The Singapore-based cloud Bitcoin mining company BitFuFu saw its revenue double in the third quarter compared to the same period last year, thanks to miners seeking to capitalize on the rising Bitcoin prices, leading to increased demand for cloud mining and equipment.
According to BitFuFu's third-quarter financial report released on Wednesday, total revenue grew by 100% year-on-year, reaching $180.7 million, with cloud mining revenue accounting for $122 million.
This growth stemmed from strong demand for cloud mining solutions, user purchases of mining equipment, and the ongoing expansion of mining capacity.
BitFuFu operates its own mining farms, directly mining Bitcoin. Additionally, the company sells mining machines, provides hosting services, and allows users to pay to rent or purchase computing power.
The number of BitFuFu's cloud mining users increased by over 40% year-on-year, reaching 641,526, while revenue from mining machine sales reached $35 million, compared to just $300,000 in the same period last year.
The average price of Bitcoin in the third quarter of last year was $61,000, while this year it was $114,500.
"This growth reflects the strong demand for mining machines, driven by the ongoing upward trend in Bitcoin prices," the mining company stated.
According to data from the analytics platform Ycharts, the network hash rate has also been rising, currently at 1.19 billion, up from 687.19 million a year ago. Cloud mining allows users to mine cryptocurrencies without having to maintain and upgrade hardware themselves.
After the halving in April 2024, which reduced mining rewards, Bitcoin miners have been shifting their capacity towards artificial intelligence and high-performance computing hosting services.
However, BitFuFu CEO Leo Lu stated that continuing to mine Bitcoin remains a significant contributor to the company's growth and revenue.
"This model provides us with multiple levers to manage volatility and maintain profitability throughout the cycle, while our strong balance sheet offers flexibility to invest in the most attractive areas for returns," he added.
In the third quarter, BitFuFu mined 174 Bitcoins, and compared to the same period in 2024, total holdings increased by 19%, reaching 1,962 Bitcoins.
Related: Bitdeer in trouble: Ohio mining facility fire exacerbates stock sell-off
Original: “Bitcoin (BTC) Price Surge Drives Cloud Mining Demand, BitFuFu's Q3 Revenue Doubles”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
