Singapore-based cloud Bitcoin miner BitFuFu doubled its income within the third quarter from a yr in the past, pushed by demand for cloud mining and gear as miners look to benefit from rising Bitcoin costs.
In line with BitFuFu’s third quarter earnings report on Wednesday, complete income elevated 100% yr over yr to $180.7 million, of which cloud mining accounted for $122 million.
This improve was pushed by sturdy demand for cloud mining options, customers hoarding mining gear, and continued growth of mining capability.
BitFuFu doubled its income within the third quarter in comparison with the identical interval final yr as a result of elevated curiosity in cloud mining. sauce: Bitfufu
BitFuFu operates its personal mining farm the place it straight mines Bitcoin (BTC). Moreover, it sells mining machines, gives internet hosting companies, and permits customers to hire or buy hash charges for a price.
Demand for cloud mining will increase with hashrate
BitFuFu’s cloud mining customers elevated by greater than 40% in comparison with the identical interval final yr to 641,526, and mining gear gross sales reached $35 million, up from simply $300,000 in the identical interval final yr.
The common value of Bitcoin within the third quarter of final yr was $61,000, in comparison with $114,500.
“This progress displays sturdy demand for mining machines supported by the sustained upward development in Bitcoin costs,” the miner mentioned.
In line with the evaluation platform Ycharts, the community hash charge can also be on the rise, remaining at 1.19 billion, up from 687.19 million a yr in the past. Cloud mining permits customers to mine cryptocurrencies with out having to take care of or improve their very own {hardware}.
Bitcoin mining additionally contributes to earnings
Bitcoin miners are shifting their capabilities to AI and high-power computing internet hosting companies within the wake of the April 2024 halving, which lowered mining rewards.
Nevertheless, BitFuFu CEO Leo Lu mentioned that continued self-mining of Bitcoin continues to contribute to the corporate’s progress and income.
“Our sturdy third quarter outcomes exhibit the advantages of our differentiated dual-engine mannequin, which mixes cloud mining recurring income with direct publicity to Bitcoin worth appreciation by self-mining operations.”
“This mannequin gives a number of levers to handle volatility and preserve profitability all through the cycle, and our sturdy stability sheet gives the pliability to speculate the place returns are most engaging,” he added.
BitFuFu mined 174 Bitcoins within the third quarter, additionally growing its complete holdings by 19% in comparison with the identical interval in 2024 to 1,962 cash.
