Bitmain-backed cloud mining company BitFuFu’s revenue up 150% in Q1

Bitcoin
mining
company
BitFuFu
has
rolled
out
its
financial
report
per
Q1,
showcasing
a
150%
increase
in
total
revenue
compared
to
Q1
2023.

Bitmain-backed
public
cryptocurrency

mining
company
BitFuFu’s
total
revenue
in
Q1
soared
to
$144.4
million,
representing
an
increase
of
149.0%
from
$58.0
million
in
the
same
period
of
2023
driven
by
the
surge
of
demand
for
cloud-mining
solutions.

In
the

Q1
earnings
report,
BitFuFu
Leo
Lu
attributed
the
growth
to
the
firm’s
“asset-light
strategy,”
adding
that
the
chosen
approach
“flexibly
adjusts
and
optimizes
mining
equipment
to
maximize
profitability.”

“Our
cloud-mining
solutions
allow
us
to
reduce
revenue
volatility
created
by
sharp
swings
in
digital
asset
prices
and
significantly
strengthen
cash
flow
by
pre-selling
hashrate
at
a
fixed
price
that
can
be
invested
in
expanding
our
business.”

Leo
Lu

The
BitFuFu
head
also
added
the
firm
is
looking
to
improve
its
adaptability
by
“acquiring
existing
mining
facilities
or
constructing
our
own
in
the
months
ahead
to
optimize
our
cost
structure
and
capital
allocation
even
further
and
expand
our
bottom
line.”

The
financial
report
also
noted
an
181%
increase
in
revenue
from
cloud-mining
solutions,
rising
to
$81.5
million
from
$29.0
million
in
the
same
period
of
2023.
This
growth
was
primarily
driven
by
repeat
purchases
from
existing
and
new
customers
and
an
increase
in
the
average
selling
price.

In
early
March,
BitFuFu

went
public
on
Nasdaq
under
the
ticker
FUFU.
The
earnings
report
indicated
that
the
company’s
public
listing
procedures
resulted
in
a
111%
increase
in
general
and
administrative
expenses,
mainly
due
to
a
$1.2
million
rise
in
legal
and
consulting
fees.
Following
the
news,
FUFU
shares
were
trading
up
2.6%
at
$3.53,
according
to
data
from
Google
Finance.