BitFuFu (FUFU) generated $475.8 million in revenue in 2025, up 2.7% from a year earlier, according to results released Friday. Cloud mining made up most of that total, while revenue from the company’s own mining operations declined.
Cloud mining accounted for nearly three-quarters of total revenue, rising to $350.6 million. Revenue from self-mining fell to $63.1 million from $157.5 million in 2024 as the company shifted more hashrate toward cloud mining customers.
The shift came as BitFuFu’s profitability declined.
The company posted a net loss of $57.4 million in 2025, compared with a $54 million profit a year earlier, as bitcoin price swings and mining equipment impairment charges weighed on results. Adjusted EBITDA fell to $8.3 million from $117.9 million in 2024.
Mining itself also became more expensive. BitFuFu said its average cost to mine bitcoin rose to $77,573 per coin in 2025, up from $47,496 in 2024, reflecting higher network difficulty and greater reliance on leased hashrate.
BitFuFu’s overall mining footprint still expanded last year. Total mining capacity under management rose to 26.1 EH/s at the end of 2025, up from 23.5 EH/s a year earlier.
But more of that capacity is now tied to services rather than bitcoin mined directly for the company’s own balance sheet. Cloud mining users increased by more than 14% last year, and BitFuFu said its existing cloud mining customers spent about as much in 2025 as they did in 2024.
The results fit an emerging pattern across the mining sector.
As The Block recently reported, miners including CleanSpark, Cango, and BitFuFu continue to produce hundreds of bitcoin each month, even as many look to AI and high-performance computing as another avenue for growth.
Across the sector, miners are trying to get more out of their power capacity and data center infrastructure in businesses that are less exposed to swings in bitcoin mining economics.
Some companies have gone further than others. Core Scientific has said it expects to sell “substantially all” of its bitcoin in 2026 to support its AI colocation buildout, while Bitfarms is rebranding as Keel Infrastructure as it pushes deeper into high-performance computing data centers.
FUFU shares were trading around $2.10 Friday morning, down about 24% year to date, according to Google Finance. The stock touched an all-time low of $2.03 last week.
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