Reporte Financiero de BitFuFu 2025: Los Ingresos de Minería en la Nube Aumentan Casi 3 Dígitos, el Costo de Minería por Bitcoin Dispara a más de 77,000 Dólares, Presionando Ganancias

Nasdaq-listed mining company BitFuFu (NASDAQ: FUFU) announced its unaudited full-year financial results for 2025 on March 20. Data shows that benefiting from strong growth in cloud mining operations, BitFuFu’s total revenue reached $475.8 million, up 2.7% year-over-year. However, due to fair value impairments of digital assets and depreciation of mining equipment, the company reported a net loss of $57.4 million in 2025, a stark contrast to the $54 million net profit in 2024.
(Background: Bitcoin mining difficulty “jumped 15%”, the largest increase since China’s ban, with miners struggling on the profit-loss line)
(Additional context: Bitcoin mining is not a power-hungry monster! Paradigm research clarifies: it accounts for only 0.23% of global energy consumption, and actually helps stabilize power grids in the AI era)

BitFuFu, a Bitcoin mining and cloud mining service provider, officially released its unaudited full-year financial results for 2025 on March 20 Eastern Time.

This financial report reveals the “two extremes” of the current Bitcoin mining industry: on one hand, cloud mining services providing computing power to customers are booming; on the other, the costs and profit margins of self-mining are under severe market pressure.

Cloud mining as main revenue driver, total hash rate reaches 26.1 EH/s

In terms of revenue, BitFuFu’s total revenue for 2025 was $475.8 million, a slight increase of 2.7% from $463.3 million in 2024.

The growth engine mainly comes from “Cloud Mining Solutions.” This segment’s revenue surged 29.4% year-over-year to $350.6 million, accounting for 73.7% of the company’s total revenue. BitFuFu Chairman and CEO Leo Lu stated that the company continued to expand its cloud mining platform in 2025, increasing total managed hash rate to 26.1 EH/s.

Turned from profit to loss of $57 million, self-mining costs soared

Despite reaching new revenue heights, BitFuFu faced significant headwinds in profitability. The financials show a net loss of $57 million in 2025, compared to a net profit of $54 million in the same period in 2024. Adjusted EBITDA (a non-GAAP metric) plummeted from $117.9 million last year to $8.3 million.

Major reasons for the huge losses include:

• Digital asset impairments: Due to Bitcoin price declines during the reporting period, the company recognized non-cash fair value losses of up to $32.8 million on digital assets and accounts receivable.
• Sharp decline in self-mining revenue: Self-mining income plummeted from $157.5 million in 2024 to $63.1 million. This was mainly due to increased global network difficulty, causing daily Bitcoin yields per TH/s to drop 52.1%, and the company’s allocated hash rate for self-mining decreasing by 47.4%.
• High mining costs: In 2025, the average cost to produce one Bitcoin through self-mining soared to $77,573, up significantly from $47,496 in 2024.

Regarding assets, as of December 31, 2025, BitFuFu held 1,778 BTC, an increase of 3.4%. The combined cash and digital assets balance was $177.1 million, remaining relatively stable compared to the end of last year.