BitFuFu Added 66 BTC to Holdings as Mining Output Fell 18%

BitFuFu added 66 BTC to its treasury in October, lifting holdings to 1,454 BTC as of Oct. 31, according to regulatory filings the company disclosed on Nov. 6, 2026. The 4.8% increase from 1,388 BTC at the end of September came as monthly mining output fell 18% to 137 BTC from 167 BTC.

October operating details

• Gross mining output reached 137 BTC, down from 167 BTC in September.
• Channel mix contributed 70 BTC from cloud mining and 67 BTC from self-mining.
• Average daily production fell to 4.4 BTC from 5.6 BTC in September.
• Managed hashrate held at 19.5 EH/s, including 3.7 EH/s of self-owned hashrate.
• Bitcoin network difficulty rose 11.8% during October.

BitFuFu attributed the lower output to the 11.8% increase in Bitcoin network difficulty. The network’s built-in adjustment makes the validation puzzle harder when more computing power joins the block race, reducing each machine’s share of rewards. With managed hashrate unchanged at 19.5 EH/s, BitFuFu absorbed the full effect rather than offsetting it with added capacity.

Only 66 BTC of the 137 BTC mined during October appeared as net growth in the treasury, so less than half of production became balance growth. The difference does not identify one use of Bitcoin: operating costs, occasional sales and purchases of mining capacity all affect how production translates into reported holdings.

CEO Leo Lu said holdings move around based on “production tempo, occasional sales, and purchases of capacity,” while emphasizing the company’s focus on “sustainable growth and a stronger asset base.” For FUFU trackers, the relevant measure is how much mined Bitcoin remains available for accumulation after those flows and the costs of running 19.5 EH/s of managed hashrate.

Singapore-based BitFuFu operates cloud-mining services, mines Bitcoin for its own account and sells mining equipment. Leo Lu founded the company in 2020, and it became Nasdaq-listed under ticker FUFU in March 2024 through a SPAC merger. Management also treats Bitcoin as a long-term treasury asset.

What does the October report change for FUFU?

The first signal concerns capital allocation: BitFuFu increased its Bitcoin balance in a month when its own production rate weakened. The 4.8% holdings increase therefore supports management’s stated focus on accumulation, even as output fell 18%.

The second signal concerns production pressure. Difficulty rose 11.8% against unchanged managed hashrate, so BitFuFu absorbed the full effect without adding capacity. For FUFU trackers, that makes future EH/s growth and the balance between cloud and self-mining more informative than the headline holdings change alone.

Investors should separate gross production from net treasury growth. The figures do not assign the gap between 137 BTC mined and 66 BTC added among operating costs, sales and capacity purchases; reading the entire difference as either retained production or permanent spending would misstate what the company reported.

That distinction also prevents a larger treasury from serving as a proxy for stronger mining performance: BitFuFu’s holdings grew while its production rate weakened.

October marked a partial recovery rather than a new high. BitFuFu’s holdings reached 1,855 BTC in May, stood at 1,388 BTC in September and recovered to 1,454 BTC in October. Returning to the May benchmark would signal that accumulation is outpacing the drag from difficulty and expenses.

BitFuFu’s next monthly operating disclosure is the near-term checkpoint: sustained growth above the October 1,454 BTC balance would show whether treasury accumulation is outpacing the drag from network difficulty, sales and capacity spending.