BitFuFu Hits Record 34.1 EH/s Hashrate as Bitcoin Production Surges in May
BitFuFu, a prominent Bitcoin mining firm, reported a record-breaking month in May, significantly boosting its operational capacity and Bitcoin production. The company achieved a remarkable 91% increase in Bitcoin production compared to April, yielding a total of 400 BTC. This surge is primarily attributed to the full-month utilization of newly deployed mining hardware added in late April.
A significant portion of this production, 357 BTC, originated from BitFuFu’s cloud mining clients, showcasing the robust demand for its services. The remaining 43 BTC were generated through BitFuFu’s self-mining operations. The substantial increase in production reflects the company’s strategic expansion and efficient operational management.
May also witnessed a notable expansion of BitFuFu’s hashrate under management, experiencing a 20.5% jump from April to reach 34.1 exahashes per second (EH/s). This increase comprises 4.2 EH/s of self-owned capacity and 29.9 EH/s from partners and clients. The company’s impressive average fleet efficiency stands at 19.1 joules per terahash, a testament to its focus on optimizing energy consumption. The total power capacity across its geographically diverse mining operations spanning five continents reached 651 megawatts.
After a four-month hiatus, BitFuFu resumed selling Bitcoin in May, strategically offloading 178 BTC at an average price of $104,000. This calculated move, coinciding with Bitcoin’s all-time high, enabled the company to cover operational expenses and strengthen its financial position. Despite the sales, BitFuFu maintains a substantial Bitcoin reserve, currently holding 1,709 BTC. While this represents a decrease from the 1,908 BTC held at the end of April, it underscores the company’s commitment to long-term Bitcoin exposure.
CEO Leo Lu emphasized BitFuFu’s dedication to sustained Bitcoin investment while maintaining a flexible approach to treasury management, highlighting a balance between growth and financial prudence. The addition of more mining hardware at the end of May further positions the company for continued success and potential production increases in June.
