BitFuFu Sees Reported Holdings Plummet as Hasrate Declines

BitFuFu, a Bitcoin miner and cloud-mining provider, revealed in its July operating update that advance payments for 330 days of future hashrate drove down its reported Bitcoin holdings by 357 BTC. This drop occurred while production and managed hashrate declined, with total production falling to 112 BTC from 125 BTC and average daily output slipping to 3.6 BTC from 4.2 BTC.

Total managed hashrate decreased to 14.2 EH/s from 15.3 EH/s, with third-party suppliers and hosting customers contributing 10.6 EH/s, down from 11.8 EH/s, while self-owned hashrate rose to 3.6 EH/s from 3.5 EH/s.

Management expects the capacity secured in June and July to restore total managed hashrate to about 20 EH/s by mid-August, implying a 5.8 EH/s or roughly 41% increase if the base otherwise remains unchanged.