Singapore-based cloud Bitcoin miner BitFuFu doubled its third-quarter income from the earlier yr, pushed by demand for cloud mining and gear as miners sought to capitalize on the rising value of Bitcoin.
Complete income elevated 100% to $180.7 million in comparison with the identical interval final yr, with cloud mining making up $122 million, according to BitFuFu’s Q3 earnings report on Wednesday.
The rise was sparked by sturdy demand for cloud-mining options, customers shopping for up mining gear, and the continued enlargement of mining capability.
BitFuFu operates its personal mining farms, the place it mines Bitcoin (BTC) straight. Moreover, it sells mining machines, offers internet hosting providers, and permits customers to hire or purchase hash rate for a fee.
Cloud mining demand rising with hashrate
BitFuFu’s cloud-mining customers elevated over 40% to 641,526 in comparison with the identical time final yr, and mining gear gross sales raked in $35 million, in comparison with solely $0.3 million the identical time final yr.
The typical price of Bitcoin throughout Q3 final yr was $61,000, in distinction to $114,500.
“This development displays sturdy demand for mining machines, supported by the sustained upward pattern in Bitcoin costs,” the miner stated.
The community hashrate has additionally been on the rise and is sitting at 1.19 billion, up from 687.19 million one yr in the past, according to evaluation platform Ycharts. Cloud mining allows customers to mine cryptocurrency while not having to take care of and improve the {hardware} themselves.
Mining Bitcoin contributed to earnings as properly
Bitcoin miners have been shifting capacity toward AI and high-power computing internet hosting providers following the April 2024 halving which cut mining rewards.
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Nonetheless, BitFuFu CEO Leo Lu stated persevering with to self-mine Bitcoin has continued to contribute to the corporate’s development and income.
“Our sturdy third-quarter outcomes display the advantages of our differentiated dual-engine mannequin, combining recurring cloud-mining income with direct participation in Bitcoin value appreciation via our self-mining operations.”
“This mannequin offers us a number of levers to handle volatility and maintain profitability via cycles, and our sturdy stability sheet offers the flexibleness to take a position the place returns are most compelling,” he added.
BitFuFu mined 174 Bitcoin in Q3, and likewise elevated its whole holdings by 19% to 1,962 cash in comparison with the identical time in 2024.
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