BitFuFu Revenue Soars as Bitcoin Demand Fuels Growth

Singapore-based cloud bitcoin miner BitFuFu has reported a significant revenue increase in its third quarter, doubling earnings from the same period last year. This surge is attributed to increased demand for cloud mining solutions and rising bitcoin prices. The company’s total revenue reached $180.7 million, with cloud mining contributing $122 million according to their Q3 earnings report released Wednesday. 641,526 users signed up for BitFuFu’s cloud-mining services, a notable increase from the previous year, and sales of mining machines jumped significantly to $35 million, compared to only $0.3 million the previous year.