BitFuFu closed July holding 1,314 bitcoin. At the end of June it held 1,671. The 357 coins in between are worth roughly $23 million at the $64,900 bitcoin traded near on Friday afternoon in New York. They went to prepay for mining capacity that only starts arriving this month.
July production came to 112 BTC. The drawdown was worth more than three months of that output.
A fifth of the stack, spent in four weeks
The 357 coins amount to 21% of what BitFuFu held on June 30. Chief executive Leo Lu called it a purchase rather than a sale, saying BitFuFu "strategically utilized a portion of our Bitcoin holdings to secure additional future hashrate capacity" and expects managed hashrate back near 20 EH/s by mid-August.
From the 14.2 EH/s reported for July, that is a 41% jump in six weeks, and it follows two consecutive monthly declines. A target in an operating update and a target that lands are separate things, as one ether treasury company showed last week.
Of the 1,314 BTC left, the release flags 44 as pledged against loans and miner procurement payables. Headline treasury figures and spendable ones diverge often, which is roughly the problem behind the Bhutan holdings nobody can agree on. Stacks get raided far more quietly than GameStop's 4,709 coins ever were.
The half that shrank is the half customers pay for
| Metric | June 2026 | July 2026 |
|---|---|---|
| Total BTC produced | 125 | 112 |
| Self-mining | 70 | 72 |
| Cloud mining | 55 | 40 |
| Total managed hashrate | 15.3 EH/s | 14.2 EH/s |
| Self-owned hashrate | 3.5 EH/s | 3.6 EH/s |
| Power under management | 273 MW | 255 MW |
| BTC held | 1,671 | 1,314 |
Self-owned capacity edged up. Everything rented came off: third-party and hosted hashrate fell 10.2%, power under management dropped 18 MW, and fleet efficiency slipped from 17.9 to 18.0 joules per terahash. Power binds the industry, and Moscow just pushed a gigawatt of it off the grid.
Cloud mining carries the damage. That segment produced 40 BTC against 55 a month earlier, down 27%, while self-mining crept from 70 to 72. BitFuFu sells those cloud contracts to retail buyers, so the weakness sits in the customer-facing book. Daily output slipped to 3.6 BTC from 4.2.
Network hashrate went the other way
Luxor's Hashrate Index put the seven-day average network hashrate at 932 EH/s on August 3, up 6.2% on the week. CoinWarz showed a live estimate of 1.04 ZH/s at block 961,511 early on August 8. Hashprice, the daily revenue per unit of capacity, sat at $32.10 per PH/s at the start of the month against $32.53 a week before.
Run the share math. BitFuFu's 14.2 EH/s works out to about 1.5% of a 932 EH/s network. Twenty EH/s reaches 2.1% only if the rest of the world stops plugging in machines for a month. Difficulty sits at 126.23T after a 0.74% downward adjustment on July 25, the one line in the July data favouring a miner switching on late.
Selling production and renting halls to AI tenants has been the standard way miners fund this treadmill. BitFuFu reached past production into the reserve. The August update, out in early September, shows whether 20 EH/s turned up and what the stack looks like after paying for it.
