Singapore-based cloud Bitcoin miner BitFuFu doubled its third-quarter income from the earlier 12 months, pushed by demand for cloud mining and tools 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 12 months, with cloud mining making up $122 million, in accordance with BitFuFu’s Q3 earnings report on Wednesday.
The rise was sparked by sturdy demand for cloud-mining options, customers shopping for up mining tools, and the continued growth of mining capability.
BitFuFu has doubled its third-quarter income in comparison with final 12 months, due to a surge in cloud mining curiosity. Supply: BitFuFu
BitFuFu operates its personal mining farms, the place it mines Bitcoin (BTC) immediately. Moreover, it sells mining machines, supplies internet hosting providers, and permits customers to hire or buy hash price for a price.
Cloud mining demand rising with hashrate
BitFuFu’s cloud-mining customers elevated over 40% to 641,526 in comparison with the identical time final 12 months, and mining tools gross sales raked in $35 million, in comparison with solely $0.3 million the identical time final 12 months.
The typical value of Bitcoin throughout Q3 final 12 months was $61,000, in distinction to $114,500.
“This development displays sturdy demand for mining machines, supported by the sustained upward development in Bitcoin costs,” the miner mentioned.
The community hashrate has additionally been on the rise and is sitting at 1.19 billion, up from 687.19 million one 12 months in the past, in accordance with evaluation platform Ycharts. Cloud mining allows customers to mine cryptocurrency while not having to keep up and improve the {hardware} themselves.
Mining Bitcoin contributed to earnings as properly
Bitcoin miners have been shifting capability towards AI and high-power computing internet hosting providers following the April 2024 halving which lower mining rewards.
Nonetheless, BitFuFu CEO Leo Lu mentioned persevering with to self-mine Bitcoin has continued to contribute to the corporate’s development and income.
“Our sturdy third-quarter outcomes exhibit the advantages of our differentiated dual-engine mannequin, combining recurring cloud-mining income with direct participation in Bitcoin value appreciation by means of our self-mining operations.”
“This mannequin provides us a number of levers to handle volatility and maintain profitability by means of cycles, and our sturdy steadiness sheet supplies the pliability to speculate the place returns are most compelling,” he added.
BitFuFu mined 174 Bitcoin in Q3, and in addition elevated its complete holdings by 19% to 1,962 cash in comparison with the identical time in 2024.
