BitFuFu Q3 revenue doubles as rising Bitcoin prices boost miner demand

Singapore-based cloud Bitcoin miner BitFuFu achieved a remarkable milestone by doubling its third-quarter revenue compared to the previous year. Total revenue surged 100% to $180.7 million, driven by robust demand for cloud mining and mining equipment. Cloud mining alone contributed $122 million, according to BitFuFu’s Q3 earnings report released on Wednesday.

The growth in revenue was primarily fueled by strong demand for cloud-mining solutions, an increase in purchases of mining equipment, and the continued expansion of mining capacity. The surge in cloud mining interest allowed BitFuFu to significantly improve its earnings. According to the report, BitFuFu operates its own mining farms, providing an essential revenue stream through both direct mining of Bitcoin (BTC) and alternative services such as the sale of mining machines, hosting services, and renting or selling hash rate for a fee.

BitFuFu's cloud-mining users rose drastically, increasing by over 40% to 641,526 users compared to the same period last year. Mining equipment sales also skyrocketed, generating $35 million in revenue, up from just $0.3 million. The favorable market conditions, including the significant rise in Bitcoin prices to $114,500 during Q3 (compared to $61,000 the prior year), have been a key factor in this growth.

The broader Bitcoin ecosystem has also witnessed growth. According to Ycharts, the network hashrate increased from 687.19 million one year ago to 1.19 billion. This rise has further enhanced the appeal of cloud mining, which enables users to mine cryptocurrency without the need for maintaining or upgrading hardware themselves. BitFuFu appears to have effectively tapped into this trend.

In addition to cloud mining, BitFuFu's efforts in self-mining Bitcoin have played a crucial role in its continued success. According to CEO Leo Lu, the company’s dual-engine model—combining recurring cloud-mining revenue with Bitcoin price appreciation through self-mining operations—has been instrumental in managing volatility and sustaining profitability. BitFuFu mined 174 Bitcoin in Q3 and increased its total holdings by 19% to 1,962 coins compared to the same period in 2024.

Looking forward, BitFuFu is positioning itself strategically amid significant industry changes, particularly as Bitcoin miners shift capacity towards AI and high-power computing hosting services following the April 2024 halving. CEO Leo Lu stated, “Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model. It provides flexibility to invest where returns are most compelling.”