Singapore-based cloud Bitcoin mining firm BitFuFu reported that its third-quarter revenue doubled year-over-year, fueled by growing demand for cloud mining services and equipment as miners rushed to benefit from Bitcoin’s rising price.
According to BitFuFu’s Q3 earnings report released Wednesday, total revenue surged 100% from the same period last year to $180.7 million, with $122 million generated from cloud mining operations.
The strong performance was driven by heightened demand for cloud-mining solutions, increased equipment sales, and the company’s ongoing expansion of its mining capacity.
BitFuFu operates its own Bitcoin mining farms while also selling mining machines, offering hosting services, and enabling users to rent or purchase hash rate for a fee.
Cloud mining demand surges alongside hashrate growth
The company’s cloud-mining user base grew more than 40% year-over-year to 641,526, while mining equipment sales jumped to $35 million, up from just $0.3 million in the same quarter last year.
Bitcoin’s average price rose from $61,000 in Q3 last year to $114,500 this quarter, helping fuel the surge. “This growth reflects strong demand for mining machines, supported by the sustained upward trend in Bitcoin prices,” BitFuFu said in its report.
Meanwhile, the network hashrate climbed sharply to 1.19 billion from 687.19 million a year earlier, according to Ycharts data. Cloud mining remains attractive for users who want to participate in mining without maintaining or upgrading hardware themselves.
Bitcoin self-mining remains key to growth
While many Bitcoin miners have shifted capacity toward AI and high-performance computing hosting following the April 2024 halving, BitFuFu CEO Leo Lu emphasized that continuing to self-mine Bitcoin has been a major contributor to the company’s ongoing 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 maintain profitability across market cycles, while our strong balance sheet allows us to invest where returns are most attractive,” Lu added.
During the third quarter, BitFuFu mined 174 Bitcoin and increased its total holdings by 19% year-over-year to 1,962 BTC, compared to the same period in 2024.
