Singapore-based Bitcoin mining firm BitFuFu reported its 2025 financial results, revealing a significant strategic pivot away from self-mining toward cloud-based services. The company generated total revenue of $475.8 million, a modest increase of 2.7% from the previous year. However, the composition of that revenue underwent a dramatic change.
Cloud mining became the dominant revenue driver, accounting for 74% of the total, or $350.6 million. This marked a substantial rise from 58.5% in 2024. Conversely, revenue from the company's own self-mining operations plummeted by approximately 60% to $63.1 million, down from $157.5 million in 2024.
The operational shift was stark. BitFuFu's self-mined Bitcoin output fell to 611 BTC in 2025, a 76% decline from the 2,537 BTC mined in 2024. The company attributed this to a 52% decline in Bitcoin daily earnings per terahash due to higher network mining difficulty and a deliberate 47% reduction in hashrate allocated to self-mining. The average cost to mine one Bitcoin surged to $77,573, up from $47,496 in 2024.
Despite the strategic pivot, the company's overall mining footprint expanded. Total mining capacity under management increased to 26.1 EH/s at year-end 2025, up from 23.5 EH/s. Combined annual Bitcoin production from both self-mining and customer cloud-mining activity was 3,662 BTC. BitFuFu's own Bitcoin holdings saw a slight increase, edging up to 1,778 BTC from 1,720 BTC.
The financial impact of the transition was mixed. While revenue grew slightly, profitability swung to a net loss of $57.4 million for 2025, compared to a $54 million profit in 2024. Adjusted EBITDA also fell sharply to $8.3 million from $117.9 million, impacted by Bitcoin price volatility and mining equipment impairment charges.
Looking ahead to 2026, CEO Leo Lu stated the company will focus on scaling its cloud mining business, expanding hashrate and power capacity, and continuing to build its Bitcoin treasury. The firm also plans to acquire mining infrastructure and review partnership opportunities as part of a vertical integration strategy.
