Bitmain-backed cloud mining company BitFuFu’s revenue up 150% in Q1

Bitcoin mining company BitFuFu has released its first quarter financial report, showing a 150% increase in total revenue compared to the first quarter of 2023.

Total revenue for BitFuFu, the Bitmain-backed publicly traded cryptocurrency mining company, in the first quarter increased by 149.0% to $144.4 million, from $58.0 million in the same period in 2023, due to increased demand for cloud mining solutions.

In its first-quarter earnings report, BitFuFu Leo Lu attributed the growth to the firm’s “asset-light strategy,” adding that the chosen approach “flexibly adjusts and optimizes mining equipment to maximize profitability.”

“Our cloud mining solutions allow us to reduce revenue volatility created by sharp fluctuations in digital asset prices and significantly strengthen cash flow by pre-selling hashrate at a fixed price that can be invested to grow our business.”

Leo Lu

The BitFuFu president also added that the firm is considering increasing its adaptability “by acquiring existing mining facilities or building our own facilities in the coming months to further optimize our cost structure and capital allocation and expand our profitability.”

The financial report also stated that the revenue from cloud mining solutions increased by 181%, from $29.0 million to $81.5 million in the same period of 2023. This growth was primarily driven by repeat purchases from existing and new customers and an increase in average sales. sale price.

In early March, BitFuFu went public on Nasdaq under the ticker symbol FUFU. The earnings report showed that the company’s IPO procedures led to a 111% increase in general and administrative expenses, driven primarily by a $1.2 million increase in legal and consulting fees. Following the news, FUFU shares traded at $3.53, up 2.6%, according to Google Finance data.