BitFuFu Shares Climb on Surge in Bitcoin Production
By Dean SealShares of BitFuFu rose after the company said bitcoin production in May surged 91.4% from the prior month.The stock was up 5.9% at $3.75 in early trading. Shares are still down 25% since the start of the year.The Singapore cloud-mining bitcoin platform said the 400 bitcoin mined in May included 357 tokens from its cloud-mining customers.The surge reflects a full month's contribution from additional hashrate, a measure of computing power on the bitcoin network, that was purchased in late April, Chief Executive Leo Lu said.BitFuFu purchased more hashrate again at the end of May, which should position the company for another jump in bitcoin production for June, Lu said.Write to Dean Seal at [email protected]