BitFuFu’s 2025 results reveal a marked shift in its business mix, with cloud-mining becoming the primary revenue source over self-mining.
The Singapore-based Bitcoin miner reported $475.8 million in revenue for 2025, a 2.7% increase year-over-year. Self-mined output fell sharply to 611 BTC in 2025 from 2,537 BTC in 2024 (a 76% decline), while the company’s Bitcoin holdings rose modestly to 1,778 BTC from 1,720 BTC a year earlier.
The firm attributed the change to weaker Bitcoin earnings per terahash, higher network mining difficulty and a strategic reduction in the share of hashrate dedicated to self-mining as it prioritized cloud-mining products. BitFuFu said it reallocated hashrate away from self-mining after daily Bitcoin earnings per terahash dropped about 52%, and the proportion of hashrate used for self-mining fell by 47%. Rising Bitcoin prices partially offset these headwinds.
Revenue from self-mining declined about 60% to $63.1 million in 2025 from $157.5 million in 2024. In contrast, cloud-mining revenue grew to $350.6 million, accounting for roughly 74% of total revenue in 2025 (up from 58.5% and $271 million in 2024). Combined annual production across self-mining and customer cloud-mining reached 3,662 BTC, comprising 611 BTC from self-mining and 3,051 BTC generated by cloud-mining customers.
BitFuFu also increased equipment sales, which rose 76% year-over-year to $53.7 million.
Looking to 2026, BitFuFu reiterated its commitment to expand its cloud-mining business, grow hashrate and power capacity prudently, and continue building its Bitcoin treasury. Although the company added only 58 BTC to its holdings in 2025, management said it will focus on enlarging its BTC treasury in 2026. CEO Leo Lu stated the company will pursue acquisition of mining infrastructure and evaluate partnership opportunities as part of a vertical integration strategy.
