BitFuFu reports bitcoin holdings increase to 1,899 BTC in August

BitFuFu Inc. (NASDAQ: FUFU) reported its bitcoin holdings increased to 1,899 BTC as of August 31, representing a gain of 115 BTC from the previous month. The Singapore-based bitcoin mining company disclosed the increase included purchasing 48 BTC and receiving a net inflow of 12 BTC from customer payments.

The company's self-owned hashrate grew 31.6% month-over-month to 5.0 EH/s, while total hashrate under management decreased 7.8% to 35.6 EH/s due to fluctuations in leased hashrate. BitFuFu attributed the decline to normal variations in its third-party supplier arrangements.

Bitcoin production for August totaled 408 BTC, marking a 12.6% decrease from July. The production included 353 BTC from cloud mining operations and 55 BTC from self-mining activities.

The company improved its average fleet efficiency to 17.5 J/TH from 19.5 J/TH in July. BitFuFu said the improvement resulted from increasing the share of ANTMINER S21 series machines, which operate more efficiently than previous generations.

Total power capacity under management decreased 16.5% to 628 MW as the company restructured its fleet to incorporate more power-efficient mining equipment. The company's cloud mining platform served 636,798 registered users as of August 31.

"We continue to improve our mining efficiency by expanding our self-owned hashrate to 5.0 EH/s and upgrading our fleet," said Leo Lu, chairman and CEO of BitFuFu.

BitFuFu noted that 623 BTC of its holdings are pledged for loans and miner procurement payables. The reported bitcoin holdings exclude BTC produced for cloud mining customers.

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