Bitfufu Q3 Revenue Doubles As Rising Bitcoin Prices Boost Miner Demand

Cloud miner BitFuFu says third-quarter sales hit $180.7 million as more users rented hashrate and snapped up rigs to ride Bitcoin’s post-halving price surge.

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.

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.

Bitcoin miners have been shifting capacity toward AI and high-power computing hosting services following the April 2024 halving which cut mining rewards.

Source: CoinTelegraph