June turned out to be a month of contrasts for the mining company BitFuFu. On one hand, bitcoin mining plummeted by 29.4% to 125 BTC. On the other hand, the company's own hash rate reached an all-time high of 3.5 EH/s. Behind this apparent contradiction lies a clear strategic logic.
The drop in production is directly linked to the expiration of cloud mining contracts. Managed hash rate decreased from 19.5 EH/s to 15.3 EH/s. This is a typical situation for operators working under a hosting model: clients leave, capacity sits idle. However, BitFuFu is not simply compensating for losses — it is changing the very structure of its business.
The record increase in its own hash rate was driven by the deployment of 1,200 Antminer S21 XP ASIC miners. These are not random purchases but a deliberate shift toward control over physical assets. In a volatile market, cloud contracts are a double-edged sword: they provide quick revenue but do not guarantee stability.
Bitcoin reserves decreased to 1,671 BTC. Part of the reserves was allocated to prepay for new capacity totaling 5.3 EH/s. This is an aggressive move: BitFuFu is betting on scaling its own infrastructure rather than reselling hash rate. In the long term, such investments could pay off, especially given the expected halving and rising network difficulty.
My analysis: BitFuFu demonstrates a strategy typical of mature players — shedding intermediary models in favor of direct control over equipment. However, the sharp drop in mining output and reduction in reserves create liquidity risks. If the market turns downward, the company will either have to sell part of its capacity or seek external financing. For now, it is a bet on growth, but a bet with high leverage.