June proved to be a challenging month for mining giant BitFuFu. The company mined only 125 BTC, a 29.4% decrease compared to the previous month. The main reason for this decline was a sharp reduction in the total managed hashrate — from 19.5 EH/s to 15.3 EH/s. This occurred due to the expiration of several cloud mining contracts, temporarily weakening operational performance.
However, behind this statistic lies a strategically important shift. BitFuFu's own capacity grew to a record 3.5 EH/s. The company deployed 1,200 of the latest Antminer S21 XP ASIC miners, significantly strengthening its own fleet. This indicates that BitFuFu is purposefully moving away from dependence on cloud contracts in favor of direct control over equipment.
Bitcoin reserves on the balance sheet decreased to 1,671 BTC. Part of the reserves was allocated to prepay for new capacity totaling 5.3 EH/s, which is likely to be brought online in the coming months. This is an aggressive but justified strategy: in conditions of declining profitability after the halving, only scaling its own hashrate can provide a competitive advantage.
My professional assessment: BitFuFu demonstrates a classic example of a "smart" miner that sacrifices short-term production for long-term efficiency. The reduction in cloud contracts is not a weakness, but a portfolio cleanup. If the new capacity is launched on schedule, the company will be able not only to recover but also to surpass its previous performance. The market has not yet fully appreciated this transition.