June was a month of sharp contrasts for the mining company BitFuFu. On one hand, the volume of mined Bitcoin plummeted by 29.4% to just 125 BTC. The reason is obvious: the total hash rate under management decreased from 19.5 EH/s to 15.3 EH/s. This is a direct consequence of the expiration of cloud mining contracts, which previously provided a significant portion of the capacity.
However, behind these figures lies a much more important trend. BitFuFu is betting on its own hash rate, and here the company is showing impressive growth. Own capacity reached a record 3.5 EH/s — this is the result of the active deployment of 1,200 Antminer S21 XP ASIC miners. This is not just a replacement of an outdated fleet, but a strategic step toward vertical integration and reducing dependence on cloud contracts.
Financial Side: Reserves Are Melting, But Wisely
The company's Bitcoin reserves on its balance sheet decreased to 1,671 BTC. Part of the reserves was allocated to prepay for new capacity totaling 5.3 EH/s. This signals that BitFuFu is willing to sacrifice current liquidity for future hash rate growth. In the context of post-halving margin compression, such a strategy may be justified: those who manage to purchase equipment now will be at an advantage when network difficulty stabilizes.
Analytical Conclusion: BitFuFu is undergoing a painful but necessary transformation. The 30% drop in mining output is an inevitable price for abandoning "easy" cloud money. However, the growth of its own hash rate and aggressive investments in new equipment indicate that the company is making a long-term bet on efficiency. In the current market conditions, this may be the only right path for survival among major players.