June was a month of paradoxes for the mining company BitFuFu. On one hand, the volume of mined bitcoin sharply decreased to 125 BTC, which is 29.4% less than the May figure. The main reason is the expiration of several cloud mining contracts, leading to a reduction in the total hash rate under the company's management from 19.5 EH/s to 15.3 EH/s. This is a classic example of how short-term partnerships can distort the operational picture.
However, against the backdrop of this decline, BitFuFu demonstrated impressive growth in its own capacities. The company deployed 1,200 Antminer S21 XP ASIC miners, boosting its own hash rate to a record 3.5 EH/s. This is a strategically important step: reducing dependence on third-party equipment and strengthening vertical integration. In my view, BitFuFu is deliberately sacrificing short-term volumes for long-term sustainability.
The company's bitcoin reserves decreased to 1,671 BTC — part of the reserves was allocated for prepayment of new capacities totaling 5.3 EH/s. This indicates that management is betting on scaling its own mining operations rather than passively holding coins. In the context of the halving and growing competition, this approach may prove more effective, although it involves higher capital expenditures.
Expert comment: A 30% drop in production is a worrying signal for investors expecting a steady inflow of coins. But the growth of its own hash rate to 3.5 EH/s and aggressive procurement of new equipment (5.3 EH/s) suggest that BitFuFu is restructuring its business model. If the company can effectively monetize these capacities after the halving, the current downturn may prove temporary and justified. However, the market will closely monitor how quickly the new ASIC miners begin to deliver returns.