BitFuFu's November production reveals shocking self-mining success with 84 BTC

On December 6, 2024, BitFuFu Inc., a Singapore-based leader in Bitcoin mining, provided an update regarding its mining operations and financial status for November 2024. The company reported that as of November 30, it held a total of 1,643 BTC, which includes 498 BTC that have been pledged for loans and miner procurement payables. In November alone, BitFuFu’s self-mining efforts yielded a production of 84 BTC. This achievement is indicative of the company's commitment to enhancing its mining capabilities and expanding its presence in the cryptocurrency market. As part of its growth strategy, BitFuFu has recently increased its self-mining fleet significantly. The company energized 13,300 new miners in November 2024, raising its total mining capacity to approximately 2.4 EH/s. The recent acquisition of 7,300 S19 XP miners was followed by a purchase of 2,000 S21 XP miners, which are expected to be operational by the first quarter of 2025. Additionally, 4,000 S21+ miners have been pre-ordered, underlining a robust ongoing commitment to expanding mining operations. Moreover, BitFuFu has actively pursued new power projects, currently evaluating about 700 MW of potential additions. The company's long-term goal includes securing 1 GW of additional capacity by the end of 2026. This push for expansion is crucial for staying competitive in the rapidly evolving digital asset space, particularly as demand for Bitcoin and other cryptocurrencies continues to grow. From a liquidity standpoint, the company is in a solid position with a net cash balance of US$98 million as of November 30, 2024. Furthermore, BitFuFu has secured a US$100 million line of credit with Antpool Technologies at a fixed annual interest rate of 6.5%. Funds drawn down from this credit will be used to increase the company's BTC reserves and finance the expansion of self-mining operations. As of now, US$25 million has been utilized, reflecting strategic management of resources to fuel future growth. CEO Leo Lu expressed optimism regarding BitFuFu’s future, emphasizing the team's efforts since going public and their focus on optimizing operations, expanding product offerings, and improving user experience. Lu believes that they are just at the beginning of their growth journey and remain committed to enhancing shareholder value in the years ahead.