Singapore-based cloud Bitcoin miner BitFuFu saw a 100% increase in total revenue, reaching $180.7 million in Q3, with cloud mining accounting for $122 million. The surge was driven by high demand for cloud mining solutions and mining equipment amidst Bitcoin’s price rise. BitFuFu also reported a 40% increase in cloud-mining users and a significant boost in mining equipment sales compared to last year.

BitFuFu operates its own mining farms and offers services like selling mining machines, providing hosting, and allowing users to rent or purchase hash rate. The company’s cloud-mining user base grew to over 641,000, with mining equipment sales hitting $35 million, a significant increase from the previous year. The average cost of Bitcoin during Q3 was $114,500, contributing to the company’s growth.

Despite Bitcoin miners shifting towards AI and high-power computing hosting services, BitFuFu CEO Leo Lu emphasized the importance of continuing to self-mine Bitcoin. The company’s strong Q3 results reflect its unique dual-engine model, combining cloud-mining revenue and direct participation in Bitcoin price appreciation. BitFuFu mined 174 Bitcoin in Q3 and increased its total holdings by 19% compared to 2024.

Read more at Cointelegraph: BitFuFu Doubles Q3 Revenue as Cloud Mining Demand Surges