BitFuFu Sees Surge in Production as Cloud-Mining Customers Drive Growth
Bitcoin miner BitFuFu has reported a significant rebound in production for August, with cloud-mining customers accounting for about three quarters of the extra output. The company's total production rose by 62 BTC to 174 BTC, up from 112 BTC in July.
The 74% increase in cloud-mining output was driven by an influx of new capacity, which reached a managed hashrate of 20.6 EH/s at Aug. 31. However, the company's Bitcoin holdings increased by only 59 BTC to 1,373 BTC, leaving them still 298 BTC below June's balance.
Self-mining output rose from 72 to 88 BTC, contributing 16 BTC of the 62 BTC increase. The split between cloud and self-mining production matters for shareholders assessing BitFuFu's decision to spend Bitcoin on future mining capacity.