TLDR
- BitFuFu’s third quarter revenue reached $180.7 million, representing a 100% year-over-year increase driven by cloud mining services.
- The cloud mining segment generated $122 million while the user base expanded 40% to 641,526 registered accounts.
- Equipment sales contributed $35 million compared to just $0.3 million in the same quarter last year.
- Net income turned positive at $11.6 million after reporting losses in Q3 2024.
- The company now holds 1,962 Bitcoin after mining 174 coins during the quarter and increasing holdings by 19%.
BitFuFu turned in strong third quarter results for 2025. The Bitcoin mining company based in Singapore reported revenue of $180.7 million, exactly double what it brought in during the same period last year.
Wednesday’s earnings release showed growth across multiple business segments. Both cloud mining services and equipment sales contributed to the performance.
The cloud mining division generated $122 million in revenue. This accounted for 68% of the company’s total quarterly intake.
User growth matched the revenue story. BitFuFu’s registered cloud mining customers increased by more than 40% to reach 641,526 accounts.
Mining equipment sales posted dramatic gains. The segment delivered $35 million compared to only $0.3 million in Q3 2024.
Rising Bitcoin prices created favorable conditions. The cryptocurrency averaged $114,500 during the quarter, well above the $61,000 average from Q3 last year.
Two Business Lines Fuel Growth
BitFuFu operates through two main channels. The cloud mining service allows customers to rent computing power without purchasing or maintaining physical hardware.
The company also runs its own mining operations. BitFuFu maintains mining farms where it produces Bitcoin for its own account.
CEO Leo Lu explained the advantages of this structure. The dual approach provides recurring revenue from cloud services while capturing upside from Bitcoin price movements through self-mining.
BitFuFu produced 174 Bitcoin during the quarter. The company’s total Bitcoin position grew 19% compared to last year, reaching 1,962 coins.
Self-mining revenue experienced modest pressure from increased blockchain difficulty. However, higher Bitcoin valuations offset this challenge.
Financial Metrics Show Improvement
The company returned to profitability in Q3. Net income came in at $11.6 million versus a loss in the prior year period.
Adjusted EBITDA rose to $22.1 million. This metric indicates better operating efficiency across the business.
Cash and digital assets increased 51.5% to $254.8 million. The company’s treasury position strengthened throughout the quarter.
Total mining capacity grew 37.4% as BitFuFu continued investing in infrastructure. The expansion supports both cloud services and self-mining operations.
Global network hashrate climbed to 1.19 billion from 687.19 million one year ago, according to Ycharts. The increasing difficulty makes mining more competitive.
Cloud mining eliminates hardware management for users. Customers gain cryptocurrency exposure without dealing with equipment maintenance or upgrades.
Lu noted the company’s financial strength. BitFuFu’s balance sheet provides flexibility to allocate capital toward the highest-return opportunities.
The business also includes hosting services and direct equipment sales. Customers can buy mining machines and utilize BitFuFu’s facilities for operations.
The April 2024 Bitcoin halving reduced mining rewards by 50%. This event prompted some miners to diversify into AI and high-performance computing services.
BitFuFu stayed focused on Bitcoin mining while expanding its infrastructure footprint. The third quarter numbers reflect this strategy with revenue doubling and the customer base growing past 640,000 users.
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