BitFuFu (NASDAQ: FUFU) produced 125 BTC in June, down 29.4% from May, according to unaudited operating metrics filed with the SEC on Friday. Total hashrate under management fell to 15.3 EH/s from 19.5 EH/s, while self-owned hashrate rose 9.4% to 3.5 EH/s.
June output included 70 BTC from self-mining and 55 BTC from cloud mining. BitFuFu produced 90 BTC through self-mining and 87 BTC through cloud mining in May, while average daily production fell to 4.2 BTC from 5.7 BTC.
Hashrate supplied by third-party vendors and hosting customers fell to 11.8 EH/s from 16.3 EH/s. BitFuFu said the drop in total hashrate under management was the main factor behind weaker production, although its filing noted that capacity may be used for both self-mining and cloud-mining operations.
BitFuFu acquired and deployed 1,200 S21 XP mining units during June, raising self-owned hashrate from 3.2 EH/s to 3.5 EH/s.
“While optimizing our mining operations, we acquired and deployed 1,200 S21 XP units in June, increasing our self-owned hashrate to 3.5 EH/s,” Chairman and CEO Leo Lu said.
BitFuFu also entered into agreements to obtain and deploy 2,000 additional S21 XP units in July. Management expects the full 2,000 units to be operational during the month, although the filing describes that timetable as a forward-looking expectation.
In addition, BitFuFu locked in 5.3 EH/s from suppliers under a nine-month agreement set to start in August and last for 270 days. The contracted supplier capacity will count toward total hashrate under management rather than self-owned hashrate.
BitFuFu held 1,671 BTC at the end of June, down 184 BTC from 1,855 BTC in May. The filing said the change mainly reflected client receipts and upfront supplier payments for the future 5.3 EH/s of capacity, rather than providing a direct measure of bitcoin sales.
Reported holdings included 54 BTC pledged for loans and miner procurement payables. The balance did not include bitcoin produced by cloud-mining customers.
Average fleet efficiency was 17.9 J/TH in June, compared with 17.8 J/TH in May. Power capacity under management declined to 273 MW from 346 MW, consistent with the smaller managed platform.
BitFuFu’s board approved a share repurchase program of up to $5 million on June 22. The authorization runs for 24 months from June 24 and may be funded with existing cash and cash equivalents, but the company has not said that any shares have been repurchased.
