BitFuFu Mining Output Hits 145 BTC in First Post-Halving Month

Cloud mining and crypto infrastructure firm BitFuFu (FUFU) announced on May 14, 2026, that it produced 145 Bitcoin in its April operational update. The report also confirmed the company increased its total holdings of the digital asset. This production figure represents the first full calendar month of operations following the fourth Bitcoin halving event, which reduced mining rewards by 50%.

What Does April's Production Data Reveal?

BitFuFu's output of 145 BTC in April provides an early look into the performance of industrial-scale miners in the new economic environment. At a market price of approximately $65,000 per BTC, this production translates to roughly $9.42 million in gross revenue for the month. The figure is significant as it reflects operations after the network's block reward was reduced from 6.25 BTC to 3.125 BTC.

The data suggests that efficient miners can maintain substantial revenue streams despite the smaller block subsidy. A key factor supporting miners in late April was a temporary surge in transaction fees, driven by new protocols like Runes. These fees, which are awarded to miners in addition to the block reward, helped cushion the immediate impact of the halving for the entire industry.

BitFuFu operates primarily through a cloud mining model, offering hashrate to customers, and also engages in self-mining. The 145 BTC figure likely represents a combination of these activities, showcasing the scale of its managed infrastructure. The company's ability to generate this level of output underscores the importance of operational efficiency and access to low-cost energy.

How Are Miners Adapting to the New Reward Era?

The post-halving landscape is forcing a sector-wide focus on efficiency and scale. With the block subsidy halved, miners must optimize every aspect of their operations, from energy procurement to hardware performance. The global Bitcoin network hashrate, a measure of total computational power, remains elevated at over 650 exahashes per second (EH/s), indicating intense competition.

This high level of competition means that only the most efficient operations can remain profitable. Miners with older-generation hardware or higher electricity costs are facing significant pressure. Many are being forced to either upgrade their fleets to newer, more energy-efficient models or shut down their machines entirely. This period often triggers consolidation within the industry, as larger players acquire smaller, struggling operations.

BitFuFu's strategy involves managing a large, diversified fleet of mining machines. By leveraging economies of scale and advanced hosting solutions, the company aims to maintain a competitive edge. The increase in its self-held Bitcoin also suggests a strategy of building a balance sheet reserve, betting on the long-term appreciation of the asset.

Why Would a Miner Increase its Bitcoin Holdings?

BitFuFu's decision to increase its Bitcoin treasury is a strategic choice that reflects a long-term bullish outlook. Instead of immediately selling all newly mined BTC to cover operational expenses, the company is retaining a portion. This strategy, popularly known as HODLing, allows the company to benefit directly from any future price appreciation of Bitcoin.

However, this approach is not without risk. Holding large amounts of Bitcoin exposes the company's balance sheet to the asset's inherent price volatility. A significant downturn in the crypto market could negatively impact the value of these reserves and affect the company's financial standing. The total Bitcoin held by publicly traded miners currently exceeds 35,000 BTC, making their treasury strategies a key point of interest for investors.

By retaining its mined assets, BitFuFu signals confidence that the future value of Bitcoin will be higher than its current price. This can be appealing to equity investors who seek exposure to crypto mining companies as a proxy for investing in Bitcoin itself. The balance between selling for cash flow and holding for appreciation is a critical variable in the business model of every publicly listed miner.

Q: How does cloud mining differ from buying Bitcoin directly?

A: Cloud mining involves renting computing power (hashrate) from a provider like BitFuFu to mine Bitcoin, earning rewards over time. This differs from buying Bitcoin on an exchange, which provides direct ownership of the asset instantly. Cloud mining carries operational risks, such as hardware downtime and changes in network difficulty, as well as counterparty risk with the provider. Direct purchase risk is primarily tied to market price volatility and custody security.

Q: What is the significance of the Bitcoin network hashrate?

A: The network hashrate represents the total computational power dedicated to securing the Bitcoin blockchain. A higher hashrate, such as the current level above 650 EH/s, makes the network more secure and resilient against 51% attacks. For miners, a rising hashrate means more competition for the fixed block rewards, requiring greater efficiency to maintain profitability. It is a direct indicator of the health and security of the network.

Q: How did transaction fees impact miners in April?

A: The Bitcoin halving on April 19 coincided with the launch of the Runes protocol, which generated unprecedented demand for block space. This caused transaction fees to spike, with fees briefly accounting for over 75% of total miner revenue in the first block post-halving. While this surge was temporary, it provided a significant revenue boost that helped miners offset the immediate 50% reduction in the block subsidy, easing the transition into the new economic era.

Bottom Line

BitFuFu's April production of 145 BTC demonstrates operational resilience in the challenging post-halving environment, signaling a continued focus on scale and efficiency.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.