Singapore-based cloud Bitcoin miner BitFuFu doubled its third-quarter income from the earlier 12 months, 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 12 months, with cloud mining making up $122 million, according to BitFuFu’s Q3 earnings report on Wednesday.
The rise was sparked by robust 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 companies, and permits customers to lease 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 12 months, and mining gear 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 robust 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, according to 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 capacity toward AI and high-power computing internet hosting companies following the April 2024 halving which cut mining rewards.
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Nevertheless, BitFuFu CEO Leo Lu mentioned persevering with to self-mine Bitcoin has continued to contribute to the corporate’s development and income.
“Our robust third-quarter outcomes show the advantages of our differentiated dual-engine mannequin, combining recurring cloud-mining income with direct participation in Bitcoin value appreciation by our self-mining operations.”
“This mannequin offers us a number of levers to handle volatility and maintain profitability by cycles, and our robust steadiness sheet offers the pliability 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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