totals only one part of the comparison. Production mix, treasury changes, power economics, construction execution and the frequency of future disclosures will determine how readily investors can interpret later results.
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