BitFuFu Announces May 2026 Bitcoin Production and Operational Updates
BitFuFu Announces May 2026 Bitcoin Production and Operational Updates
BitFuFu Inc. (NASDAQ: FUFU) produced 177 Bitcoin in May 2026, a 22.1% jump from April's 145 BTC, according to GlobeNewswire. The Singapore-based miner's recovery came after a rough April that included a major power outage at its Ethiopian facility and the deliberate expiration of low-margin contracts.
The most striking shift: self-mining output nearly tripled, surging from 32 BTC in April to 90 BTC in May. For the first time, self-mining accounted for more than half of total production. CEO Leo Lu called it a "deliberate capital allocation decision" to accumulate Bitcoin during price consolidation.
Self-Mining Surges as Cloud Mining Shrinks
BitFuFu runs what it calls a "dual-engine" model — selling hashrate to outside users through cloud mining, while also mining Bitcoin for its own treasury. In May, that balance flipped. Self-mining hit 90 BTC while cloud mining fell to 87 BTC, down from 113 BTC in April, GlobeNewswire reported.
The company's daily average output rose to 5.7 BTC in May, up from 4.8 BTC in April. Fleet efficiency also improved, dropping to 17.8 joules per terahash from 18.1 — meaning the machines used less energy to mine each unit of Bitcoin. That's a meaningful gain in a market where power costs determine profit.
Ethiopia Outage Caused April's Production Collapse
April's 32% production drop traced back to BitFuFu's 80-megawatt facility in Ethiopia. The site attracted the company with hydropower costs below $0.04 per kilowatt-hour — among the cheapest in the world. But power curtailments, where the Ethiopian grid intentionally cuts supply to miners to balance local demand, have become a recurring risk, according to Sault Star.
Making matters harder, the Ethiopian government halted new power permits for data miners in May 2026, effectively capping the industry's growth in the country. That freeze makes BitFuFu's existing infrastructure there more valuable — but also more exposed to future grid disruptions.
Smaller Hashrate Footprint, Higher Bitcoin Stockpile
Even as production rose, BitFuFu's total hashrate under management fell to 19.5 exahashes per second in May, down from 22.4 EH/s in April. Total power capacity dropped 14.4% to 346 megawatts. Management says this reflects a deliberate exit from low-margin third-party hosting contracts, according to Prince George Post.
Critics see a different story. Some analysts argue the shrinking footprint signals difficulty holding onto third-party partnerships as network mining difficulty stays high, per Owen Sound Sun Times. Either way, the company is betting on Bitcoin itself: its treasury grew to 1,855 BTC, including 119 BTC pledged against loans.
Stock Trades at $1.71 With Analysts Eyeing $5.38 Target
FUFU shares traded at $1.71 on the day of the announcement — a 51% decline over the past year. The company holds a market cap of roughly $285 million and reported a net loss of $35 million in Q1 2026, driven mostly by non-cash losses on Bitcoin holdings, according to PR Record Gazette.
Despite the weak stock price, four major analysts carry a consensus "Buy" rating with a 2026 price target of $5.38 — implying more than 200% upside if Bitcoin prices recover. BitFuFu's current ratio sits at 4.16, a sign of strong short-term liquidity. The company is also targeting 1 gigawatt of total power capacity by end of 2026, with its Oklahoma facility expected to play a growing role.
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