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BitFuFu bitcoin holdings drop by 357 BTC as managed hashrate falls

BitFuFu said advance payments for about 330 days of future hashrate drove the reported holdings decline, while it targets roughly 20 EH/s managed hashrate by mid-August.

Reported · Written up by our desk · Market Structure

Bitcoin miner and cloud-mining provider BitFuFu said its reported bitcoin holdings fell by 357 BTC in July, pointing to advance payments for future hashrate capacity as the primary driver of the balance change, according to a July operating update filed with the SEC.

The filing put BitFuFu holdings at 1,314 BTC as of July 31, down from 1,671 BTC a month earlier. It also showed total production declined to 112 BTC from 125 BTC, with average daily output slipping to 3.6 BTC from 4.2 BTC.

BitFuFu reported managed hashrate declined to 14.2 EH/s from 15.3 EH/s, with third-party suppliers and hosting customers contributing 10.6 EH/s versus 11.8 EH/s, while self-owned hashrate rose slightly to 3.6 EH/s from 3.5 EH/s.

Management said capacity secured during June and July is expected to restore total managed hashrate to about 20 EH/s by mid-August. From the July-end level, that guidance implies a 5.8 EH/s increase, roughly a 41% rise, although the update did not provide enough detail to precisely map related capacity blocks or their economics, supplier identities, or pricing, and it noted part of the reserve remained pledged for loans and payables.

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