BitFuFu Reports Steady September Bitcoin Production Amid Dispute Over 80 MW Ethiopian Facility
AI-generated image: synthetic visual, not an actual depiction of events, people, or locations.
Key Takeaways
- BitFuFu produced 167 BTC in September 2026, a 4% month-over-month decrease from 174 BTC.
- A power supplier in Ethiopia has threatened to seize assets at an 80 MW facility BitFuFu intended to acquire.
- BitFuFu has $4.1 million in cash payments and 13,700 mining machines (1.57 EH/s) at risk in the Ethiopian venture.
- Self-mining production increased to 98 BTC in September, up from 88 BTC in August.
- The company is evaluating the termination of the Ethiopian acquisition agreement and potential arbitration to recover assets.
BitFuFu (NASDAQ: FUFU) Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission on October 13, 2026, detailing its monthly operational metrics and a legal complication regarding its expansion into Ethiopia. The company reported total Bitcoin production of 167 BTC for September, down from 174 BTC in August. While cloud mining production fell to 69 BTC from 86 BTC, self-mining production rose to 98 BTC from 88 BTC. Daily production remained stable at 5.6 BTC.
The filing revealed that BitFuFu's proposed acquisition of a majority stake in an 80 MW Bitcoin mining facility in Ethiopia is at risk. The company's subsidiary, Finfront Holding Company, originally entered into the agreement on October 22, 2024. However, BitFuFu disclosed that the target company is currently involved in a contractual dispute with its electric power supplier. On September 28, 2026, the supplier issued a 10-day notice threatening to take possession of collateralized equipment if certain payments were not made.
BitFuFu stated it is not a direct party to the dispute but has significant exposure at the site. The company has deployed approximately 13,700 units of BITMAIN ANTMINER S19 series machines. These units generate approximately 1.57 EH/s of hashrate and have a net book value of $1.74 million. BitFuFu noted that the facility has been subject to local power curtailment, which was reflected in previous operating results.
Management indicated there is now a material risk that the conditions required to close the acquisition will not be met. Consequently, the company is evaluating legal remedies, including the potential termination of the agreement, arbitration against the sellers, and the recovery of its $4.1 million in cash payments and mining hardware. CEO Leo Lu said the company believes it can reallocate its resources to mitigate the impact if mining arrangements at the Ethiopian site must be adjusted.
