In June, mining company BitFuFu experienced a notable decline in Bitcoin production — only 125 BTC, which is 29.4% less than the previous month. This trend is directly linked to a reduction in the total hash rate under the company's management, from 19.5 EH/s to 15.3 EH/s. The reason is the expiration of several cloud mining contracts that provided a significant portion of the computing power.
However, behind this external decline lies an important strategic shift. BitFuFu's own hash rate, on the contrary, reached a record 3.5 EH/s. This growth was made possible by deploying 1,200 of the latest Antminer S21 XP ASIC miners. This indicates a deliberate transition from renting capacity to controlling its own equipment — a step that could improve margins in the long term, despite the temporary drop in production.
The company's Bitcoin reserves decreased to 1,671 BTC. Part of the reserves was allocated to prepay for new capacity totaling 5.3 EH/s. This suggests that BitFuFu is betting on scaling and technological upgrades, even at the cost of current liquidity.
Analytical commentary: The decline in production amid a rise in own hash rate is a classic sign of a business model restructuring. BitFuFu is likely seeking to reduce its dependence on cloud contracts, which often have low margins and are subject to volatility. If the company successfully completes the deployment of new capacity, we could see a sharp surge in production in the coming quarters, offsetting current losses. However, risks remain: the ASIC equipment market is highly competitive, and Bitcoin prices could adjust profitability. Keep an eye on hash rate updates — this is a key indicator of the strategy's success.