BitFuFu cuts Bitcoin holdings to fund mining expansion

BitFuFu Inc. trimmed its Bitcoin production in July but is betting that a significant hashrate expansion arriving in mid-August will more than make up the difference. The NASDAQ-listed miner produced 112 BTC last month, down from 125 BTC in June, while simultaneously deploying capital to secure the capacity it expects to push output meaningfully higher over the coming weeks. The July figure breaks down as 72 BTC from self-mining operations and 40 BTC from cloud mining, averaging 3.6 BTC per day across the month. Where the numbers stand BitFuFu’s total managed hashrate sat at 14.2 EH/s as of July 31. That figure combines 3.6 EH/s from the company’s own machines, up 2.9% from June, with 10.6 EH/s sourced from third-party operators. The company’s power footprint stands at 255 MW with a fleet efficiency metric of 18.0 joules per terahash. Efficiency ratios like this matter because the lower the number, the less electricity a miner burns per unit of computing work, and electricity is where mining economics are won or lost. June’s total managed hashrate was 15.3 EH/s, meaning July actually represented a step back on that measure before the anticipated August ramp. The self-owned slice gr...