BitFuFu Reduces Self-Mining Output in 2025 Amid Shift to Cloud Mining
BitFuFu, a Singapore-based Bitcoin miner, has announced a significant reduction in its self-mining production for the year 2025, transitioning towards a cloud mining business model. The company's total revenue for 2025 is projected to be $475.8 million, reflecting a modest increase of 2.7% compared to 2024, as they consciously shift away from self-mining.
The unaudited annual results released on March 20, 2026, revealed a staggering 76% decrease in self-mined Bitcoin production, dropping to 611 BTC from 2,537 BTC the previous year. In contrast, Bitcoin inventories saw a slight increase from 1,720 BTC to 1,778 BTC. This decline in production is attributed to a 52% drop in daily business activity and a reduction in the hashrate allocated for self-mining by 47%, compounded by increased network difficulty.
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"The redistribution of hashrate aims to improve capital efficiency and better revenue predictability," stated BitFuFu.
Cloud mining has emerged as a dominant segment for BitFuFu, contributing approximately 74% of the total revenue in 2025, which amounts to $350.6 million, a 29.4% increase from the previous year. In 2024, cloud mining accounted for 58.5% of the revenue, totaling $271 million. Conversely, revenue from self-mining plummeted from $157.5 million in 2024 to $63.1 million in 2025.
The combined annual Bitcoin production from both self-mining and cloud mining activities totaled 3,662 BTC, with 611 BTC from self-mining and 3,051 BTC from cloud mining. The number of registered users on BitFuFu's cloud platform increased by 14.2% to approximately 675,765.
Despite the revenue growth, BitFuFu reported a net loss of $57.4 million in 2025, a stark contrast to a profit of $54 million in 2024. The company attributed this decline primarily to asset revaluation losses and impairment charges related to equipment amid a weaker market environment in the fourth quarter. The average cost of mining a Bitcoin in self-mining operations rose to $77,573, up from $47,496 in 2024.
| Metric | 2024 | 2025 |
|---|---|---|
| Total Revenue | $463.5 million | $475.8 million |
| Self-Mined Bitcoin Production | 2,537 BTC | 611 BTC |
| Cloud Mining Revenue | $271 million | $350.6 million |
| Net Loss | $54 million | $57.4 million |
| Average Cost per Bitcoin | $47,496 | $77,573 |
Looking ahead, BitFuFu plans to continue its expansion in 2026, focusing on scaling its cloud mining operations, increasing hashrate and power capacity, and further developing its infrastructure. CEO Leo Lu emphasized the company's commitment to a cloud-first approach, stating that they have expanded their cloud mining platform and increased their total managed mining capacity to 26.1 EH/s, an 11.1% increase from 23.5 EH/s in 2024.
In summary, BitFuFu's strategic pivot towards cloud mining has resulted in a significant reduction in self-mining output, with a notable increase in cloud mining revenue. However, the company faces challenges with rising operational costs and a net loss for the year.
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