Bitcoin Miner BitFuFu Achieves Record 445 BTC Production in June
Looking for the latest updates on major players in the crypto mining space? Singapore-based cloud and self-mining firm, BitFuFu, has just announced a significant milestone, reporting its most productive month yet. This surge in BTC production highlights the company’s operational growth and strategic expansions.
BitFuFu’s June Performance: A Deep Dive
BitFuFu had a standout June, mining a total of 445 Bitcoin. This figure represents an 11.3% increase compared to its May production. The company attributed this success primarily to the expansion of its mining fleet. Of the 445 BTC mined, 387 came from cloud mining operations, with the remaining 58 from self-mining activities.
Leo Lu, BitFuFu’s chairman and CEO, commented on the results, stating June was the company’s most productive month of the year, directly linked to their ongoing fleet expansion. Earlier this year, BitFuFu solidified its growth plans by signing a two-year deal with hardware giant Bitmain to acquire up to 80,000 new Bitcoin miner units.
Operational Scale and Hashrate Growth
Beyond just production numbers, BitFuFu also saw substantial growth in its operational metrics. The company’s total hashrate increased by 6.2% month-over-month, reaching 36.2 exa hash per second (EH/s). This metric measures the computational power dedicated to mining. A significant portion, 32.4 EH/s, was derived from third-party suppliers and hosting customers, showcasing their cloud and hosting business scale.
Furthermore, BitFuFu’s power capacity saw an 11.8% monthly increase, hitting 728 megawatts across operations spanning five continents. CEO Leo Lu expressed pride in reaching these record levels, noting the strong operational momentum in the first half of the year and the company’s ability to scale effectively.
BitFuFu and Peer Comparisons
BitFuFu currently holds 1,792 Bitcoin, valued at over $193 million. While a substantial holding, it’s smaller compared to the industry’s largest players:
- MARA Holdings: Holds 50,000 Bitcoin
- Riot Platforms: Holds 19,225 Bitcoin
- CleanSpark: Holds 12,608 Bitcoin
June was a varied month for the broader crypto mining sector. Some firms, particularly those with significant operations in Texas, experienced lower production often due to power curtailment during high demand periods. Riot Platforms, for instance, reported a production decline in May.
However, other miners also posted strong results or operational growth. Australian-based IREN reported record revenues in June ($44 million), driven by higher Bitcoin prices, despite a slight dip in BTC mined (620 BTC vs 627 in May). CleanSpark demonstrated significant year-over-year growth, with operational hashrate jumping 145.1% to 50 EH/s and mining 685 Bitcoin in June.
Stock Performance
Shares of BitFuFu (FUFU) saw a modest increase, closing up 1.16% at $3.48 after the production announcement. The stock had already risen 8.82% in the five days prior. Earlier in the year, FUFU shares surged significantly following the Bitmain hardware purchase agreement.
In contrast, many other major mining stocks like Riot Platforms (RIOT), Hive Digital (HIVE), Hut 8 (HUT8), MARA Holdings (MARA), and Bitfarms (BITF) saw more substantial spikes (between 13% and 28%) in the trading sessions leading up to the US Independence Day holiday weekend.
Summary
BitFuFu’s June results underscore the impact of fleet expansion on Bitcoin miner performance. Achieving a record 445 BTC production, alongside significant increases in hashrate and power capacity, demonstrates the company’s strong operational execution. While the broader mining landscape saw mixed results influenced by factors like power management and Bitcoin price, BitFuFu’s report highlights a period of robust growth for the firm.
