BitFuFu Bitcoin Output Falls 32% After Ethiopia Outage, Hashrate Pullback

BitFuFu (NASDAQ: FUFU)’s April bitcoin production fell 32% from the previous month as the company navigated a power outage at its Ethiopia mining site and scaled back third-party hashrate purchases to protect profitability amid weaker bitcoin prices.

In an operational update released Thursday, BitFuFu said it produced 145 BTC in April, down from 214 BTC in March. The decline was driven by lower uptime at its Ethiopia facility following an unexpected power disruption, as well as the expiration of certain third-party hashrate procurement contracts that the company chose not to renew.

“Our Ethiopia facility has been operating under improved power conditions since May 2, and as market conditions improve, we believe we are well-positioned to scale our managed hashrate as opportunities meet our return thresholds,” Chairman and CEO Leo Lu said in a statement.

BitFuFu’s total hashrate under management dropped 13.5% month over month to 22.4 EH/s, while its managed power capacity declined 11.6% to 404 megawatts. The reduction primarily came from third-party supplied hashrate, which fell to 19.1 EH/s from 22.6 EH/s in March. Its self-owned hashrate remained unchanged at 3.3 EH/s.

The company said its average cash-based self-mining cost in April was about $59,000 per bitcoin.

Unlike several publicly traded mining firms that have recently liquidated portions of their bitcoin treasuries to fund AI infrastructure expansion, debt repayment or operating expenses, BitFuFu continued to accumulate bitcoin during the month. Its bitcoin holdings rose to 1,812 BTC at the end of April from 1,794 BTC a month earlier.

The company produced 32 BTC from self-mining operations and 113 BTC from its cloud mining business during April. Average fleet efficiency slightly worsened to 18.1 joules per terahash from 17.7 J/TH in March.

BitFuFu said its decision to reduce hashrate procurement reflected a focus on preserving margins rather than pursuing growth at any cost, as industry economics remained pressured by lower hashprice conditions and volatile bitcoin markets.