TLDR
- BitFuFu held 1,314 BTC at the end of July, down from 1,671 BTC in June.
- The company produced 112 BTC in July, including 72 BTC from self-mining.
- BitFuFu’s self-owned hashrate increased 2.9% month over month to 3.6 EH/s.
- Total managed hashrate fell to 14.2 EH/s but is expected to reach about 20 EH/s by mid-August.
- BitFuFu used part of its Bitcoin holdings to secure mining capacity scheduled to begin operating in August.
BitFuFu reduced its Bitcoin holdings in July while using part of its BTC reserves to secure additional mining capacity scheduled to come online in August.
The Nasdaq-listed Bitcoin mining and cloud mining company held 1,314 BTC at the end of July, down from 1,671 BTC in June. The company said the decline mainly resulted from advance payments for future hashrate capacity under a 330-day arrangement.
BitFuFu produced 112 BTC during July, compared with 125 BTC in June. Self-mining accounted for 72 BTC, while cloud mining contributed 40 BTC during the month.
BitFuFu Bitcoin Holdings Fall After Capacity Payment
BitFuFu said its Bitcoin holdings fell by 357 BTC during July after the company used part of its treasury to secure additional hashrate capacity. The new capacity is scheduled to begin operating in August and forms part of its plan to expand its mining infrastructure.
Chief Executive Officer Leo Lu said the company had “strategically utilized a portion of its Bitcoin holdings to secure additional future hashrate capacity scheduled to come online in August.” He added that the new capacity, together with capacity secured in June, is expected to restore total managed hashrate to about 20 EH/s by mid-August.
The company reported 112 BTC of production in July, averaging 3.6 BTC per day. Production declined from 4.2 BTC per day in June, when BitFuFu produced 125 BTC.
Self-Owned Hashrate Expands Despite Lower Total Capacity
BitFuFu ended July with 14.2 EH/s of total managed hashrate, compared with 15.3 EH/s in June. The figure includes 3.6 EH/s of self-owned capacity and 10.6 EH/s from third-party suppliers and hosting customers.
Self-owned hashrate increased 2.9% from 3.5 EH/s in June. The company said the increase reflects continued investment in its own Bitcoin mining capacity as it expands its infrastructure.
The average fleet efficiency reached 18.0 J/TH in July, compared with 17.9 J/TH in June. Total power capacity under management stood at 255 MW at the end of July, down from 273 MW one month earlier.
BitFuFu expects the additional capacity secured during June and July to come online progressively during August. The company expects total managed hashrate to return to approximately 20 EH/s by the middle of the month.
BitFuFu Maintains Focus on Mining Infrastructure
The latest operational figures show a shift in the company’s Bitcoin treasury strategy as BitFuFu uses part of its holdings to secure future mining capacity. The approach reduces its reported BTC reserves while adding capacity intended to support future production.
The company said its strategy remains focused on “operational excellence, efficient capital deployment, and disciplined investment in infrastructure and technologies.” BitFuFu also maintained its stated long-term focus on Bitcoin while expanding its self-operated mining operations.
July production was split between 72 BTC from self-mining and 40 BTC from cloud mining. The company therefore generated nearly two-thirds of its monthly Bitcoin production through its self-operated mining activity.
The expected return to about 20 EH/s in August would place total managed capacity above July’s 14.2 EH/s level. The expansion will depend on the scheduled deployment of the newly secured mining capacity.
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