June was a month of contrasts for the mining company BitFuFu. On one hand, the volume of Bitcoin mined sharply declined to 125 BTC, which is 29.4% less than in May. The reason is obvious: the expiration of several cloud mining contracts led to a drop in the total hash rate under the company's management from 19.5 EH/s to 15.3 EH/s. This is a typical situation for public miners who redistribute capacity between their own fleet and client programs.
However, against the backdrop of this decline, BitFuFu is demonstrating a strategic shift towards strengthening its own infrastructure. The company's own hash rate reached a record 3.5 EH/s — growth driven by the deployment of 1,200 of the latest Antminer S21 XP ASIC miners. This equipment is highly energy-efficient, which is critically important given the current market conditions and increasing network difficulty.
Reserves and Investments in the Future
Bitcoin reserves on BitFuFu's balance sheet decreased to 1,671 BTC. Part of the reserves was allocated to prepay for new capacity totaling 5.3 EH/s. This indicates that the company is making a long-term bet on growing its own hash rate, rather than short-term monetization of mined coins. Essentially, BitFuFu is converting current liquidity into future production potential.
My expert opinion: This dynamic — moving away from cloud contracts in favor of own capacity — is characteristic of a mature market stage. BitFuFu is clearly preparing for the 2024 halving, when efficiency will become a key survival factor. The 30% drop in mining output is a temporary cost for the structural restructuring of the business. If the company successfully brings 5.3 EH/s of new capacity online, the current losses will be more than compensated for in the next quarter.