BitFuFu’s Bitcoin production plummeted 32% month-over-month in April; Ethiopia’s power outage has been restored

BitFuFu (Nasdaq: FUFU) released an April operating update report on May 14. In April, its Bitcoin production was 145 BTC, down 32% from March. The drop in output was jointly caused by two factors: an unexpected power outage at the company’s data center in Ethiopia (now restored), which reduced normal operating time; and the company’s decision not to renew some third-party hashrate purchase contracts, in order to protect profitability as the Bitcoin market weakened.

April Key Operating Data: Hashrate, Production, and Changes in Holdings

The main confirmed figures in BitFuFu’s April operating report are as follows:

Total Bitcoin production: 145 BTC (214 BTC in March, down 32% month-over-month)

Production mix: 32 BTC from self-mining + 113 BTC from cloud mining

Total managed hashrate: 22.4 EH/s (down 13.5% quarter-over-quarter)

Own hashrate: 3.3 EH/s (unchanged from March)

Third-party hashrate: 19.1 EH/s (22.6 EH/s in March)

Managed power capacity: 404 MW (down 11.6% quarter-over-quarter)

BTC holdings: 1,812 BTC at end of April (1,794 BTC at end of March)

Average cash mining cost: about $59,000 per BTC

Average mining efficiency: 18.1 joules/TH (17.7 in March, slightly down)

Status of the Ethiopia Facility: Leo Lu’s Confirmatory Statement

In an official statement, Leo Lu confirmed that BitFuFu’s mining facilities in Ethiopia resumed normal operations on May 2, 2026 under improved power conditions. He said that when market opportunities reach the company’s return threshold, the company has the conditions to expand managed hashrate. The company did not disclose the specific duration of the power outage or the scale of impact on the Ethiopia facilities.

Reducing Third-Party Hashrate Purchases: Decision Rationale Confirmed by Management

BitFuFu confirmed in the report that the decision to reduce third-party hashrate purchases reflects the company’s stance of “placing more emphasis on maintaining profit margins rather than pursuing growth at any cost.” Contributing factors include lower pricing in the hashrate market and continued volatility in the Bitcoin spot market. Unlike some publicly listed mining companies’ recent approach of selling BTC reserves, BitFuFu continued to net buy Bitcoin in April.

Frequently Asked Questions

Has the Ethiopia mining-site power outage issue at BitFuFu been fully resolved?

Based on CEO Leo Lu’s May 14 statement confirmation, the Ethiopia plant resumed operations as of May 2, 2026 under improved power conditions. The company did not disclose the exact duration of the outage or the specific scope of impact.

Why has BitFuFu’s own hashrate remained unchanged, and where does the decline in total managed hashrate mainly come from?

According to the report, BitFuFu’s own hashrate remained at 3.3 EH/s in both March and April. The drop in total managed hashrate from 22.6 EH/s to 22.4 EH/s was entirely attributable to the reduction in third-party hashrate (19.1 EH/s versus 22.6 EH/s in March). The company proactively chose not to renew part of the purchase contracts.

Why did BitFuFu keep increasing its Bitcoin holdings despite the production decline?

Even though April’s Bitcoin production fell compared with March, the company still produced 145 BTC through a combination of self-mining and cloud mining, and chose to keep rather than sell. Its net holdings increased by 18 BTC by the end of the month (from 1,794 BTC to 1,812 BTC). The report shows that this approach differs from the strategy of some miners in the same period who sold BTC reserves to cope with operational pressure.