BitFuFu Bitcoin Output Falls 32% After Ethiopia Outage, Hashrate Pullback
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Key Takeaways
- Bitcoin production decreased to 145 BTC in April from 214 BTC in March due to a power outage in Ethiopia and reduced third-party hashrate procurement.
- BitFuFu maintained a steady self-owned hashrate of 3.3 EH/s and an average self-mining cost of approximately $59,000 per BTC in April.
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.
