Bitcoin miners Bitdeer, CleanSpark and more report mixed May output as AI buildouts impact hashrate growth, treasury models
Bitdeer, BitFuFu, Canaan, and CleanSpark released unaudited May production updates this month, with the four miners producing a combined 1,859 bitcoin (BTC) even as their underlying strategies pulled in different directions.
Bitdeer
Bitdeer (BTDR) mined 921 BTC in May, up 370% year-over-year, while its self-mining hash rate held at 70.2 EH/s. That's roughly flat compared with the 70 EH/s the company reported in late March, when it first claimed the industry's top spot in self-mining compute.
Total hash rate under management climbed to 83.1 EH/s from 78.1 EH/s over that stretch, but the gain came mostly from Bitdeer's newer co-mining business, which runs the company's rigs inside third-party data centers and reached 10.0 EH/s in May, up from 8.4 EH/s in April. Self-mining capacity, the metric behind Bitdeer's top-spot claim, has barely moved in two months.
The company's own bitcoin holdings tell a different story than its output.
Bitdeer held just 171 BTC at month-end, up from 73 BTC in April but down sharply from 1,351 BTC a year earlier, even as monthly production has nearly quintupled over that period, a sign of how aggressively the company has been converting mined bitcoin into cash for its artificial intelligence buildout.
The AI strategy, however, showed less momentum of its own.
AI Cloud annualized revenue held at roughly $69 million for a second straight month, even as Bitdeer added GPUs and deployed two new Nvidia GB300 NVL72 clusters, and utilization slipped to 90% from 92% in April.
Bitcoin production and self-mining hash rate "underscore the complementary strength of our vertically integrated mining platform," said CFO Michael Potter, who cast the AI pivot as additive to mining rather than a replacement for it.
The release also flagged a wrinkle in the AI buildout. Power availability at Bitdeer's 570-megawatt Clarington, Ohio site may be affected by litigation from a neighboring company tied, in Bitdeer's telling, to a New York private equity firm.
BitFuFu
BitFuFu produced 177 BTC in May, up 22.1% from April, but the bigger shift was in the mix: self-mining output nearly tripled to 90 BTC from 32 BTC, overtaking cloud mining's 87 BTC for the first time this year.
This marks a reversal from where the company stood in March, when cloud mining accounted for nearly three-quarters of 2025 revenue and self-mining revenue had fallen sharply enough to push BitFuFu to a $57.4 million annual net loss.
The production increase came even as total hash rate fell to 19.5 EH/s from 22.4 EH/s and power capacity under management dropped 14.4% to 346 MW. BitFuFu attributed the gain to easing power curtailment at its facilities in Ethiopia, which lifted uptime even as overall capacity contracted.
"Periods of price consolidation are precisely when we seek to accumulate," said Chairman and CEO Leo Lu, who characterized the self-mining pivot as a deliberate bet on current prices rather than a response to weaker cloud-mining demand.
Canaan
Canaan (CAN) self-mined 90 BTC in May, with another 24 BTC from customer payments, pushing its treasury to a record 1,867 BTC and 3,952 ETH. The self-mining figure runs below the roughly 100 BTC monthly pace implied by the 300 BTC the company reported for the fourth quarter, and Canaan ended May with only 6.47 EH/s of its 10.05 EH/s installed hash rate actually operating, a gap it attributed to the planned expiration of a hosting agreement.
The company's joint venture, a 49% stake in the Alborz, Bear and Chief Mountain sites in West Texas that Canaan acquired from Cipher Mining for $40 million in February, produced about 45 BTC despite wildfire damage at the Alborz facility. Canaan reported restoration work as nearly complete and expects the site back to full operation within the week.
Canaan also expanded its hash-to-heat business, winning a bid to supply an 8-megawatt district heating deployment in the Nordic region. It is the company's second public heat-reuse project after a tomato-greenhouse pilot in Canada announced in January.
"Canaan's strengths in hardware innovation and energy-efficient systems make us well-positioned to unlock opportunities," Chairman and CEO Nangeng Zhang stated, tying the heat-reuse push to the company's broader pitch around efficiency.
CleanSpark
CleanSpark (CLSK) mined 671 BTC in May at an operational hash rate of 50.0 EH/s, the same hash rate the company reported in February, when it produced 568 BTC.
Output has grown modestly over those three months while the core mining fleet's capacity has held flat, consistent with a company directing more capital toward its AI buildout than toward expanding hash rate.
Treasury activity reflected similar restraint. CleanSpark sold 404 BTC at spot and another 250 through call exercises, netting just 17 BTC of growth despite mining 671 for the month. The company put the average sale price at $79,934 per coin, a figure that includes option premiums and so may not directly reflect bitcoin's spot price during May.
The update follows a rough mark-to-market quarter, in which CleanSpark lost $224 million on its bitcoin holdings in the second quarter as bitcoin's price slid.
CleanSpark also added Ruben Sahakyan, a former Keefe, Bruyette & Woods banker with more than $20 billion in advisory deals, as senior vice president of finance to help fund its AI data center push in Georgia and Texas.
The hire follows the October addition of a Humain executive to lead data-center development, extending a buildout of the company's AI-focused bench that began months ago.
"We continue to develop our power pipeline and add high-impact talent across the entire organization," said CEO and Chairman Matt Schultz, who was named to Texas's Strategic Bitcoin Reserve committee in late May.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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