Very fast mining recovery on BitFuFu
Updated: Jul 2, 2021
When I wrote an article yesterday about stopping mining on BitFuFu, I thought that the suspension of mining would last for about a week, maybe two. I was wrong, mining was restored this morning, June 11, at about 4 am UTC +0.
What is going on right now?
About 100% users' contracts are back online, because BitFuFu managed to switch contracts to work outside of China. According to the administration, they found free miners on third-party farms and used them in mining and continue to transport ASICs from Northwestern China.
The total duration of the disconnection of contracts was less than two days, 42 hours.
However, for some of the users, contacts were turned on yesterday, at about 10:00 AM.
What happens next?
At the moment, there are no sales of new contacts for hashrates, but most likely they may appear in the near future if BitFuFu finds free hashpower for sale after the restoration of all contracts.
Current Hashrate of the Network and Forecast of Changes Network Difficulties
At the moment, the Network Hashrate has fallen sharply to the level of 120 EHs. This means that blocks are mined slower than they should, because the current difficulty is related to a hash rate of 150 EHs.
That is why Network Difficulty is now in a downtrend and this Sunday, most likely, the Network Difficulty will decrease by 3-4%.
In the next period from June 13 to about June 27, we will most likely also see a decrease in the current Network Difficulty.
But already from June 27 or by the middle of July, I would expect a sharp jump in the hash rate, since many miners who are now busy transporting their equipment from Northwest China will eventually be up to the task and many of the miners that are currently offline will be re-launched.
Thus, I advise you to focus on buying contacts with a short mining period, as the current mining level does not correspond to reality. Those 60-day contracts that were purchased by users on May 20-30 will be VERY profitable. I bought about 700 THs of such contracts.
However, when contracts are offered for purchase at the end of June at a time when the network hash rate is low, they will be offered at an increased price. But already after 1 month, the situation may change dramatically and the production level may fall by 30%, when all disabled miners will be launched again.
I ask you to take this into account when making decisions.
I am very glad that the problem with disabling the hash rate on BitFuFu was solved in just 42 hours. This is a very professional and responsible approach of the administration of the mining service.
Now our contracts are very profitable, but further on in making decisions, you can make critical mistakes, since the level of Network Difficulty will fluctuate very much.
In order not to miss the favorable moments for buying contracts and investing money at an unfavorable moment, follow my analyzes, which are published daily in the telegram group BitFuFu Daily Analysis and Buy Signals
I wish you the right decisions and profitable investments!