BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a global leader in Bitcoin mining and comprehensive mining services, today announced its unaudited production and mining operations updates for February 2025.
Key Highlights:
* Bitcoin Holdings: Held 1,800 Bitcoins ("BTC") as of February 28, 2025.
* Bitcoin Production: Produced 219 BTC, including 58 BTC from self-mining operations and 161 BTC for cloud-mining customers.
* Cloud Mining Platform Growth: In less than three months, registered users increased from 500,000 to over 600,000, as of February 28, 2025, reflecting an accelerating growth rate.
* Strategic Expansion:
Oklahoma Site: In February, BitFuFu acquired majority ownership in a 51MW Bitcoin mining facility currently operating and located in Oklahoma. The Company plans to deploy S21 series miners to the site and complete energization in March 2025. Based on average electricity cost of $0.03/kWh, current cash cost to produce one Bitcoin at the Oklahoma site with S21 XP miner is approximately $18,000 excluding depreciation.
“In February 2025, BitFuFu continued to execute on its growth strategy to acquire data center assets, upgrade mining fleet, and actively manage cloud hashrate,” said Leo Lu, Chairman and Chief Executive Officer of BitFuFu. “In addition, we added to our Bitcoin holdings which reflects our confidence in Bitcoin’s long-term performance.”
Bitcoin Holdings and Production:
* BTC Held: 1,800 BTC as of February 28, 20241.
* Self-Mining Production: 58 BTC, representing a 30% decrease from January 2025, mainly due to miner fleet relocation.
* Cloud-Mining Production: 161 BTC, representing a 19.5% decrease from the prior month primarily due to the expiration of certain hashrate purchase orders.
Hashrate Management:
* Total Hashrate Under Management: 20.6 EH/s as of February 28, 2025.
* Self-Owned Hashrate: 3.1EH/s.
* Cloud-Mining and Co-Hosting: 17.5EH/s.
* Miner Energization:
The 2,000 S21 XP miners ordered in November 2024, arrived at the newly acquired Bitcoin mining facility in Oklahoma and full energization will be completed in early March.
· Includes 703 BTC pledged for loans and miner procurement payables and excludes BTC produced by cloud-mining customers
Power and Facilities:
* Power Under Management: 480 MW of hosting capacity, including three facilities with a total of 164 MW of secured power capacity:
80 MW in Ethiopia (hydropower)
33 MW in the U.S. (grid power)
51 MW in the U.S. (grid power)
1GW of Secured Power Capacity Target by 2026: This month, an additional 51 MW was added, bringing the total secured power capacity to 164 MW, all of which are operational, following the completion of the acquisition of majority ownership in a Bitcoin mining facility in Oklahoma, U.S.
Mining Services:
* Cloud-Mining Growth: Registered users reached 602,009 as of February 28, 2025.
* Mining Services: BitFuFu’s mining pool, BitFuFuPool, and proprietary miner software, BitFuFuOS, saw continued growth and expansion of client base.
Upcoming Conferences & Events:
* On March 16-18, 2025, Leo Lu, Chairman and CEO of BitFuFu and Charley Brady, Vice President of Investor Relations, will attend the 37th Annual ROTH Conference in Dana Point, California, and conduct one-on-one meetings with investors.
* On March 21-22, 2025, BitFuFu will sponsor and attend FUTU Expo 2025 in Hong Kong.
