BitFuFu Mined 137 BTC in October Amid Difficulty Spike

BitFuFu reported on November 6 that it mined 137 Bitcoin in October, a decrease from 167 BTC in the previous month, despite its managed hashrate remaining largely stable at 19.5 exahashes per second (EH/s).

The company’s unaudited operating statement highlights a divergence between computing capacity and actual coin production. While total hashrate under management increased slightly from 19.4 EH/s in September to 19.5 EH/s in October, the number of coins mined fell by 30 BTC. This decline coincided with a significant increase in Bitcoin network difficulty, which rose approximately 11.8% during the month.

Network Difficulty Impact

BitFuFu attributed the production drop partly to the rising competitive environment on the Bitcoin network. Network difficulty, which adjusts the complexity of the mathematical problems miners must solve to validate blocks, increased from 132.76 trillion at the start of October to 148.36 trillion by the end of the month.

When network difficulty rises, the same amount of computing power yields a smaller share of block rewards. Consequently, BitFuFu’s self-mining segment was hit harder than its cloud-mining operations. Self-mined production fell to 67 BTC in October from 98 BTC in September. In contrast, cloud-mining production remained nearly flat, rising slightly to 70 BTC from 69 BTC in the prior month.

The company’s total Bitcoin holdings increased despite the lower production rate. BitFuFu held 1,454 BTC at the end of October, up from 1,388 BTC at the end of September. The company noted that production volume and coin retention are separate metrics; the increase in treasury balance reflects coins retained rather than sold, independent of the monthly mining output.

Operational Efficiency and Capacity

BitFuFu’s average fleet efficiency improved during the period. The energy consumption per unit of hashing decreased to 16.3 joules per terahash in October, down from 16.7 joules per terahash in September. This improvement indicates that the fleet required less energy to perform the same amount of work.

However, the company reported that power capacity under management decreased slightly, standing at 317 megawatts in October compared with 324 megawatts in September. The managed hashrate figure includes machines owned by clients or supplied by third parties, not just equipment on BitFuFu’s balance sheet. Therefore, the reported capacity reflects a mix of self-owned and third-party hardware.

The operating statement serves as an unaudited metric of operational performance rather than a full measure of profitability. It illustrates that improvements in hardware efficiency do not automatically offset the economic pressures of rising network difficulty, power prices, or financing costs. The next monthly report will indicate whether the production decline was a temporary fluctuation or a persistent trend under the current difficulty environment.