Key Takeaways:
BitFuFu's Bitcoin holdings fell 357 BTC to 1,314 in July after the miner prepaid for 330 days of future hashrate capacity, its SEC filing shows.
Leo Lu, chairman and chief executive officer of BitFuFu, said the company used a portion of its Bitcoin holdings to secure additional hashrate capacity scheduled to come online in August, which combined with capacity secured in June should restore total managed hashrate to about 20 EH/s by mid-August.
Production fell to 112 BTC from 125 BTC in June, with average daily output slipping to 3.6 BTC from 4.2 BTC. Managed hashrate declined to 14.2 EH/s from 15.3 EH/s, as third-party suppliers and hosting customers contributed 10.6 EH/s, down from 11.8 EH/s, while self-owned hashrate edged up to 3.6 EH/s from 3.5 EH/s. Power capacity dropped to 255 MW from 273 MW.
The 357 BTC decline cannot be read as an open-market sale or the exact price of the capacity arrangement, because the filing does not disclose how much Bitcoin or cash BitFuFu committed, identify the supplier, or provide pricing, energy costs, uptime requirements, or cancellation protections. Reaching about 20 EH/s by mid-August would confirm the planned capacity arrived on schedule, but not that production has recovered or that the purchase meets the unit-economics standard management set in April.
The July filing does not disclose how much Bitcoin or money BitFuFu committed, identify the supplier, or provide pricing, energy costs, uptime requirements, or cancellation protections. It also does not provide a complete bridge between self-mining additions, sales or transfers, client receipts and advance payments.
Those missing economics matter because BitFuFu said in its April update that it had declined to renew some third-party contracts when they would pressure margins. At the time, management said it would not pursue hashrate growth at the expense of unit economics. The July disclosure is not detailed enough to test the new purchase against that earlier standard.
A separate June operating update disclosed 5.3 EH/s from suppliers for 270 days beginning in August. That block nearly matches the gap between 14.2 EH/s and 20 EH/s, but the July filing calls its 330-day capacity additional and does not disclose the new block's EH/s contribution. The two updates therefore cannot be combined into a precise commissioning schedule.
A separate portion of the reserve remains encumbered. The July balance included an aggregate 44 BTC pledged for loans and miner-procurement payables, compared with 54 BTC in June, but the reason for the 10 BTC change and the current allocation are undisclosed.
The reserve drawdown comes as public miners pivot toward AI hosting. Hut 8 reports $26.6 billion in contracted AI portfolio value, while Core Scientific leases about 1.1 GW to CoreWeave and TeraWulf signed a 20-year lease with Anthropic worth roughly $19 billion. IREN and Cipher Mining added deals with Microsoft and AWS worth $9.7 billion and $5.5 billion, respectively. AI hosting reportedly pays three to 25 times as much per megawatt as mining.
Bitcoin traded near $64,078 at press time, up 0.9% over 24 hours, per BeInCrypto data. The broader network has shed roughly 210 EH/s since November 2025, with the 30-day mean hash rate down 19% to 898 EH/s, Glassnode data shows. For BitFuFu, the checkpoint is whether the platform reaches about 20 EH/s by mid-August; the economics of how it got there remain the open question.
This article is for informational purposes only and does not constitute investment advice.
