June was a month of contradictory trends for mining giant BitFuFu. On one hand, the company mined only 125 BTC, which is 29.4% less than May's figures. On the other hand, its own hash rate grew to a record 3.5 EH/s.
The decline in mining volumes is directly linked to changes in the power structure. After several cloud mining contracts expired, the total hash rate under BitFuFu's management dropped from 19.5 EH/s to 15.3 EH/s. This is a classic example of how dependence on third-party contracts can lead to volatility in operational metrics.
However, the company is actively investing in its own equipment. The installation of 1,200 latest-generation Antminer S21 XP ASIC miners allowed it to increase its own hash rate to an unprecedented level. This is a strategically important step: own capacity provides greater control over costs and profits in the long term.
Financial Maneuvers and Reserves
BitFuFu'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 indicates that the company is betting on scaling, even if it requires a temporary reduction in BTC liquidity.
From a market dynamics perspective, such actions by BitFuFu are a signal for the sector: miners continue aggressive fleet modernization despite declining profitability after the halving. Those who manage to upgrade equipment before the next cycle will gain an efficiency advantage.
My analysis: A 30% drop in mining output alongside a rise in own hash rate is not a sign of weakness, but a temporary adjustment of the business model. BitFuFu is clearly preparing for the next bull market, focusing on controlling hash rate. The only question is how quickly the new capacity will bear fruit under current market conditions.