Singapore-based cloud Bitcoin miner BitFuFu doubled its third-quarter revenue from the previous year, driven by demand for cloud mining and equipment as miners sought to capitalize on the rising price of Bitcoin.
Total revenue increased 100% to $180.7 million compared to the same period last year, with cloud mining making up $122 million, according to BitFuFu’s Q3 earnings report on Wednesday.
The increase was sparked by strong demand for cloud-mining solutions, users buying up mining equipment, and the continued expansion of mining capacity.
BitFuFu operates its own mining farms, where it mines Bitcoin (BTC) directly. Additionally, it sells mining machines, provides hosting services, and allows users to rent or purchase hashrate for a fee.
Cloud mining demand increasing with hashrate
BitFuFu’s cloud-mining users increased over 40% to 641,526 compared to the same time last year, and mining equipment sales raked in $35 million, compared to only $0.3 million the same time last year.
The average cost of Bitcoin during Q3 last year was $61,000, in contrast to $114,500.
“This growth reflects strong demand for mining machines, supported by the sustained upward trend in Bitcoin prices,” the miner said.
The network hashrate has also been on the rise and is sitting at 1.19 billion, up from 687.19 million one year ago, according to analysis platform Ycharts. Cloud mining enables users to mine cryptocurrency without needing to maintain and upgrade the hardware themselves.
Mining Bitcoin contributed to earnings as well
Bitcoin miners have been shifting capacity toward AI and high-power computing hosting services following the April 2024 halving which cut mining rewards.
Related: TeraWulf Q3 revenue up 87% as Bitcoin nearly doubles over the year
However, BitFuFu CEO Leo Lu said continuing to self-mine Bitcoin has continued to contribute to the company’s growth and revenue.
“Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model, combining recurring cloud-mining revenue with direct participation in Bitcoin price appreciation through our self-mining operations.”
“This model gives us multiple levers to manage volatility and sustain profitability through cycles, and our strong balance sheet provides the flexibility to invest where returns are most compelling,” he added.
BitFuFu mined 174 Bitcoin in Q3, and also increased its total holdings by 19% to 1,962 coins compared to the same time in 2024.
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