Publicly Traded Bitcoin Miner Expands BTC Holdings Despite Market Crash

Publicly traded Bitcoin mining giant BitFuFu, based in Singapore, has massively increased its Bitcoin holdings in spite of the current crypto market crash.

Bitcoin Treasuries data shows that the Nasdaq-listed mining firm, trading under the ticker FUFU, added 66 $BTC to its Bitcoin holdings. This brings the total Bitcoin held by the company to a massive 1,454 $BTC.

As per Bitcoin Treasuries data, BitFuFu now ranks 38th in the Bitcoin 100 following the recent increase in its Bitcoin holdings.

BitFuFu’s increase in Bitcoin holdings comes at a time when the overall cryptocurrency market has been hit by a massive sell-off in the past few days.

However, it is worth noting that the rise in Bitcoin holdings by BitFuFu is as of Oct. 31, before the recent increase in selling pressure in the crypto market.

The Singaporean mining firm reported that it had 1,388 $BTC in its holdings by the end of September in its operational update dated Nov. 6. This means its Bitcoin holdings in October showed a 4.8% month-over-month increase.

Three consecutive months of increases in Bitcoin holdings by the Singaporean Bitcoin mining giant are evidence that the company is not backing down from increasing its holdings in the top cryptocurrency.

BitFuFu keeps accumulating despite mining troubles

BitFuFu’s latest increase in its Bitcoin holdings comes amid a massive drop in the company’s mining output.

In its latest operational report, BitFuFu reported that it mined 137 $BTC in October compared to 167 $BTC mined in September. This shows that the company’s mining output decreased by around 18%.

Out of the total 137 $BTC mined in October, 67 $BTC were mined through self-mining, while 70 $BTC were mined through cloud mining.

The reduction in mining output by BitFuFu was mainly due to a huge increase in Bitcoin mining difficulty, which increased by around 11.8% in October.

However, BitFuFu was able to increase its Bitcoin holdings while keeping its mining power relatively stable.

In October, the total hashrate managed by BitFuFu was 19.5 exahashes per second (EH/s). This is compared to 19.4 EH/s recorded in September.

BitFuFu Chairman and CEO Leo Lu reiterates commitment to increasing Bitcoin holdings.