BitFuFu Leans Into Cloud Mining After Sharp Decline in Self-Mining Revenue

TL;DR

• BitFuFu generated $475.8 million in 2025 revenue, but self-mined Bitcoin fell to 611 $BTC and self-mining revenue dropped about 60% to $63.1 million.
• Cloud mining became the main driver, contributing $350.6 million, or 74% of total revenue, while customer activity produced 3,051 $BTC during 2025.
• Despite the commercial shift, profitability weakened sharply, with BitFuFu posting a $57.4 million net loss in 2025 after a $54 million profit in 2024.

BitFuFu’s latest numbers point to a business that is changing shape under pressure. The company is no longer relying on self-mining as the center of its revenue story. In 2025, BitFuFu generated $475.8 million in total revenue, up 2.7% from a year earlier, but the composition of that revenue shifted sharply toward cloud mining. Self-mined Bitcoin fell to 611 $BTC from 2,537 $BTC in 2024, while revenue from self-mining dropped about 60% to $63.1 million. Even so, the company increased its Bitcoin holdings slightly year over year to 1,778 $BTC for investors now.

Cloud Mining Becomes the Main Engine

The strategic pivot is visible in almost every operating line. Cloud mining has moved from a major segment to the dominant one. In 2025, cloud mining produced $350.6 million in revenue and accounted for about 74% of BitFuFu’s total sales, up from 58.5% and $271 million in 2024. The company also reported 3,662 $BTC in combined annual production across its own operations and customer cloud-mining activity, including 3,051 $BTC produced by cloud-mining customers. Mining equipment sales also rose 76% year over year to $53.7 million, adding another layer to the revenue mix overall.

The pressure on self-mining economics helps explain why the company leaned harder into that model. BitFuFu is chasing predictability as mining conditions become less forgiving. It said daily Bitcoin earnings per terahash dropped 52% in 2025, while the share of hashrate allocated to self-mining fell 47%. Higher mining difficulty and weaker Bitcoin earnings per terahash squeezed the economics of running machines for the company’s own account, even as higher Bitcoin prices softened part of the blow. BitFuFu said it reallocated hashrate away from self-mining to improve capital efficiency and make revenue more predictable over time.

That operational shift, however, did not insulate profitability. The revenue mix improved, but the earnings picture deteriorated sharply. BitFuFu posted a net loss of $57.4 million in 2025, reversing from a $54 million profit a year earlier. The result leaves the company entering 2026 with a clearer commercial direction but a more fragile bottom line. Management said it plans to keep scaling cloud mining, expand hashrate and power capacity with discipline, continue building its Bitcoin treasury, and pursue mining infrastructure acquisitions and partnership opportunities as part of a broader vertical integration strategy for now selectively.