BitFuFu 2025 Financial Report Released: Cloud Mining Revenue Surges Nearly 30%, Per-Bitcoin Mining Cost Skyrockets to Over $77,000, Severely Impacting Profits

Nasdaq-listed mining company BitFuFu (NASDAQ: FUFU) announced its unaudited full-year financial results for 2025 on March 20.

The data shows that, benefiting from strong growth in cloud mining operations, BitFuFu’s total revenue reached $475.8 million in 2025, up 2.7% year-over-year. However, due to impairments in digital assets and depreciation of mining equipment, the company reported a net loss of $57.4 million for 2025, a sharp contrast to the $54 million net profit in 2024.
(Background: Bitcoin mining difficulty “jumps 15%”, the largest increase since China’s ban, causing miners to struggle 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.

The report reveals a “double-edged sword” in the current Bitcoin mining industry: on one hand, cloud mining services providing computing power are booming; on the other hand, costs and profit margins for self-mining are under severe market pressure.

Cloud mining drives revenue, 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.

From profit to loss of $57 million, self-mining costs soar

Despite reaching new revenue heights, BitFuFu faced significant headwinds in profitability. The financials show a net loss of $57.4 million in 2025, compared to a net profit of $54 million in the same period last year. Adjusted EBITDA (a non-GAAP measure) plummeted from $117.9 million to $8.3 million.

Major reasons for the huge loss 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 receivables.
• Sharp decline in self-mining revenue: Self-mining income dropped from $157.5 million in 2024 to $63.1 million. This was mainly due to increased global network difficulty, causing daily Bitcoin earnings per TH/s to plummet 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.

In terms of 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.