BitFuFu's Revenue Surges Amid Rising Bitcoin Demand

According to Cointelegraph, Singapore-based cloud Bitcoin miner BitFuFu reported a significant increase in its third-quarter revenue, doubling its earnings from the previous year. The surge was primarily driven by heightened demand for cloud mining and mining equipment, as miners sought to benefit from the rising price of Bitcoin. BitFuFu's total revenue reached $180.7 million, with cloud mining contributing $122 million, as detailed in the company's Q3 earnings report released on Wednesday. The growth in revenue was fueled by a strong interest in cloud-mining solutions, increased purchases of mining equipment, and the expansion of mining capacity. BitFuFu operates its own mining farms, directly mining Bitcoin (BTC), while also selling mining machines, providing hosting services, and offering users the option to rent or purchase hash rate for a fee. The number of BitFuFu’s cloud-mining users rose by over 40% to 641,526 compared to the same period last year, and sales of mining equipment soared to $35 million, a significant jump from $0.3 million the previous year. The average cost of Bitcoin during the third quarter of last year was $61,000, compared to $114,500 this year. This growth reflects a robust demand for mining machines, supported by the sustained upward trend in Bitcoin prices. The network hashrate has also increased, reaching 1.19 billion, up from 687.19 million a year ago, according to analysis platform Ycharts. Cloud mining allows users to mine cryptocurrency without the need to maintain and upgrade hardware themselves. In addition to cloud mining, BitFuFu's self-mining operations have also contributed to its earnings. Following the April 2024 halving, which reduced mining rewards, Bitcoin miners have been shifting capacity toward AI and high-power computing hosting services. However, BitFuFu CEO Leo Lu emphasized that continuing to self-mine Bitcoin has been a key factor in the company's growth and revenue. "Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model, combining recurring cloud-mining revenue with direct participation in Bitcoin price appreciation through our self-mining operations," Lu stated. "This model gives us multiple levers to manage volatility and sustain profitability through cycles, and our strong balance sheet provides the flexibility to invest where returns are most compelling." BitFuFu mined 174 Bitcoin in the third quarter and increased its total holdings by 19% to 1,962 coins compared to the same period in 2024.