BitFuFu Announces February 2025 Bitcoin Mining and Operation Updates

Rhea-AI Summary

BitFuFu (NASDAQ: FUFU) released its February 2025 Bitcoin mining and operations update, reporting 219 BTC total production (58 BTC from self-mining, 161 BTC for cloud-mining customers). The company held 1,800 BTC as of February 28, 2025.

Key operational metrics include:

• Total hashrate under management: 20.6 EH/s (3.1 EH/s self-owned, 17.5 EH/s cloud-mining)
• Power capacity: 480 MW hosting capacity, including 164 MW secured across facilities
• Cloud platform growth: Registered users increased from 500,000 to over 600,000

Notable developments include acquiring majority ownership in a 51MW Bitcoin mining facility in Oklahoma, with plans to deploy S21 series miners. The facility's cash cost to produce one Bitcoin is approximately $18,000 excluding depreciation, with electricity costs at $0.03/kWh.

Positive

• Acquired 51MW Bitcoin mining facility in Oklahoma
• Cloud mining users grew 20% to 602,009 in under 3 months
• Substantial Bitcoin holdings of 1,800 BTC
• Low electricity cost of $0.03/kWh at Oklahoma facility
• Large total hashrate under management of 20.6 EH/s

Negative

• 30% decrease in self-mining Bitcoin production vs January
• 19.5% decrease in cloud-mining Bitcoin production
• 703 BTC (39% of holdings) pledged for loans and payables

Insights

Financial Analyst

BitFuFu's February operational update reveals mixed results with strategic positioning for future growth. The company held 1,800 BTC at month-end while producing 219 BTC in February—split between self-mining (58 BTC) and cloud-mining customers (161 BTC).

The 30% decrease in self-mining production and 19.5% decrease in cloud-mining output represent short-term operational adjustments rather than fundamental issues. These declines stem primarily from planned miner relocations and contract expirations, suggesting temporary rather than structural challenges.

Most notably, BitFuFu acquired majority ownership in a 51MW Bitcoin mining facility in Oklahoma, contributing to their total secured power capacity of 164MW—an important step toward their ambitious 1GW capacity target by 2026. The Oklahoma facility's production economics look promising with a cash cost of approximately $18,000 per Bitcoin (excluding depreciation).

The company's cloud mining platform shows accelerating growth with registered users increasing from 500,000 to over 600,000 in less than three months—a positive indicator for this business segment's momentum.

BitFuFu's diversified approach spanning self-mining, cloud-mining services, and infrastructure acquisition creates multiple growth vectors. Their strategic decision to retain a substantial Bitcoin position (1,800 BTC) signals management's confidence in the asset's long-term value proposition, though investors should note that 703 BTC are pledged against loans and procurement obligations.

Mining Operations Expert

BitFuFu's February operational report highlights key infrastructure developments amid temporary production adjustments. The acquisition of majority ownership in a 51MW Oklahoma mining facility represents significant strategic value, especially given the site's favorable economics with an estimated $18,000 production cost per Bitcoin (excluding depreciation).

The company's 30% decrease in self-mining production reflects a common operational trade-off in the mining sector—short-term production sacrifice for longer-term capacity optimization through miner relocation. Similarly, the 19.5% cloud-mining production decrease stemming from expired hashrate contracts represents normal business cycle management rather than operational weakness.

BitFuFu's mining fleet upgrade strategy is particularly noteworthy. The deployment of 2,000 S21 XP miners at the Oklahoma facility demonstrates commitment to maintaining competitive efficiency. These latest-generation miners offer significantly improved hashrate-to-power consumption ratios compared to previous models, which is critical for maintaining margins in a post-halving environment where mining difficulty continues to increase.

The company's broader power infrastructure approach shows strategic foresight with diversification across multiple geographies and energy sources—80MW in Ethiopia (hydropower) and 84MW across two U.S. facilities (grid power). This energy mix provides operational resilience against regional disruptions while leveraging renewable resources where available.

With 20.6 EH/s total hashrate under management, BitFuFu maintains significant scale in the mining ecosystem. The ratio between self-owned hashrate (3.1 EH/s) and managed hashrate (17.5 EH/s) demonstrates their asset-light approach, maximizing revenue potential while controlling capital expenditure requirements.

SINGAPORE, March 06, 2025 (GLOBE NEWSWIRE) -- 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.
    

¹ 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.
  

About BitFuFu Inc.

BitFuFu Inc. is a global leader in Bitcoin mining and comprehensive mining services, providing customers with one-stop solutions including cloud-mining. BitFuFu received early investment from BITMAIN, a world-leading digital asset mining hardware manufacturer, and remains BITMAIN's strategic partner in the Bitcoin mining and mining services space.

BitFuFu is dedicated to fostering a secure, compliant, and transparent blockchain infrastructure, providing a variety of stable and intelligent digital asset mining solutions to a global customer base. Leveraging its expanding global mining facility network and strategic partnership with BITMAIN, BitFuFu enables institutional customers and digital asset enthusiasts to mine digital assets efficiently.

For more information, please visit https://ir.bitfufu.com/.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu's management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause BitFuFu's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. All information provided in this press release is as of the date of this press release and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor inquiries, please contact:
Charley Brady
Vice President, Investor Relations
charley.b@bitfufu.com

For general inquiries:
BitFuFu Investor Relations
ir@bitfufu.com
BitFuFu Media Relations
pr@bitfufu.com

FAQ

How many Bitcoins did BitFuFu (FUFU) produce in February 2025?

BitFuFu produced 219 BTC total - 58 BTC from self-mining and 161 BTC from cloud-mining operations.

What is BitFuFu's (FUFU) total hashrate capacity as of February 2025?

BitFuFu manages 20.6 EH/s total hashrate, with 3.1 EH/s self-owned and 17.5 EH/s in cloud-mining and co-hosting.

How much does it cost BitFuFu (FUFU) to mine one Bitcoin at their new Oklahoma facility?

The cash cost to mine one Bitcoin at the Oklahoma facility is approximately $18,000 (excluding depreciation) with $0.03/kWh electricity costs.

What is BitFuFu's (FUFU) current Bitcoin holdings as of February 2025?

BitFuFu holds 1,800 BTC, including 703 BTC pledged for loans and miner procurement payables.

How many registered users does BitFuFu's (FUFU) cloud mining platform have?

BitFuFu's cloud mining platform reached 602,009 registered users as of February 28, 2025.